Corner Flex Building with Redevelopment
For Sale
$2,095,000
495 W Cedar Ave, Denver, CO 80223
I-MX-5 zoning supports continued flex use and consideration of a five-story mixed-use multifamily project.
Property Size6,624 SF
Lot Size0.42 Acres
Price / SF$316.27
Days on Market193
Property Features for 495 W Cedar Ave
General Information
Standard status
Active
Size
6,624 SF
Class
C
Lot size
0.42 Acres
Property subtype
Other Special Purpose
Zoning
I-MX-5
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
6,624 SF
Year Built
1974
Buildings
1
Listing Agency:
Unique Properties, Inc
(303) 321-5920
Listed By:
Sam Leger · License #FA.040042452
(303) 321-5920
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 3:40PM
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.
Built in 1974, this 6,624-square-foot office and flex building occupies an 18,200-square-foot corner lot. The existing improvements are configured for office and manufacturing use, providing a functional foundation for a flex-space operator or an owner-user. I-MX-5 zoning supports consideration of a five-story mixed-use multifamily project as an alternative redevelopment strategy.
The property is in Denver’s Baker neighborhood and Broadway submarket, near South Broadway, Downtown Denver, the Santa Fe Arts District, and Alameda Light Rail Station. Access to I-25, Santa Fe Drive, and Broadway connects the site with the Denver Tech Center and major university campuses. More than 500 multifamily units are located within a five-block radius, and the property is near South Broadway dining and retail.
The property is in Denver’s Baker neighborhood and Broadway submarket, near South Broadway, Downtown Denver, the Santa Fe Arts District, and Alameda Light Rail Station. Access to I-25, Santa Fe Drive, and Broadway connects the site with the Denver Tech Center and major university campuses. More than 500 multifamily units are located within a five-block radius, and the property is near South Broadway dining and retail.
Key Highlights
- 6,624 SF office/flex building on an 18,200SF corner lot
- I‑MX‑5 zoning supports a five‑story mixed‑use multifamily project
- Built in 1974 with office and manufacturing buildout
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
$97,055
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
4.63%
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%
$1,941,100
$1.9M
Cap Rate 7%
$1,386,500
$1.4M
Cap Rate 9%
$1,078,389
$1.1M
Market Conditions
NOI Build-Up for 6,624 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
$174.9K $26.40/SF
− Vacancy
−$45.5K −$6.86/SF
EGI
$129.4K $19.54/SF
− OpEx
−$32.4K −$4.88/SF
NOI
$97.1K $14.65/SF
Area
Denver, CO
Vacancy
26.00%
Lease Rate
$26.40 /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%
$1,941,100
Cap Rate 7%
$1,386,500
Cap Rate 9%
$1,078,389
Alternative Uses
Best Use
Office B
$1.39M
$1.21M – $1.62M
NOI $97,055 @ 7.0% cap · market cap 4.63%
Second Best
Flex RnD
$882.8K
$772.4K – $1.03M
NOI $61,794 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,606 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,134
Businesses Nearby
Balanced
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 Office in Denver, CO
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?
Flex space - I-MX-5 zoning supports continued flex use and consideration of a five-story mixed-use multifamily project.
Where is this flex space located?
The property is located at 495 W Cedar Ave Denver, CO.
What is the asking price?
The asking price for this property is $2,095,000.
What are key features of this property?
This property features: 6,624 SF office/flex building on an 18,200SF corner lot; I‑MX‑5 zoning supports a five‑story mixed‑use multifamily project; Built in 1974 with office and manufacturing buildout
