Flex Space with
New
For Sale
$370,000
538 Olathe Street #D, Aurora, CO 80011
Vacant condominium offers office, showroom, warehouse, and storage areas with paved access.
Property Size1,750 SF
Price / SF$211.43
Days on Market6
Property Features for 538 Olathe Street #D
General Information
Standard status
Active
Size
1,750 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
I-1
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,123
Amenities
storefront windows
private office
kitchenette
restroom
oversized overhead door
high ceilings
loft/storage area
Insulated Garage
Asphalt
Concrete Driveway
Exterior Access Door
Membrane Roof
Near Public Transit
Oversized Door
Building Details
Year Built
1979
Owner Occupied
No
Listing Agency:
Price & Co. Real Estate
(303) 955-5571
Listed By:
ANDREA PRICE · License #100032406
Source:
Corcoran
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 2:24PM
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 Price & Co. Real Estate
Investment Insights
Based on property information with market context.
This flex-space condominium combines an open office and showroom at the front with warehouse and storage areas behind it. Storefront windows bring natural light into the customer-facing portion, while the main level also provides a private office, kitchenette, and restroom. The warehouse includes an overhead door, high ceilings, and loft storage for inventory or equipment. The property contains approximately 1,750 square feet and is currently vacant.
Located at 538 Olathe Street #D in Aurora, the unit includes five designated parking spaces, paved access, public utilities, and I-1 zoning. The configuration supports a range of office, service, contractor, and light industrial operations, with convenient access to major transportation corridors serving the Denver metro area.
Located at 538 Olathe Street #D in Aurora, the unit includes five designated parking spaces, paved access, public utilities, and I-1 zoning. The configuration supports a range of office, service, contractor, and light industrial operations, with convenient access to major transportation corridors serving the Denver metro area.
Key Highlights
- Approximately 1,750 square feet of office, showroom, warehouse, and storage space
- Front showroom with storefront windows and natural light
- Warehouse area with overhead door, high ceilings, and loft storage
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
$23,535
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
6.36%
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%
$470,700
$470.7K
Cap Rate 7%
$336,214
$336.2K
Cap Rate 9%
$261,500
$261.5K
Market Conditions
NOI Build-Up for 1,750 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
$35.3K $20.16/SF
− Vacancy
−$1.7K −$0.95/SF
EGI
$33.6K $19.21/SF
− OpEx
−$10.1K −$5.76/SF
NOI
$23.5K $13.45/SF
Area
ZIP 80011
Vacancy
4.70%
Lease Rate
$20.16 /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%
$470,700
Cap Rate 7%
$336,214
Cap Rate 9%
$261,500
Alternative Uses
Best Use
Retail
$336.2K
$294.2K – $392.3K
NOI $23,535 @ 7.0% cap · market cap 6.36%
Second Best
Office B
$312.9K
$273.8K – $365.1K
NOI $21,905 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$403.6K
$353.2K – $470.9K
NOI $28,253 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Balanced
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
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant condominium offers office, showroom, warehouse, and storage areas with paved access.
Where is this flex space located?
The property is located at 538 Olathe Street #D Aurora, CO.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Approximately 1,750 square feet of office, showroom, warehouse, and storage space; Front showroom with storefront windows and natural light; Warehouse area with overhead door, high ceilings, and loft storage
