Renovated Flex Property with Four
For Sale
$1,699,000
695 Billings St, Aurora, CO 80011
Recently renovated flex building offers demised office/warehouse space, tall ceilings, a mezzanine, and 24 parking spaces.
Property Size9,200 SF
Price / SF$184.67
Days on Market48
Property Features for 695 Billings St
General Information
Standard status
Active
Size
9,200 SF
Total Parking Spaces
24
Property subtype
Industrial
Occupancy
48%
Warehouse & Industrial
Clear Height
22 ft
Heavy Power
Yes
Building Details
Year Built
2002
Tenancy
Multi
Listing Agency:
UNIQUE PROPERTIES LLC
(303) 321-5888
Listed By:
Marc S. Lippitt · License #ER.000183921
Source:
Uniqueprop
Added: Jun 25
Changed: Jul 10
Last Checked: Aug 11 at 5:01AM
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 UNIQUE PROPERTIES LLC
Investment Insights
Based on property information with market context.
This renovated flex property totals 9,200 square feet and is currently demised into four separate units. The office areas were recently updated with new lighting, carpet, paint, and HVAC. Warehouse space features tall ceilings with approximately 22' 4" clear height, along with a usable mezzanine area with 13' tall ceilings. LED lighting is in place throughout, and the building includes 240 outlets in some units. Electrical service is described as 3 phase, to be verified, supporting flexible power needs.
The property is located at 695 Billings Street in Aurora, Colorado, with easy access to Interstate 225. The offering notes pride of ownership from local owners and emphasizes convenient site access with 24 parking spaces.
The layout and improvements support a qualified user or investor seeking flexibility between office and warehouse functions, particularly where on-site power and storage space are important. With approximately 52% of the building available, the configuration can be attractive for an owner-occupant looking to qualify for an SBA loan while maintaining the option to use the remaining space as future occupancy or income.
The property is located at 695 Billings Street in Aurora, Colorado, with easy access to Interstate 225. The offering notes pride of ownership from local owners and emphasizes convenient site access with 24 parking spaces.
The layout and improvements support a qualified user or investor seeking flexibility between office and warehouse functions, particularly where on-site power and storage space are important. With approximately 52% of the building available, the configuration can be attractive for an owner-occupant looking to qualify for an SBA loan while maintaining the option to use the remaining space as future occupancy or income.
Key Highlights
- 9,200 SF flex property built in 2002 with demised space into 4 separate units
- Recently renovated office areas with new lighting, carpet, paint, and HVAC
- Ceilings include tall office space plus 13' tall ceilings in the mezzanine
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
$115,158
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
6.78%
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%
$2,303,160
$2.3M
Cap Rate 7%
$1,645,114
$1.6M
Cap Rate 9%
$1,279,533
$1.3M
Market Conditions
NOI Build-Up for 9,200 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
$202.0K $21.96/SF
− Vacancy
−$48.5K −$5.27/SF
EGI
$153.5K $16.69/SF
− OpEx
−$38.4K −$4.17/SF
NOI
$115.2K $12.52/SF
Area
ZIP 80011
Vacancy
24.00%
Lease Rate
$21.96 /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%
$2,303,160
Cap Rate 7%
$1,645,114
Cap Rate 9%
$1,279,533
Alternative Uses
Best Use
Office B
$1.65M
$1.44M – $1.92M
NOI $115,158 @ 7.0% cap · market cap 6.78%
Second Best
Warehouse
$1.27M
$1.11M – $1.49M
NOI $89,116 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,532 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22 ft
Clear height
48%
Occupancy
Multi-tenant
Tenancy
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
1,143
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80011, CO
54,254
Population
19,108
Households
2.8
Avg Household Size
32
Median Age
19%
College-Educated
76%
High-School Grad
20.4 sq mi
ZIP Area
2,660
Density / Sq Mi
$69,719
Median Household Income
$36,853
Median Earnings
$1,607
Median Rent
$367,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Recently renovated flex building offers demised office/warehouse space, tall ceilings, a mezzanine, and 24 parking spaces.
Where is this flex space located?
The property is located at 695 Billings St Aurora, CO.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: 9,200 SF flex property built in 2002 with demised space into 4 separate units; Recently renovated office areas with new lighting, carpet, paint, and HVAC; Ceilings include tall office space plus 13' tall ceilings in the mezzanine
