Flex Condo with
For Sale
$448,500
9341 Commerce Center St D5, Highlands Ranch, CO 80129
Flex condo with mezzanine, safe, and office space.
Property Size1,700 SF
Price / SF$263.82
Days on Market168
Property Features for 9341 Commerce Center St D5
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$4,891
Building Details
Building Size
1,700 SF
Year Built
2018
Listing Agency:
BANYAN REAL ESTATE LLC
(303) 748-3843
Listed By:
Chris Lamee · License #001315204
(303) 748-3843
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 23 at 5:45AM
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 BANYAN REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This flex condo features a mezzanine and a built-in metal-walled walk-in safe. The property offers 1,700 square feet of space, including the mezzanine level. The walled-in safe was designed as a gun safe and provides a secure storage space. There is a drywalled office space located on the mezzanine level, which is built to withstand a large amount of weight. The property is suitable for use as a man cave, industrial workspace, or bunker.
Key Highlights
- 1,700 sq ft flex condo with mezzanine
- Built‑in metal walled walk‑in safe
- Mezzanine built to withstand heavy weight
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
$22,052
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
4.92%
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%
$441,040
$441.0K
Cap Rate 7%
$315,029
$315.0K
Cap Rate 9%
$245,022
$245.0K
Market Conditions
NOI Build-Up for 1,700 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
$38.4K $22.56/SF
− Vacancy
−$3.1K −$1.80/SF
EGI
$35.3K $20.76/SF
− OpEx
−$13.2K −$7.78/SF
NOI
$22.1K $12.97/SF
Area
Highlands Ranch, CO
Vacancy
8.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
37.50%
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%
$441,040
Cap Rate 7%
$315,029
Cap Rate 9%
$245,022
Alternative Uses
Best Use
Mixed Use
$315.0K
$275.7K – $367.5K
NOI $22,052 @ 7.0% cap · market cap 4.92%
Second Best
Office B
$314.0K
$274.7K – $366.3K
NOI $21,978 @ 7.0% cap · market cap 4.90%
Theoretical Best
Specialty Retail
$461.0K
$403.3K – $537.8K
NOI $32,267 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 80129, CO
29,703
Population
12,674
Households
2.3
Avg Household Size
41
Median Age
63%
College-Educated
99%
High-School Grad
7.0 sq mi
ZIP Area
4,243
Density / Sq Mi
$136,915
Median Household Income
$71,865
Median Earnings
$2,283
Median Rent
$643,400
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?
Live-work space - Flex condo with mezzanine, safe, and office space.
Where is this live-work space located?
The property is located at 9341 Commerce Center St D5 Highlands Ranch, CO.
What is the asking price?
The asking price for this property is $448,500.
What are key features of this property?
This property features: 1,700 sq ft flex condo with mezzanine; Built‑in metal walled walk‑in safe; Mezzanine built to withstand heavy weight
