Leased Retail
For Sale
Contact for pricing
3538 S Pennsylvania St, Englewood, CO 80113
Single storefront with covered land opportunity and annual income, with a lease in place through April 2028.
Property Size1,322 SF
Price / SF$415.28
Days on Market199
Property Features for 3538 S Pennsylvania St
General Information
Standard status
Active
Size
1,322 SF
Property subtype
RETAIL
Listing Agency:
Fuller Real Estate
(972) 207-8877
Listed By:
Alex Scott · License #FA100085277
(972) 207-8877
Source:
Moodyscre
Added: Feb 5
Changed: Aug 14
Last Checked: Aug 22 at 1:11PM
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 Fuller Real Estate
Investment Insights
Based on property information with market context.
This leased retail storefront includes a covered land opportunity and an owner-user setup may be feasible within walking distance of nearby medical and retail amenities. The property is currently producing $27,900 in annual income, with $1,200 annual increases noted in the existing lease terms.
Located one block south of the Swedish Medical Center, the site is described as within walking distance to Swedish Hospital, Safeway, restaurants, and several retail centers. The current lease expires in April 2028, which may appeal to an investor seeking established income or an owner evaluating an owner-user option nearby.
Located one block south of the Swedish Medical Center, the site is described as within walking distance to Swedish Hospital, Safeway, restaurants, and several retail centers. The current lease expires in April 2028, which may appeal to an investor seeking established income or an owner evaluating an owner-user option nearby.
Key Highlights
- Single storefront with covered land opportunity and annual income with a lease in place through April 2028
- Current annual income is $27,900, with $1,200 annual increases
- Owner/user possibilities within walking distance to Swedish Medical 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
$23,886
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
4.35%
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%
$477,720
$477.7K
Cap Rate 7%
$341,229
$341.2K
Cap Rate 9%
$265,400
$265.4K
Market Conditions
NOI Build-Up for 1,322 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
$35.7K $27.00/SF
− Vacancy
−$1.6K −$1.19/SF
EGI
$34.1K $25.81/SF
− OpEx
−$10.2K −$7.74/SF
NOI
$23.9K $18.07/SF
Area
Arapahoe County, CO
Vacancy
4.40%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$477,720
Cap Rate 7%
$341,229
Cap Rate 9%
$265,400
Alternative Uses
Best Use
Retail
$341.2K
$298.6K – $398.1K
NOI $23,886 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$19.63M
$17.17M – $22.90M
NOI $1,373,923 @ 7.0% cap · market cap 250.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,180
Businesses Nearby
117k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 50%
Shops & Services 28%
Dining 16%
Electronics 3%
King Soopers
Groceries
36,460 visits/mo
0.5 miles
Safeway
Groceries
21,833 visits/mo
0.2 miles
Safeway Gas
Shops & Services
13,712 visits/mo
0.1 miles
Denny's
Dining
12,949 visits/mo
0.5 miles
Conoco
Shops & Services
6,007 visits/mo
0.5 miles
Demographics for 80113, CO
22,821
Population
11,447
Households
2
Avg Household Size
39
Median Age
58%
College-Educated
95%
High-School Grad
7.7 sq mi
ZIP Area
2,964
Density / Sq Mi
$95,543
Median Household Income
$59,529
Median Earnings
$1,588
Median Rent
$699,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Single storefront with covered land opportunity and annual income, with a lease in place through April 2028.
Where is this storefront property located?
The property is located at 3538 S Pennsylvania St Englewood, CO.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Single storefront with covered land opportunity and annual income with a lease in place through April 2028; Current annual income is $27,900, with $1,200 annual increases; Owner/user possibilities within walking distance to Swedish Medical Center
