Flex Space Campus with Fourteen-Foot Clear
For Sale
Contact for pricing
5661-5665 Airport Blvd, Boulder, CO 80301
Two-building flex campus with lab, warehouse, and private office space, plus abundant on-site parking.
Property Size17,091 SF
Price / SF$284.95
Days on Market374
Property Features for 5661-5665 Airport Blvd
General Information
Standard status
Active
Size
17,091 SF
Property subtype
INDUSTRIAL
Additional Details
Highway 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 6
Last Checked: Sep 16 at 9:05PM
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 space campus at 5661-5665 Airport Blvd in Boulder, CO offers a mix of private office, open work areas, lab space, and warehouse space. Buildings can be leased or sold separately or together for a combined total of 36,612 SF. The campus includes grade level loading access and full HVAC throughout both buildings, along with 14’ clear height.
An additional exterior storage building of 1,200 SF supports on-site storage needs. Abundant on-site parking is available, and the campus is described as having easy access to Foothills Parkway.
The layout and improvements provide flexible options for tenants seeking a combination of office and lab/warehouse functionality, with practical loading access and clear height designed for warehouse operations.
An additional exterior storage building of 1,200 SF supports on-site storage needs. Abundant on-site parking is available, and the campus is described as having easy access to Foothills Parkway.
The layout and improvements provide flexible options for tenants seeking a combination of office and lab/warehouse functionality, with practical loading access and clear height designed for warehouse operations.
Key Highlights
- Two‑building flex campus at 5661‑5665 Airport Blvd with multiple space types
- Buildings can be leased or sold separately or together for a combined total of 36,612 SF
- Full HVAC throughout both buildings plus 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
$240,265
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
4.93%
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%
$4,805,300
$4.8M
Cap Rate 7%
$3,432,357
$3.4M
Cap Rate 9%
$2,669,611
$2.7M
Market Conditions
NOI Build-Up for 17,091 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
$451.2K $26.40/SF
− Vacancy
−$130.8K −$7.66/SF
EGI
$320.4K $18.74/SF
− OpEx
−$80.1K −$4.69/SF
NOI
$240.3K $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%
$4,805,300
Cap Rate 7%
$3,432,357
Cap Rate 9%
$2,669,611
Alternative Uses
Best Use
Office B
$3.43M
$3.00M – $4.00M
NOI $240,265 @ 7.0% cap · market cap 4.93%
Second Best
Warehouse
$2.64M
$2.31M – $3.08M
NOI $185,041 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$5.78M
$5.05M – $6.74M
NOI $404,277 @ 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
Highway 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
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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 - Two-building flex campus with lab, warehouse, and private office space, plus abundant on-site parking.
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 $4,870,000.
What are key features of this property?
This property features: Two‑building flex campus at 5661‑5665 Airport Blvd with multiple space types; Buildings can be leased or sold separately or together for a combined total of 36,612 SF; Full HVAC throughout both buildings plus 14’ clear height
