Retail Space with Long-Term
For Sale
$5,048,000
5170 W 113th Ave, Westminster, CO 80031
A new 20-year lease provides scheduled 3.50% annual rental increases and a corporate guaranty.
Property Size13,118 SF
Price / SF$384.81
Days on Market26
Property Features for 5170 W 113th Ave
General Information
Standard status
Active
Size
13,118 SF
Property subtype
Child Care
Lease Type
Absolute Net
Amenities
Corporate Guaranty from Top 10 Operator in the Country (110+ Locations)
New 20-Year Lease with 3.50% Annual Rental Increases
Located in the Highly Affluent Westminster, CO Market (Denver MSA)
Absolute Net Lease with Modest Rental Rate
17 Feeder Schools are Located Within a 3-Mile Radius
Building Details
Building Size
13,118 SF
Tenancy
Single
Listed By:
Adam Lewis · License #License(s) CO: ER100091205
(303) 328-2000
Source:
Marcusmillichap
Added: Aug 14
Changed: Sep 8
Last Checked: Sep 8 at 8:34AM
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 Adam Lewis
Investment Insights
Based on property information with market context.
This retail property contains 13,118 square feet and was constructed in 2001. The asset is located at 5170 West 113th Avenue in Westminster, Colorado, within the Denver MSA.
A new 20-year lease is in place, with contractual 3.50% annual rental increases. Lease support includes a corporate guaranty associated with an organization operating 110+ locations.
A new 20-year lease is in place, with contractual 3.50% annual rental increases. Lease support includes a corporate guaranty associated with an organization operating 110+ locations.
Key Highlights
- 13,118‑square‑foot retail property
- New 20‑year lease
- 3.50% annual rental increases
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
$159,826
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
3.17%
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%
$3,196,520
$3.2M
Cap Rate 7%
$2,283,229
$2.3M
Cap Rate 9%
$1,775,844
$1.8M
Market Conditions
NOI Build-Up for 13,118 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
$248.7K $18.96/SF
− Vacancy
−$20.4K −$1.55/SF
EGI
$228.3K $17.41/SF
− OpEx
−$68.5K −$5.22/SF
NOI
$159.8K $12.18/SF
Area
Westminster, CO
Vacancy
8.20%
Lease Rate
$18.96 /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%
$3,196,520
Cap Rate 7%
$2,283,229
Cap Rate 9%
$1,775,844
Alternative Uses
Best Use
Retail
$2.28M
$2.00M – $2.66M
NOI $159,826 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.83M
$3.35M – $4.47M
NOI $268,394 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Explore this area
Business Placement
Demographics for 80031, CO
37,254
Population
15,377
Households
2.4
Avg Household Size
39
Median Age
44%
College-Educated
89%
High-School Grad
8.4 sq mi
ZIP Area
4,435
Density / Sq Mi
$106,244
Median Household Income
$56,470
Median Earnings
$1,911
Median Rent
$499,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - A new 20-year lease provides scheduled 3.50% annual rental increases and a corporate guaranty.
Where is this retail space located?
The property is located at 5170 W 113th Ave Westminster, CO.
What is the asking price?
The asking price for this property is $5,048,000.
What are key features of this property?
This property features: 13,118‑square‑foot retail property; New 20‑year lease; 3.50% annual rental increases
