Remodeled Industrial Condo For
For Sale
$375,000
422 Norfolk Street, Aurora, CO 80011
Industrial condo remodeled in 2023 with office and warehouse features.
Property Size1,475 SF
Days on Market251
Property Features for 422 Norfolk Street
General Information
Standard status
Active
Size
1,475 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$6,494
Building Details
Building Size
1,475 SF
Year Built
2002
Listing Agency:
Herbert Realty Advisors, Inc.
Listed By:
Rohan Herbert
(720) 477-8165
Source:
Eliselosassore
Added: Feb 13
Changed: Oct 21
Last Checked: Oct 21 at 5:21AM
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 Herbert Realty Advisors, Inc.
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Investment Insights
Based on property information with market context.
This industrial condo, remodeled in 2023, is suitable for starting a new business or expanding an existing one. The commercial condo includes an office area equipped with two electric sit/stand desks, a conference table with six rolling chairs, two rolling desk chairs, a 55" Smart TV with a rolling flat screen cart, a large locking cabinet, a large standing filing cabinet, two dual monitor computer screen stands, four computer screens, a display shelf, and two cushioned chairs. The office spaces are air-conditioned, and the warehouse has radiant heat. The warehouse features various shelving units of multiple sizes and features, a janitorial cabinet, a cantilever rack, and various ladders of multiple sizes. A Home Owner's Association fee covers insurance, water, sewer, and landscaping. The property has access to I-225 and I-70. The bike score is 51, indicating it is bikeable. The walk score is 15, indicating car dependence. The transit score is 40, indicating some transit options are available.
Key Highlights
- Newly remodeled in 2023.
- Includes office furniture: electric sit/stand desks, conference table with chairs, rolling desk chairs, Smart TV, cabinets, computer screens, and display shelf.
- Warehouse includes shelving units, janitorial cabinet, cantilever rack, and ladders.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,677
Cap Rate
3.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$233,540
$233.5K
Cap Rate 7%
$166,814
$166.8K
Cap Rate 9%
$129,744
$129.7K
Market Conditions
NOI Build-Up for 1,475 SF
Gross rent
$18.2K $12.36/SF
− Vacancy
−$1.5K −$1.05/SF
EGI
$16.7K $11.31/SF
− OpEx
−$5.0K −$3.39/SF
NOI
$11.7K $7.92/SF
Area
ZIP 80011
Vacancy
8.50%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$233,540
Cap Rate 7%
$166,814
Cap Rate 9%
$129,744
Alternative Uses
Best Use
Industrial
$166.8K
$146.0K – $194.6K
NOI $11,677 @ 7.0% cap · market cap 3.11%
Second Best
Flex RnD
$166.3K
$145.5K – $194.1K
NOI $11,643 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$340.2K
$297.7K – $396.9K
NOI $23,814 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Balanced
Demand for This Use
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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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Market
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
What type of property is this?
Flex space - Industrial condo remodeled in 2023 with office and warehouse features.
Where is this flex space located?
The property is located at 422 Norfolk Street Aurora, CO.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Newly remodeled in 2023.; Includes office furniture: electric sit/stand desks, conference table with chairs, rolling desk chairs, Smart TV, cabinets, computer screens, and display shelf.; Warehouse includes shelving units, janitorial cabinet, cantilever rack, and ladders.
