Retail Center with Garage
For Sale
Contact for pricing
3550 West 38th Avenue, Denver, CO 80211
Retail center with high occupancy and ample parking.
Property Size22,041 SF
Price / SF$394.72
Days on Market98
Property Features for 3550 West 38th Avenue
General Information
Standard status
Active
Size
22,041 SF
Class
A
Total Parking Spaces
175
Property subtype
Office, Mixed Use, Hospitality
Zoning
C-MX5
Occupancy
100%
Lease Type
NNN
Investment Type
Institutional
Net Operating Income
$617,700
Building Details
Year Built
2017
Units
175
Tenancy
Multi
Listing Agency:
Lucero Real Estate
(303) 458-0100
Listed By:
EUGENE LUCERO · License #224431
Source:
Crexi
Added: May 26
Changed: Aug 26
Last Checked: Aug 31 at 8:05AM
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 Lucero Real Estate
Investment Insights
Based on property information with market context.
This retail center, identified as Retail A, features eight commercial units and is currently 100% occupied by tenants. The property includes 52 surface parking spaces, complemented by an additional 123 spaces in a lower-level garage. The total property size is 22041 square feet.
Key Highlights
- 100% Occupancy with Quality Tenants
- Unique parking: 52 surface spaces and 123 lower‑level garage spaces
- Well‑located retail 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
$301,717
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
3.47%
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%
$6,034,340
$6.0M
Cap Rate 7%
$4,310,243
$4.3M
Cap Rate 9%
$3,352,411
$3.4M
Market Conditions
NOI Build-Up for 22,041 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
$452.3K $20.52/SF
− Vacancy
−$21.3K −$0.96/SF
EGI
$431.0K $19.56/SF
− OpEx
−$129.3K −$5.87/SF
NOI
$301.7K $13.69/SF
Area
Denver, CO
Vacancy
4.70%
Lease Rate
$20.52 /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%
$6,034,340
Cap Rate 7%
$4,310,243
Cap Rate 9%
$3,352,411
Alternative Uses
Best Use
Retail
$4.31M
$3.77M – $5.03M
NOI $301,717 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.02M
$6.14M – $8.19M
NOI $491,151 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,908
Businesses Nearby
103k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 34%
Groceries 34%
Shops & Services 31%
Beauty & Spa 2%
Safeway
Groceries
34,474 visits/mo
0.5 miles
McDonald's
Dining
19,644 visits/mo
0.2 miles
Taco Bell
Dining
8,453 visits/mo
0.2 miles
Safeway Gas
Shops & Services
8,316 visits/mo
0.5 miles
Circle K
Shops & Services
7,005 visits/mo
0.1 miles
Demographics for 80211, CO
37,940
Population
20,973
Households
1.8
Avg Household Size
34
Median Age
71%
College-Educated
92%
High-School Grad
4.5 sq mi
ZIP Area
8,431
Density / Sq Mi
$117,685
Median Household Income
$78,573
Median Earnings
$1,931
Median Rent
$747,800
Median Home Value
Market
Vacancy Rate% for Retail in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center with high occupancy and ample parking.
Where is this shopping center located?
The property is located at 3550 West 38th Avenue Denver, CO.
What is the asking price?
The asking price for this property is $8,700,000.
What are key features of this property?
This property features: 100% Occupancy with Quality Tenants; Unique parking: 52 surface spaces and 123 lower‑level garage spaces; Well‑located retail center
