Air-Conditioned Flex
For Sale
Contact for pricing
2498 W 2nd Ave, Denver, CO 80223
A flexible industrial layout combines warehouse and office areas with dock-high loading and upgraded building systems.
Property Size18,795 SF
Price / SF$188.88
Days on Market156
Property Features for 2498 W 2nd Ave
General Information
Standard status
Active
Size
18,795 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
12 ft
Dock-High Doors
3
Three-Phase Power
Yes
Heavy Power
Yes
Sprinkler System
Yes
Conditioned Warehouse
Yes
Additional Details
Highway Access
Yes
Amenities
new state-of-the-art security system
fully air conditioned, upgraded HVAC system
Properties For Sale
at 2498 W 2nd Ave Contact us- Size
- 18,795 SF
- Type
- INDUSTRIAL
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
2498 W 2nd Ave
-Power: Heavy 3-phase (tbv by electrician)
-Clear Height: 12’
-Sprinkler System:...
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Contact us
Listing Agency:
Matthews Real Estate Investment Services | Denver
(970) 310-3485
Listed By:
Angelo Vattano · License #FA.100082695(CO)
(970) 310-3485
Source:
Moodyscre
Added: Mar 30
Changed: Aug 30
Last Checked: Aug 30 at 2:44PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews Real Estate Investment Services | Denver
Investment Insights
Based on property information with market context.
This 18,795-square-foot flex property is configured with approximately 70% warehouse space and approximately 30% office space. The building offers 12-foot clear height, heavy 3-phase power subject to electrician verification, and a wet sprinkler system. Three dock-high doors provide loading capacity, including two equipped with drive-in ramps. The property is fully air conditioned and includes an upgraded HVAC system along with a new security system.
The property is located at 2498 W 2nd Ave in Denver, with access described as minutes from I-25, 6th Ave, and Downtown. Its stated use profile includes warehousing, light manufacturing, and last-mile distribution.
The property is located at 2498 W 2nd Ave in Denver, with access described as minutes from I-25, 6th Ave, and Downtown. Its stated use profile includes warehousing, light manufacturing, and last-mile distribution.
Key Highlights
- 18,795‑square‑foot flex property with approximately 70% warehouse and approximately 30% office
- 12‑foot clear height and heavy 3‑phase power, subject to electrician verification
- 3 dock‑high doors, including 2 with drive‑in ramps
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$275,384
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,507,680
$5.5M
Cap Rate 7%
$3,934,057
$3.9M
Cap Rate 9%
$3,059,822
$3.1M
Market Conditions
NOI Build-Up for 18,795 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$496.2K $26.40/SF
− Vacancy
−$129.0K −$6.86/SF
EGI
$367.2K $19.54/SF
− OpEx
−$91.8K −$4.88/SF
NOI
$275.4K $14.65/SF
Area
Denver, CO
Vacancy
26.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,507,680
Cap Rate 7%
$3,934,057
Cap Rate 9%
$3,059,822
Alternative Uses
Best Use
Office B
$3.93M
$3.44M – $4.59M
NOI $275,384 @ 7.0% cap · market cap 7.76%
Second Best
Warehouse
$2.77M
$2.43M – $3.24M
NOI $194,220 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$5.98M
$5.24M – $6.98M
NOI $418,819 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
3
Dock-high doors
Yes
Heavy power
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,175
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80223, CO
19,862
Population
9,532
Households
2.1
Avg Household Size
34
Median Age
46%
College-Educated
87%
High-School Grad
5.3 sq mi
ZIP Area
3,748
Density / Sq Mi
$80,461
Median Household Income
$50,567
Median Earnings
$1,650
Median Rent
$497,900
Median Home Value
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - A flexible industrial layout combines warehouse and office areas with dock-high loading and upgraded building systems.
Where is this flex space located?
The property is located at 2498 W 2nd Ave Denver, CO.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: 18,795‑square‑foot flex property with approximately 70% warehouse and approximately 30% office; 12‑foot clear height and heavy 3‑phase power, subject to electrician verification; 3 dock‑high doors, including 2 with drive‑in ramps
