Mid-Century Office Building Conversion
2995 Baseline, Boulder, CO 80303
For Sale
$9,900,000
Three-story office building suitable for multifamily or student housing conversion.
Property Size25,554 SF
Days on Market200
Property Features for 2995 Baseline
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Gibbons-White, Inc.
Listed By:
Michael-Ryan McCarty · License #FA.040029628
(303) 586-5939
Source:
Elliman
Added: Apr 24
Changed: Oct 25
Last Checked: Nov 8 at 6:29AM
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 Gibbons-White, Inc.
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Investment Insights
Based on property information with market context.
This three-story, mid-century medical and professional office building presents a conversion opportunity for residential multifamily or student housing. The property is suited for an owner-user medical or professional office with short-term leases. Existing building support is in place for up to 18 dwelling units and 66 bedrooms, with a buildable site able to support up to 26 total dwelling units with parking reduction. The property is located across from Williams Village at CU Boulder, three blocks from the main campus, at the intersection of Baseline Rd, 30th St, and Canyon Creek Rd, all with direct access. It is close to US 36 and on a bus route. The property includes 84 parking spaces (3.23/1,000 Sq Ft), including a two-story post-stressed parking structure with 29 covered spaces. Recent capital improvements include elevator renewal, a refurbished parking structure, new boilers, HVAC upgrades, landscaping, common area and suite improvements. The bike score is 96, indicating a biker's paradise. The walk score is 49, indicating car-dependent. The transit score is 55, indicating good transit.
Key Highlights
- Prime location across from Williams Village at CU Boulder, just 3 blocks to main campus.
- Ideal for residential multifamily or student housing conversion; existing support for up to 18 dwelling units/66 bedrooms, buildable site supports up to 26 total units.
- 84 parking spaces**, including a 2‑story parking structure with 29 covered spaces.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$402,667
Cap Rate
4.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,053,340
$8.1M
Cap Rate 7%
$5,752,386
$5.8M
Cap Rate 9%
$4,474,078
$4.5M
Market Conditions
NOI Build-Up for 25,554 SF
Gross rent
$766.6K $30.00/SF
− Vacancy
−$34.5K −$1.35/SF
EGI
$732.1K $28.65/SF
− OpEx
−$329.5K −$12.89/SF
NOI
$402.7K $15.76/SF
Area
Boulder, CO
Vacancy
4.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,053,340
Cap Rate 7%
$5,752,386
Cap Rate 9%
$4,474,078
Alternative Uses
Best Use
Apartment 5plus
$5.75M
$5.03M – $6.71M
NOI $402,667 @ 7.0% cap · market cap 4.07%
Second Best
Office B
$5.13M
$4.49M – $5.99M
NOI $359,238 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$8.64M
$7.56M – $10.07M
NOI $604,465 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,139
Businesses Nearby
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Business Placement
Demographics for 80303, CO
25,328
Population
12,583
Households
2
Avg Household Size
32
Median Age
79%
College-Educated
99%
High-School Grad
21.9 sq mi
ZIP Area
1,157
Density / Sq Mi
$77,344
Median Household Income
$31,661
Median Earnings
$1,833
Median Rent
$941,600
Median Home Value
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Market
Average Price Trend$/SF for Office buildings in Boulder, CO
Properties on Market for Office buildings in Boulder
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Three-story office building suitable for multifamily or student housing conversion.
Where is this office building located?
The property is located at 2995 Baseline Boulder, CO.
What is the asking price?
The asking price for this property is $9,900,000.
What are key features of this property?
This property features: Prime location across from Williams Village at CU Boulder, just 3 blocks to main campus.; Ideal for residential multifamily or student housing conversion; existing support for up to 18 dwelling units/66 bedrooms, buildable site supports up to 26 total units.; 84 parking spaces**, including a 2‑story parking structure with 29 covered spaces.
