Multi-Tenant Office
New
For Sale
$1,100,000
3064 Whitman Dr, Evergreen, CO 80439
Fully occupied professional office property with established tenants and contractual rent growth.
Property Size6,922 SF
Lot Size0.46 Acres
Price / SF$161.05
Days on Market6
Property Features for 3064 Whitman Dr
General Information
Standard status
Active
Size
6,922 SF
Net Rentable
6,830 SF
Lot size
0.46 Acres
Property subtype
Office
Occupancy
100%
Amenities
100% occupied office building with three established professional office tenants generating immediate and consistent income.
Synnax Labs' lease expires in January 2027, creating an owner-user opportunity or the potential for a long-term renewal. Their recent full-suite renovation signals a commitment to remain in the spac
Tenancy includes Land Title, Foothills Architects, and Synnax, reducing reliance on a single occupant and providing diversified revenue streams.
Building Details
Building Size
6,922 SF
Year Built
2000
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Denver
(303) 328-2013
Listed By:
Erik Enstad · License #License(s): CO: FA.100089977
(303) 328-2013
Source:
Marcusmillichap
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 21 at 3:59AM
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 Marcus & Millichap - Denver
Investment Insights
Based on property information with market context.
Completed in 2000, this multi-tenant office building contains 6,922 square feet, including 6,830 rentable square feet, on approximately 0.46 acres. The property is fully occupied by a mix of professional office users, with Land Title, Foothills Architects, and Synnax identified among the established tenants. Contractual rent growth and near-term lease rollover opportunities are part of the current lease profile.
The property is located in Evergreen, Colorado, a mountain community less than 45 minutes from Downtown Denver. Its setting provides access to the Denver metropolitan area while placing the office asset within an established professional-services environment.
The property is located in Evergreen, Colorado, a mountain community less than 45 minutes from Downtown Denver. Its setting provides access to the Denver metropolitan area while placing the office asset within an established professional-services environment.
Key Highlights
- 6,922 square feet, including 6,830 rentable square feet
- 100% occupied by a mix of professional office tenants
- Approximately 0.46 acres
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
$92,041
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
8.37%
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%
$1,840,820
$1.8M
Cap Rate 7%
$1,314,871
$1.3M
Cap Rate 9%
$1,022,678
$1.0M
Market Conditions
NOI Build-Up for 6,830 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
$138.5K $20.28/SF
− Vacancy
−$15.8K −$2.31/SF
EGI
$122.7K $17.97/SF
− OpEx
−$30.7K −$4.49/SF
NOI
$92.0K $13.48/SF
Area
Jefferson County, CO
Vacancy
11.40%
Lease Rate
$20.28 /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%
$1,840,820
Cap Rate 7%
$1,314,871
Cap Rate 9%
$1,022,678
Alternative Uses
Best Use
Office B
$1.31M
$1.15M – $1.53M
NOI $92,041 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$15.20M
$13.30M – $17.73M
NOI $1,063,945 @ 7.0% cap · market cap 96.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Explore this area
Business Placement
Demographics for 80439, CO
24,711
Population
11,137
Households
2.2
Avg Household Size
49
Median Age
71%
College-Educated
98%
High-School Grad
168.8 sq mi
ZIP Area
146
Density / Sq Mi
$152,156
Median Household Income
$67,162
Median Earnings
$1,870
Median Rent
$838,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied professional office property with established tenants and contractual rent growth.
Where is this office building located?
The property is located at 3064 Whitman Dr Evergreen, CO.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 6,922 square feet, including 6,830 rentable square feet; 100% occupied by a mix of professional office tenants; Approximately 0.46 acres
