Westminster Retail Investment
For Sale
Contact for pricing
8020 Federal Blvd, Westminster, CO 80031
Stable, fully occupied retail property with diverse tenant mix.
Property Size10,070 SF
Lot Size0.45 Acres
Price / SF$233.27
Days on Market149
Property Features for 8020 Federal Blvd
General Information
Standard status
Active
Size
10,070 SF
Class
B
Total Parking Spaces
40
Lot size
0.45 Acres
Property subtype
Retail, Office
Zoning
B-1 (Westminster)
Occupancy
92%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$173,419
Building Details
Year Built
1976
Buildings
2
Stories
2
Units
12
Tenancy
Multi
Listing Agency:
Hoff & Leigh
(720) 683-0399
Listed By:
Michael Crawford · License #FA 100076473
Source:
Crexi
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 8 at 2:41PM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
This multi-tenant retail property is located on Federal Boulevard in Westminster, approximately 15 minutes from Downtown Denver. The property features two buildings with two parking lots and a total of 12 retail units. The tenant mix is diverse, providing steady rental income. The property benefits from high car counts, consistent foot traffic, and strong tenant demand. The surrounding area of Westminster is a growing market with over 350 units under construction in the vicinity. The property generates a Net Operating Income (NOI) of $192,180 with a capitalization rate (Cap Rate) of 7.69%. The gross leasable area is 10,070 square feet on a 0.45 acre lot. There are 40 parking spaces available. The property includes monument signage that is double-sided and illuminated. Base rents have annual escalations of 3-5%. The roof is in great condition and less than 10 years old. The building was built in 1976 and is masonry construction. Zoning is B-1 in Westminster. Most units have been recently updated. The leases are NNN. There are eleven units between 760-845 square feet, and one unit of 1250 square feet. The property is 100% occupied. One building is one-story, and the other is two-story. The additional parking lot provides potential for extra income, such as EV charge or foodtruck.
Key Highlights
- NNN leases and 100% occupancy provide a stable, diverse, and long‑term tenant mix, ensuring steady rental income.
- Current Net Operating Income (NOI) of $192,180 and a capitalization rate (Cap Rate) of 7.69%.
- Located in a growing market in Westminster, with 350+ new residential units under construction nearby.
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
$122,690
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
5.22%
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%
$2,453,800
$2.5M
Cap Rate 7%
$1,752,714
$1.8M
Cap Rate 9%
$1,363,222
$1.4M
Market Conditions
NOI Build-Up for 10,070 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
$190.9K $18.96/SF
− Vacancy
−$15.7K −$1.55/SF
EGI
$175.3K $17.41/SF
− OpEx
−$52.6K −$5.22/SF
NOI
$122.7K $12.18/SF
Area
Westminster, CO
Vacancy
8.20%
Lease Rate
$18.96 /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%
$2,453,800
Cap Rate 7%
$1,752,714
Cap Rate 9%
$1,363,222
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,690 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.94M
$2.58M – $3.43M
NOI $206,032 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
653
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Conoco
Shops & Services
9,880 visits/mo
0.1 miles
Demographics for 80031, CO
37,254
Population
15,377
Households
2.4
Avg Household Size
39
Median Age
44%
College-Educated
89%
High-School Grad
8.4 sq mi
ZIP Area
4,435
Density / Sq Mi
$106,244
Median Household Income
$56,470
Median Earnings
$1,911
Median Rent
$499,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Stable, fully occupied retail property with diverse tenant mix.
Where is this strip mall located?
The property is located at 8020 Federal Blvd Westminster, CO.
What is the asking price?
The asking price for this property is $2,349,000.
What are key features of this property?
This property features: NNN leases and 100% occupancy provide a stable, diverse, and long‑term tenant mix, ensuring steady rental income.; Current Net Operating Income (NOI) of $192,180 and a capitalization rate (Cap Rate) of 7.69%.; Located in a growing market in Westminster, with 350+ new residential units under construction nearby.
