Building Details

Building Size 12,065 SF

Year Built 1999

Units 3

Construction metal construction

Tenancy Multi

Listing Agency: Matthews Real Estate Investment Services | Denver

Listed By: Angelo Vattano · License #100101759 (CO) Show Phone

Source: Matthews

Added: May 8 Changed: Oct 14 Last Checked: Oct 16 at 5:37AM

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Investment Insights

Based on property information with market context.

5969 Iris Parkway is a fully leased, multi-tenant industrial/flex property constructed in 1999. The building is occupied by two tenants on staggered NNN leases, with Mirror Image Brewing taking approximately 65% of the space and operating two coterminous flat leases expiring January 31, 2029. The remaining 35% is leased to New Energy Structures Company (dba NESCO), with a term through April 30, 2027 and one 1-year renewal option. Clear heights range from 16 to 20 feet, and the building includes one dock-high door and a shared loading area. The site is supported by durable metal construction, flexible BLI zoning, 800 amp/3-phase power (tbv), and separately metered gas and electric. Recent upgrades include parking lot repaving and restriping, and a new HVAC unit in Unit A. Included mineral rights generated royalty income in 2025.

The property is situated in the heart of Frederick, Colorado, conveniently located just minutes from I-25 and near Frederick High School. The site includes 28 paved parking spaces.

The offering totals a 12,065-square-foot building on a 10.96-acre lot and includes separately metered utilities, repaved and restriped parking, and clear-height flexibility for a range of light industrial and flex uses consistent with BLI zoning.

Key Highlights

• 12,065 SF multi‑tenant industrial/flex building on 10.96 acres in Frederick, CO, built in 1999
• Fully leased with staggered NNN leases; WALT is 2.2 years
• Mirror Image Brewing occupies ~65% on coterminous flat leases expiring Jan 31, 2029, with one 5‑year renewal option and 3.5% annual rent increases

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$107,574

Cap Rate

4.89%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,151,480 $2.2M

Cap Rate 7%

$1,536,771 $1.5M

Cap Rate 9%

$1,195,267 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,065 SF

Gross rent

$166.5K $13.80/SF

− Vacancy

−$12.8K −$1.06/SF

EGI

$153.7K $12.74/SF

− OpEx

−$46.1K −$3.82/SF

NOI

$107.6K $8.92/SF

Area

Weld County, CO

Vacancy

7.70%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,151,480

Cap Rate 7%

$1,536,771

Cap Rate 9%

$1,195,267

Alternative Uses

Best Use

Industrial

$1.54M

$1.34M – $1.79M (±1% cap)

NOI $107,574 @ 7.0% cap · market cap 4.89%

Second Best

Flex RnD

$1.43M

$1.25M – $1.66M (±1% cap)

NOI $99,890 @ 7.0% cap · market cap 4.54%

Theoretical Best

Office B

$2.20M

$1.92M – $2.57M (±1% cap)

NOI $153,919 @ 7.0% cap · market cap 7.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Big Box & Wholesale Store Law Firm Plumbing Service Auto Parts Store (Bike/Boat/Book/etc) Store Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

20 ft

Clear height

1

Dock-high doors

Multi-tenant

Tenancy

Yes

Heavy power

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

250

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 80530, CO

5,428

Population

2,315

Households

2.3

Avg Household Size

36

Median Age

27%

College-Educated

92%

High-School Grad

3.1 sq mi

ZIP Area

1,751

Density / Sq Mi

$120,172

Median Household Income

$58,891

Median Earnings

$2,182

Median Rent

$449,200

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Multi-tenant industrial/flex building with two dock-high loading and separately metered utilities, fully leased on staggered NNN terms.

Where is this flex space located?

The property is located at 5969 Iris Pkwy Frederick, CO.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: 12,065 SF multi‑tenant industrial/flex building on 10.96 acres in Frederick, CO, built in 1999; Fully leased with staggered NNN leases; WALT is 2.2 years; Mirror Image Brewing occupies ~65% on coterminous flat leases expiring Jan 31, 2029, with one 5‑year renewal option and 3.5% annual rent increases