Leased Office/Warehouse Flex
For Sale
$1,035,000
866 E 78th Avenue, Denver, CO 80229
Condominium-format commercial space combines office functionality with a dedicated warehouse area and an established occupant.
Property Size5,622 SF
Price / SF$184
Days on Market67
Property Features for 866 E 78th Avenue
General Information
Standard status
Active
Size
5,622 SF
Property subtype
Industrial
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Building Size
5,622 SF
Year Built
2007
Buildings
1
Listing Agency:
Unique Properties, Inc
(303) 521-3648
Listed By:
Greg Knott · License #FA.001312096
(303) 521-3648
Source:
Uniqueprop
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 1:48PM
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, Inc
Investment Insights
Based on property information with market context.
This flex space condominium is configured for office and warehouse use, with a dedicated warehouse area and a functional commercial layout. The building was constructed in 2007 and is currently fully leased.
NeuAbility occupies the property as its tenant. The asset is located at 866 E 78th Avenue in Denver, Colorado, providing a defined address for an owner seeking leased flex-space real estate.
NeuAbility occupies the property as its tenant. The asset is located at 866 E 78th Avenue in Denver, Colorado, providing a defined address for an owner seeking leased flex-space real estate.
Key Highlights
- Fully leased commercial condominium
- Office and warehouse configuration
- Occupied by NeuAbility
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
$68,556
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
6.62%
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%
$1,371,120
$1.4M
Cap Rate 7%
$979,371
$979.4K
Cap Rate 9%
$761,733
$761.7K
Market Conditions
NOI Build-Up for 5,625 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
$123.5K $21.96/SF
− Vacancy
−$32.1K −$5.71/SF
EGI
$91.4K $16.25/SF
− OpEx
−$22.9K −$4.06/SF
NOI
$68.6K $12.19/SF
Area
ZIP 80229
Vacancy
26.00%
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%
$1,371,120
Cap Rate 7%
$979,371
Cap Rate 9%
$761,733
Alternative Uses
Best Use
Office B
$979.4K
$857.0K – $1.14M
NOI $68,556 @ 7.0% cap · market cap 6.62%
Second Best
Flex RnD
$865.0K
$756.9K – $1.01M
NOI $60,548 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,525 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80229, CO
54,153
Population
20,130
Households
2.7
Avg Household Size
33
Median Age
20%
College-Educated
79%
High-School Grad
12.5 sq mi
ZIP Area
4,332
Density / Sq Mi
$83,450
Median Household Income
$42,198
Median Earnings
$1,719
Median Rent
$382,900
Median Home Value
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Condominium-format commercial space combines office functionality with a dedicated warehouse area and an established occupant.
Where is this flex space located?
The property is located at 866 E 78th Avenue Denver, CO.
What is the asking price?
The asking price for this property is $1,035,000.
What are key features of this property?
This property features: Fully leased commercial condominium; Office and warehouse configuration; Occupied by NeuAbility
