Climate-Controlled Flex
For Sale
Contact for pricing
5490 Western Ave, Boulder, CO 80301
Functional two-floor office component paired with warehouse space, loading access, and a secured yard area.
Property Size54,524 SF
Price / SF$125.91
Days on Market52
Property Features for 5490 Western Ave
General Information
Standard status
Active
Size
54,524 SF
Property subtype
INDUSTRIAL
Site & Location
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
16.7 ft
Dock-High Doors
1
Drive-In Doors
1
Conditioned Warehouse
Yes
Amenities
open work areas
private offices
conference rooms
kitchenette
climate control
Listing Agency:
Gibbons-White, Inc.
(303) 442-1040
Listed By:
Chris Boston · License #IR.040026406
(303) 586-5930
Source:
Moodyscre
Added: Jul 28
Changed: Sep 14
Last Checked: Sep 16 at 2:03PM
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 Gibbons-White, Inc.
Investment Insights
Based on property information with market context.
This 54,524-square-foot flex space combines approximately 20% office and 80% warehouse area. The office component spans two floors and includes open work areas, private offices, conference rooms, and a kitchenette. The warehouse offers 16'8" clear height with climate control throughout, supporting a range of operational and storage needs.
The property includes oversized doors, an interior loading dock, ramp access, a drive-in door, and a dock-high loading door. A fenced yard area provides additional secured outdoor space. Located in Boulder with access to Arapahoe and 55th Street.
The property includes oversized doors, an interior loading dock, ramp access, a drive-in door, and a dock-high loading door. A fenced yard area provides additional secured outdoor space. Located in Boulder with access to Arapahoe and 55th Street.
Key Highlights
- 54,524‑square‑foot flex space with approximately 20% office and 80% warehouse
- Two‑floor office area with open workspaces, private offices, conference rooms, and kitchenette
- 16'8" clear height in warehouse area with climate control throughout
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
$590,320
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
8.60%
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%
$11,806,400
$11.8M
Cap Rate 7%
$8,433,143
$8.4M
Cap Rate 9%
$6,559,111
$6.6M
Market Conditions
NOI Build-Up for 54,524 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
$752.4K $13.80/SF
− Vacancy
−$57.9K −$1.06/SF
EGI
$694.5K $12.74/SF
− OpEx
−$104.2K −$1.91/SF
NOI
$590.3K $10.83/SF
Area
Boulder, CO
Vacancy
7.70%
Lease Rate
$13.80 /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%
$11,806,400
Cap Rate 7%
$8,433,143
Cap Rate 9%
$6,559,111
Alternative Uses
Best Use
Office B
$10.95M
$9.58M – $12.77M
NOI $766,498 @ 7.0% cap · market cap 11.17%
Second Best
Warehouse
$8.43M
$7.38M – $9.84M
NOI $590,320 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$18.42M
$16.12M – $21.50M
NOI $1,289,733 @ 7.0% cap · market cap 18.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,552
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80301, CO
25,944
Population
12,644
Households
2.1
Avg Household Size
38
Median Age
69%
College-Educated
97%
High-School Grad
28.6 sq mi
ZIP Area
907
Density / Sq Mi
$92,974
Median Household Income
$52,325
Median Earnings
$1,999
Median Rent
$761,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Functional two-floor office component paired with warehouse space, loading access, and a secured yard area.
Where is this flex space located?
The property is located at 5490 Western Ave Boulder, CO.
What is the asking price?
The asking price for this property is $6,865,000.
What are key features of this property?
This property features: 54,524‑square‑foot flex space with approximately 20% office and 80% warehouse; Two‑floor office area with open workspaces, private offices, conference rooms, and kitchenette; 16'8" clear height in warehouse area with climate control throughout
