Lakewood Corner Property: Owner/User
For Sale
Contact for pricing
1420 Garrison St, Lakewood, CO 80215
Versatile property ideal for office, medical, or wellness use.
Property Size2,376 SF
Price / SF$239.90
Days on Market958
Property Features for 1420 Garrison St
General Information
Standard status
Active
Size
2,376 SF
Class
B
Property subtype
Retail, Office
Zoning
M-N-U
Building Details
Year Built
1960
Year Renovated
2017
Buildings
2
Stories
1
Units
2
Tenancy
Single
Listing Agency:
Hoff & Leigh
(720) 683-0399
Listed By:
Claire Hertel · License #EC100073000
Source:
Crexi
Added: Dec 27, 2023
Changed: Aug 7
Last Checked: Aug 10 at 4:57AM
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 versatile property presents an owner/user opportunity situated on a high-visibility corner in Lakewood. The property features two freestanding buildings, suitable for professionals seeking a turnkey office, medical, or wellness space with additional income or expansion potential. The location is near the Garrison Light Rail Station and adjacent to Safeway, offering accessibility, visibility, and walkability. The property is suitable for medical, dental, wellness, or boutique professional practices. The layout provides move-in ready professional space along with an income-producing or supportive operations building on-site. Potential uses include a medical office or clinic, physical or occupational therapy center, counseling, chiropractic, or wellness center, professional office (law, real estate, financial, design, etc.), a hybrid live/work concept or studio office, tattoo studio, or construction office/shop. The retail building at 1420 Garrison encompasses 1,128 square feet and includes HVAC, 6 rooms, 1 bathroom, a reception area, attic, and crawl space below. The flex/garage building at 1420-B Garrison provides 1,248 square feet, featuring a full kitchen, 1 bathroom, 3 garage bays, and ample storage, and is currently leased for $1,170 per month on a month-to-month basis.
Key Highlights
- High‑visibility corner location in Lakewood, steps from Garrison Light Rail Station and adjacent to Safeway, offering excellent accessibility and walkability.
- Two freestanding buildings provide flexibility for owner‑user with additional income potential from existing tenant.
- Ideal for medical, dental, wellness, or professional practices, offering a turnkey opportunity.
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
$35,754
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
6.27%
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%
$715,080
$715.1K
Cap Rate 7%
$510,771
$510.8K
Cap Rate 9%
$397,267
$397.3K
Market Conditions
NOI Build-Up for 2,376 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
$62.7K $26.40/SF
− Vacancy
−$15.1K −$6.34/SF
EGI
$47.7K $20.06/SF
− OpEx
−$11.9K −$5.02/SF
NOI
$35.8K $15.05/SF
Area
Lakewood, CO
Vacancy
24.00%
Lease Rate
$26.40 /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%
$715,080
Cap Rate 7%
$510,771
Cap Rate 9%
$397,267
Alternative Uses
Best Use
Office B
$510.8K
$446.9K – $595.9K
NOI $35,754 @ 7.0% cap · market cap 6.27%
Second Best
Healthcare Medical
$503.1K
$440.2K – $586.9K
NOI $35,215 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$711.7K
$622.7K – $830.3K
NOI $49,816 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,271
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80215, CO
19,908
Population
9,156
Households
2.2
Avg Household Size
42
Median Age
49%
College-Educated
97%
High-School Grad
5.5 sq mi
ZIP Area
3,620
Density / Sq Mi
$85,017
Median Household Income
$49,100
Median Earnings
$1,728
Median Rent
$615,500
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?
Medical Office Space - Versatile property ideal for office, medical, or wellness use.
Where is this medical office space located?
The property is located at 1420 Garrison St Lakewood, CO.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: High‑visibility corner location in Lakewood, steps from Garrison Light Rail Station and adjacent to Safeway, offering excellent accessibility and walkability.; Two freestanding buildings provide flexibility for owner‑user with additional income potential from existing tenant.; Ideal for medical, dental, wellness, or professional practices, offering a turnkey opportunity.
