Leased Industrial Flex
For Sale
$2,200,000
5969 Iris Pkwy, Frederick, CO 80530
Multi-tenant industrial/flex building with two dock-high loading and separately metered utilities, fully leased on staggered NNN terms.
Property Size12,065 SF
Lot Size0.96 Acres
Price / SF$182.35
Days on Market119
Property Features for 5969 Iris Pkwy
General Information
Standard status
Active
Size
12,065 SF
Total Parking Spaces
28
Lot size
0.96 Acres
Property subtype
Commercial
Zoning
BLI
Occupancy
100%
Lease Term
± 2.2 Years
Net Operating Income
$152,766
Warehouse & Industrial
Clear Height
20 ft
Dock-High Doors
1
Heavy Power
Yes
Additional Details
Highway Access
Yes
Building Details
Building Size
12,065 SF
Year Built
1999
Units
3
Construction
metal construction
Tenancy
Multi
Listed By:
Angelo Vattano · License #100101759 (CO)
(720) 842-7166
Source:
Matthews
Added: May 8
Changed: Sep 3
Last Checked: Sep 2 at 1:16PM
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 Angelo Vattano
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.
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 = 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
$107,574
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
4.89%
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%
$2,151,480
$2.2M
Cap Rate 7%
$1,536,771
$1.5M
Cap Rate 9%
$1,195,267
$1.2M
Market Conditions
NOI Build-Up for 12,065 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
$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 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%
$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
NOI $107,574 @ 7.0% cap · market cap 4.89%
Second Best
Flex RnD
$1.43M
$1.25M – $1.66M
NOI $99,890 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office B
$2.20M
$1.92M – $2.57M
NOI $153,919 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
