Versatile Flex Condo with
For Sale
$359,000
374 Norfolk Street, Aurora, CO 80011
Flex condo with drive-in door and fenced outdoor storage.
Property Size1,475 SF
Lot Size0.12 Acres
Price / SF$243.39
Days on Market191
Property Features for 374 Norfolk Street
General Information
Standard status
Active
Size
1,475 SF
Lot size
0.12 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,494
Amenities
Asphalt
Composition Roof
Building Details
Year Built
2001
Listing Agency:
RE/MAX LEADERS
(303) 834-1144
Listed By:
ALFREDO SALCEDO
Source:
Corcoran
Added: Feb 3
Changed: Aug 8
Last Checked: Aug 8 at 6:04AM
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 RE/MAX LEADERS
Investment Insights
Based on property information with market context.
This flex condominium offers a unique opportunity, featuring a 12-foot drive-in door and a fenced outdoor storage area. The property is located just west of I-225 along East 6th Avenue, providing convenient accessibility. The unit includes approximately 300 square feet of finished office space and 1,100 square feet of warehouse area. The warehouse area features a ceiling height of 13 feet and 10 inches. The property is currently tenant-occupied, with the tenant paying $1,350 per month, and will vacate upon sale. The monthly Owners Association dues are $287. The property size is approximately 1,475 square feet. This property is located on Norfolk Street in Aurora, Colorado.
Key Highlights
- Versatile flex condominium with a rare combination of features.
- Benefit from a 12‑foot drive‑in door and fenced outdoor storage area.
- Excellent accessibility, located just west of I‑225 along East 6th Avenue.
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
$18,463
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
5.14%
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%
$369,260
$369.3K
Cap Rate 7%
$263,757
$263.8K
Cap Rate 9%
$205,144
$205.1K
Market Conditions
NOI Build-Up for 1,475 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
$32.4K $21.96/SF
− Vacancy
−$7.8K −$5.27/SF
EGI
$24.6K $16.69/SF
− OpEx
−$6.2K −$4.17/SF
NOI
$18.5K $12.52/SF
Area
ZIP 80011
Vacancy
24.00%
Lease Rate
$21.96 /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%
$369,260
Cap Rate 7%
$263,757
Cap Rate 9%
$205,144
Alternative Uses
Best Use
Office B
$263.8K
$230.8K – $307.7K
NOI $18,463 @ 7.0% cap · market cap 5.14%
Second Best
Warehouse
$204.1K
$178.6K – $238.1K
NOI $14,288 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$340.2K
$297.7K – $396.9K
NOI $23,814 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Under-served
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex condo with drive-in door and fenced outdoor storage.
Where is this flex space located?
The property is located at 374 Norfolk Street Aurora, CO.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Versatile flex condominium with a rare combination of features.; Benefit from a **12‑foot drive‑in door and fenced outdoor storage area.**; Excellent accessibility, located just west of I‑225 along East 6th Avenue.
