Flex Space with Loading
For Sale
Contact for pricing
5490 Western Avenue, Boulder, CO 80301
Two-level office component complements a climate-controlled warehouse and fenced outdoor yard.
Property Size24,524 SF
Price / SF$279.93
Days on Market14
Property Features for 5490 Western Avenue
General Information
Standard status
Active
Size
24,524 SF
Property subtype
Industrial
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
16.7 ft
Dock-High Doors
1
Drive-In Doors
1
Conditioned Warehouse
Yes
Amenities
Conference Rooms
Kitchenette
Listing Agency:
Gibbons-White Inc
(303) 586-5930
Listed By:
Kegan McNutt · License #CO FA.100076131
Source:
Crexi
Added: Jul 28
Changed: Aug 3
Last Checked: Aug 9 at 8:12AM
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 24,524-square-foot flex property combines approximately 20% office space with 80% warehouse area. The office component spans two floors and includes open work areas, private offices, conference rooms, and a kitchenette. Warehouse space offers 16'8” clear height with climate control throughout, supporting a range of operational layouts.
Loading functionality includes oversized doors, an interior loading dock, and ramp access. The property also provides a fenced yard with both a drive-in door and a dock-high loading door. Located in Boulder, the site offers access to Arapahoe and 55th Street.
Loading functionality includes oversized doors, an interior loading dock, and ramp access. The property also provides a fenced yard with both a drive-in door and a dock-high loading door. Located in Boulder, the site offers access to Arapahoe and 55th Street.
Key Highlights
- 24,524 SF flex property with approximately 20% office and 80% warehouse space
- Office area distributed across two floors with open work areas, private offices, conference rooms, and kitchenette
- Warehouse features 16'8” clear height 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
$344,758
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
5.02%
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%
$6,895,160
$6.9M
Cap Rate 7%
$4,925,114
$4.9M
Cap Rate 9%
$3,830,644
$3.8M
Market Conditions
NOI Build-Up for 24,524 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
$647.4K $26.40/SF
− Vacancy
−$187.8K −$7.66/SF
EGI
$459.7K $18.74/SF
− OpEx
−$114.9K −$4.69/SF
NOI
$344.8K $14.06/SF
Area
Boulder, CO
Vacancy
29.00%
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%
$6,895,160
Cap Rate 7%
$4,925,114
Cap Rate 9%
$3,830,644
Alternative Uses
Best Use
Office B
$4.93M
$4.31M – $5.75M
NOI $344,758 @ 7.0% cap · market cap 5.02%
Second Best
Warehouse
$3.79M
$3.32M – $4.43M
NOI $265,516 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$8.29M
$7.25M – $9.67M
NOI $580,101 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Wheel & Whisk Catering and Food Truck — 5706 arapahoe ave, boulder, co 80303
- Big Daddy's Texas BBQ — 2100 Central Ave, Boulder, CO 80301
- Fig and Floret — 2995 55th St #17122, Boulder, CO 80308
- La Rue Bayou — 4920 Pearl St, Boulder, CO 80301
Frequently Asked Questions
What type of property is this?
Flex space - Two-level office component complements a climate-controlled warehouse and fenced outdoor yard.
Where is this flex space located?
The property is located at 5490 Western Avenue 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: 24,524 SF flex property with approximately 20% office and 80% warehouse space; Office area distributed across two floors with open work areas, private offices, conference rooms, and kitchenette; Warehouse features 16'8” clear height with climate control throughout
