Corner Flex Space with Enclosed
For Sale
Contact for pricing
5135 East 38th Avenue, Denver, CO 80207
Industrial layout includes warehouse, shop, and private office areas.
Property Size9,127 SF
Price / SF$250.90
Days on Market115
Property Features for 5135 East 38th Avenue
General Information
Standard status
Active
Size
9,127 SF
Class
C
Property subtype
Industrial
Zoning
I-MX-3
Building Details
Year Built
1963
Year Renovated
1995
Tenancy
Single
Listing Agency:
St. Charles Town Company
(720) 598-1300
Listed By:
David Leuthold · License #CO FA40014478
Source:
Crexi
Added: May 8
Changed: Aug 30
Last Checked: Aug 30 at 1:40AM
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 St. Charles Town Company
Investment Insights
Based on property information with market context.
This 9,127-square-foot flex property occupies a 0.56-acre corner lot and combines clear-span warehouse space with active shop areas and private offices. Multiple drive-in loading doors support industrial operations, while the secure enclosed yard adds dedicated outdoor capacity. Built in 1963, the facility is zoned I-MX-3.
The property is located at 5135 East 38th Avenue in Denver, with access to I-70 minutes away. I-MX-3 zoning supports current industrial operations and provides for the option of future three-story mixed-use development. The address is also surrounded by neighborhood amenities, adding convenience for ongoing operations.
The property is located at 5135 East 38th Avenue in Denver, with access to I-70 minutes away. I-MX-3 zoning supports current industrial operations and provides for the option of future three-story mixed-use development. The address is also surrounded by neighborhood amenities, adding convenience for ongoing operations.
Key Highlights
- 9,127 SF industrial facility on a 0.56‑acre corner lot
- Clear‑span warehouse space, active shop areas, and private offices
- Multiple drive‑in loading doors for industrial access
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
$94,315
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
4.12%
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%
$1,886,300
$1.9M
Cap Rate 7%
$1,347,357
$1.3M
Cap Rate 9%
$1,047,944
$1.0M
Market Conditions
NOI Build-Up for 9,127 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
$120.5K $13.20/SF
− Vacancy
−$9.5K −$1.04/SF
EGI
$111.0K $12.16/SF
− OpEx
−$16.6K −$1.82/SF
NOI
$94.3K $10.33/SF
Area
Denver, CO
Vacancy
7.90%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,886,300
Cap Rate 7%
$1,347,357
Cap Rate 9%
$1,047,944
Alternative Uses
Best Use
Warehouse
$1.35M
$1.18M – $1.57M
NOI $94,315 @ 7.0% cap · market cap 4.12%
Second Best
Flex RnD
$1.22M
$1.06M – $1.42M
NOI $85,144 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$2.91M
$2.54M – $3.39M
NOI $203,382 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
738
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80207, CO
21,170
Population
9,291
Households
2.3
Avg Household Size
38
Median Age
61%
College-Educated
93%
High-School Grad
3.9 sq mi
ZIP Area
5,428
Density / Sq Mi
$112,325
Median Household Income
$71,163
Median Earnings
$1,819
Median Rent
$661,900
Median Home Value
Market
Vacancy Rate% for Industrial in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial layout includes warehouse, shop, and private office areas.
Where is this flex space located?
The property is located at 5135 East 38th Avenue Denver, CO.
What is the asking price?
The asking price for this property is $2,290,000.
What are key features of this property?
This property features: 9,127 SF industrial facility on a 0.56‑acre corner lot; Clear‑span warehouse space, active shop areas, and private offices; Multiple drive‑in loading doors for industrial access
