Industrial/Flex Condo with Roll-Up
For Sale
$625,000
350 & 352 Norfolk Street, Aurora, CO 80011
Recently renovated industrial flex condo with 10-foot roll-up door, kitchenette, and flexible zoning for a range of uses.
Property Size2,950 SF
Price / SF$211.86
Days on Market96
Property Features for 350 & 352 Norfolk Street
General Information
Standard status
Active
Size
2,950 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
11 ft
Drive-In Doors
1
Heavy Power
Yes
Building Details
Building Size
2,950 SF
Year Built
2001
Listing Agency:
Pinnacle Real Estate Advisors
Listed By:
Paul Nora
(708) 990-6028
Source:
Pinnaclerea
Added: Jun 9
Changed: Sep 7
Last Checked: Sep 12 at 5:43AM
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 Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
350 & 352 Norfolk Street offers a 2,950 SF industrial/flex condo opportunity in an Aurora submarket with straightforward accessibility. The space is described as recently renovated, with new LVT flooring and a kitchenette. Roof landscaping and water are covered by the HOA. One of the condos (350 Norfolk) includes three-phase power, and the ceiling height is listed at 11 feet 7 inches.
Access is described as easy from 6th Avenue and Airport Blvd. The property includes a 10-foot roll-up garage door, supporting practical move-in and operations for industrial or light service requirements.
From a tenant or owner-operator standpoint, the flexible zoning is noted as allowing a variety of uses, including auto. The combination of three-phase power (for 350 Norfolk), the stated ceiling height, and the roll-up door make the property a workable option for users seeking an industrial/flex layout with functional loading and renovation updates.
Access is described as easy from 6th Avenue and Airport Blvd. The property includes a 10-foot roll-up garage door, supporting practical move-in and operations for industrial or light service requirements.
From a tenant or owner-operator standpoint, the flexible zoning is noted as allowing a variety of uses, including auto. The combination of three-phase power (for 350 Norfolk), the stated ceiling height, and the roll-up door make the property a workable option for users seeking an industrial/flex layout with functional loading and renovation updates.
Key Highlights
- 2,950 SF industrial/flex condo (350 & 352 Norfolk Street), built in 2001
- Recently renovated with new LVT flooring and a kitchenette
- HOA covers roof, landscaping, and water
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
$28,575
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
4.57%
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%
$571,500
$571.5K
Cap Rate 7%
$408,214
$408.2K
Cap Rate 9%
$317,500
$317.5K
Market Conditions
NOI Build-Up for 2,950 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
$36.5K $12.36/SF
− Vacancy
−$2.8K −$0.96/SF
EGI
$33.6K $11.40/SF
− OpEx
−$5.0K −$1.71/SF
NOI
$28.6K $9.69/SF
Area
ZIP 80011
Vacancy
7.80%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
15.00%
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%
$571,500
Cap Rate 7%
$408,214
Cap Rate 9%
$317,500
Alternative Uses
Best Use
Warehouse
$408.2K
$357.2K – $476.3K
NOI $28,575 @ 7.0% cap · market cap 4.57%
Second Best
Industrial
$333.6K
$291.9K – $389.2K
NOI $23,354 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$680.4K
$595.3K – $793.8K
NOI $47,627 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80011, CO
54,254
Population
19,108
Households
2.8
Avg Household Size
32
Median Age
19%
College-Educated
76%
High-School Grad
20.4 sq mi
ZIP Area
2,660
Density / Sq Mi
$69,719
Median Household Income
$36,853
Median Earnings
$1,607
Median Rent
$367,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Recently renovated industrial flex condo with 10-foot roll-up door, kitchenette, and flexible zoning for a range of uses.
Where is this flex space located?
The property is located at 350 & 352 Norfolk Street Aurora, CO.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,950 SF industrial/flex condo (350 & 352 Norfolk Street), built in 2001; Recently renovated with new LVT flooring and a kitchenette; HOA covers roof, landscaping, and water
