Evergreen Office Building For
For Sale
Contact for pricing
32045 Castle Ct, Evergreen, CO 80439
Multi-tenant office building in Evergreen, with income potential.
Property Size39,303 SF
Price / SF$152.28
Days on Market1261
Property Features for 32045 Castle Ct
General Information
Standard status
Active
Size
39,303 SF
Class
B
Property subtype
Office
Zoning
Office PUD
Occupancy
42%
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
2000
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Genesee Commercial Group
Listed By:
Jamie Macbeth · License #CO ER.000877215
(303) 980-0500
Source:
Crexi
Added: Mar 24, 2023
Changed: Aug 8
Last Checked: Sep 1 at 12:16PM
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 Genesee Commercial Group
Investment Insights
Based on property information with market context.
This multi-tenant office building is available for sale in the north Evergreen/Bergen Park area. The property offers between 14,000 and 20,000 rentable square feet of office space suitable for an owner/user. Existing tenants provide additional income. The building is situated on the south side of Buchanan Ponds, within walking distance of restaurants, retail establishments, and the Evergreen Rec Center. It is located 5-7 minutes from I-70 at El Rancho. The property features a large lot size within an established office park.
Key Highlights
- Significant RSF (14,000 - 20,000) available for owner/user
- Income‑producing property with existing tenants
- Convenient location: walk to restaurants, retail, and Evergreen Rec Center
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
$529,650
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
8.85%
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%
$10,593,000
$10.6M
Cap Rate 7%
$7,566,429
$7.6M
Cap Rate 9%
$5,885,000
$5.9M
Market Conditions
NOI Build-Up for 39,303 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
$797.1K $20.28/SF
− Vacancy
−$90.9K −$2.31/SF
EGI
$706.2K $17.97/SF
− OpEx
−$176.5K −$4.49/SF
NOI
$529.6K $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%
$10,593,000
Cap Rate 7%
$7,566,429
Cap Rate 9%
$5,885,000
Alternative Uses
Best Use
Office B
$7.57M
$6.62M – $8.83M
NOI $529,650 @ 7.0% cap · market cap 8.85%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$87.46M
$76.53M – $102.04M
NOI $6,122,437 @ 7.0% cap · market cap 102.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Multi-tenant office building in Evergreen, with income potential.
Where is this office building located?
The property is located at 32045 Castle Ct Evergreen, CO.
What is the asking price?
The asking price for this property is $5,985,000.
What are key features of this property?
This property features: Significant RSF (14,000 - 20,000) available for owner/user; Income‑producing property with existing tenants; Convenient location: walk to restaurants, retail, and Evergreen Rec Center
