Renovated Flex Building with
For Sale
$2,600,000
350 Santa Fe Drive, Denver, CO 80223
Temperature-controlled flex space configured for up to three units, with warehouse, production, storefront, and second-story apartment areas.
Property Size9,186 SF
Days on Market68
Property Features for 350 Santa Fe Drive
General Information
Standard status
Active
Size
9,186 SF
Property subtype
Industrial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Span
Yes
Drive-In Doors
1
Conditioned Warehouse
Yes
Building Details
Building Size
9,186 SF
Year Built
1947
Year Renovated
2020
Listing Agency:
Unique Properties, Inc.
(303) 521-3648
Listed By:
Greg Knott · License #FA.001312096
(303) 521-3648
Source:
Uniqueprop
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 31 at 2:13PM
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 Unique Properties, Inc.
Investment Insights
Based on property information with market context.
Originally built in 1947 and renovated in 2020, this flex property combines free-span warehouse and production areas with two storefront entrances and an oversized drive-in loading door. The building is fully temperature-controlled and can be arranged as one, two, or three separate units. A second-story apartment area includes a full kitchen and bathroom. Additional improvements include a newer EPDM roof, updated lighting, interior flooring, and skylights.
The property is located at 350 Santa Fe Drive in Denver’s Santa Fe Arts District. The offering also includes a fenced lot on the north side that can support parking or secure outdoor storage. Current occupancy includes one month-to-month tenant, while another tenant is scheduled to vacate in March, creating flexibility for an owner-user or future reconfiguration.
The property is located at 350 Santa Fe Drive in Denver’s Santa Fe Arts District. The offering also includes a fenced lot on the north side that can support parking or secure outdoor storage. Current occupancy includes one month-to-month tenant, while another tenant is scheduled to vacate in March, creating flexibility for an owner-user or future reconfiguration.
Key Highlights
- Flex building renovated in 2020; originally constructed in 1947
- Free‑span warehouse and production areas with 100 percent temperature‑controlled space
- Oversized drive‑in loading door plus two storefront entrances
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
$129,385
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
4.98%
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%
$2,587,700
$2.6M
Cap Rate 7%
$1,848,357
$1.8M
Cap Rate 9%
$1,437,611
$1.4M
Market Conditions
NOI Build-Up for 9,186 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
$220.5K $24.00/SF
− Vacancy
−$13.4K −$1.46/SF
EGI
$207.0K $22.54/SF
− OpEx
−$77.6K −$8.45/SF
NOI
$129.4K $14.09/SF
Area
Denver, CO
Vacancy
6.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,587,700
Cap Rate 7%
$1,848,357
Cap Rate 9%
$1,437,611
Alternative Uses
Best Use
Mixed Use
$1.85M
$1.62M – $2.16M
NOI $129,385 @ 7.0% cap · market cap 4.98%
Second Best
Warehouse
$1.36M
$1.19M – $1.58M
NOI $94,925 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$2.92M
$2.56M – $3.41M
NOI $204,696 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
3,995
Businesses Nearby
Under-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 Industrial in Denver, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Magic Bar Coffee — 1155 W 5th Ave, Denver, CO 80204
- Caiden Razo Catering — 665 Kalamath St, Denver, CO 80204
- La Rumba Choripan — 99 W 9th Ave, Denver, CO 80204
- MixMox Bakehouse — 955 Lincoln St Unit D, Denver, CO 80203
Frequently Asked Questions
What type of property is this?
Flex space - Temperature-controlled flex space configured for up to three units, with warehouse, production, storefront, and second-story apartment areas.
Where is this flex space located?
The property is located at 350 Santa Fe Drive Denver, CO.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Flex building renovated in 2020; originally constructed in 1947; Free‑span warehouse and production areas with 100 percent temperature‑controlled space; Oversized drive‑in loading door plus two storefront entrances
