Flex Office and Warehouse
For Sale
Contact for pricing
5661-5665 Airport Blvd, Boulder, CO 80301
Two-building flex campus with full HVAC, grade-level loading, and 14’ clear height.
Property Size19,521 SF
Price / SF$285.08
Days on Market374
Property Features for 5661-5665 Airport Blvd
General Information
Standard status
Active
Size
19,521 SF
Property subtype
INDUSTRIAL
Additional Details
Road Access
Yes
Clear Height
14 ft
Listing Agency:
Gibbons-White, Inc.
(303) 442-1040
Listed By:
Chris Boston · License #IR.040026406
(303) 586-5930
Source:
Moodyscre
Added: Sep 9, 2025
Changed: Sep 8
Last Checked: Sep 16 at 9:03PM
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.
Two-building flex office and light assembly/warehouse campus available for sale or lease, with 5661–5665 Airport Blvd located in Boulder, Colorado. The buildings can be leased or sold separately or together, totaling 36,612 SF. At 5665 Airport Blvd, the space offers a mix of office and light assembly/warehouse accommodations. Both buildings feature grade-level loading access, full HVAC, and 14’ clear height.
An additional 1,200 SF exterior storage building supports the campus. The property includes abundant on-site parking and offers easy access to Foothills Parkway.
This setup provides a practical combination of office-oriented space and functional warehouse operations within a two-building campus configuration.
An additional 1,200 SF exterior storage building supports the campus. The property includes abundant on-site parking and offers easy access to Foothills Parkway.
This setup provides a practical combination of office-oriented space and functional warehouse operations within a two-building campus configuration.
Key Highlights
- Two‑building flex campus at 5665 Airport Blvd, total 36,612 SF (buildings can be leased or sold separately or together)
- Mix of office and light assembly/warehouse space
- Grade‑level loading access and 14' clear height
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
$211,350
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
3.80%
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%
$4,227,000
$4.2M
Cap Rate 7%
$3,019,286
$3.0M
Cap Rate 9%
$2,348,333
$2.3M
Market Conditions
NOI Build-Up for 19,521 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
$269.4K $13.80/SF
− Vacancy
−$20.7K −$1.06/SF
EGI
$248.6K $12.74/SF
− OpEx
−$37.3K −$1.91/SF
NOI
$211.3K $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%
$4,227,000
Cap Rate 7%
$3,019,286
Cap Rate 9%
$2,348,333
Alternative Uses
Best Use
Warehouse
$3.02M
$2.64M – $3.52M
NOI $211,350 @ 7.0% cap · market cap 3.80%
Second Best
Flex RnD
$2.63M
$2.30M – $3.07M
NOI $184,087 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$6.60M
$5.77M – $7.70M
NOI $461,758 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
14 ft
Clear height
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Balanced
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 Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building flex campus with full HVAC, grade-level loading, and 14’ clear height.
Where is this flex space located?
The property is located at 5661-5665 Airport Blvd Boulder, CO.
What is the asking price?
The asking price for this property is $5,565,000.
What are key features of this property?
This property features: Two‑building flex campus at 5665 Airport Blvd, total 36,612 SF (buildings can be leased or sold separately or together); Mix of office and light assembly/warehouse space; Grade‑level loading access and 14' clear height
