Flex Condo with Secure
For Sale
$448,500
9341 Commerce Center Street #D5, Highlands Ranch, CO 80129
Flex condo featuring a mezzanine and built-in metal walled safe.
Property Size1,700 SF
Price / SF$263.82
Days on Market402
Property Features for 9341 Commerce Center Street #D5
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,891
Building Details
Year Built
2018
Listing Agency:
BANYAN REAL ESTATE LLC
(303) 573-5573
Listed By:
CHRIS LAMEE · License #001315204
Source:
Corcoran
Added: Jul 25, 2025
Changed: Aug 27
Last Checked: Aug 29 at 6:46AM
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 offers 1,700 square feet of space, including a mezzanine level. A notable feature is the built-in metal-walled walk-in safe, originally designed as a gun safe, providing a secure storage area. The mezzanine includes a drywalled office space and is constructed to support substantial weight. The property is suitable for various uses, including industrial workspace.
Key Highlights
- Unique mezzanine level provides additional square footage and flexible space.
- Built‑in metal walled walk‑in safe, ideal for secure storage.
- 1,700 square feet of total space.
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
$13,159
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
2.93%
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%
$263,180
$263.2K
Cap Rate 7%
$187,986
$188.0K
Cap Rate 9%
$146,211
$146.2K
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
$19.4K $11.40/SF
− Vacancy
−$581 −$0.34/SF
EGI
$18.8K $11.06/SF
− OpEx
−$5.6K −$3.32/SF
NOI
$13.2K $7.74/SF
Area
Highlands Ranch, CO
Vacancy
3.00%
Lease Rate
$11.40 /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%
$263,180
Cap Rate 7%
$187,986
Cap Rate 9%
$146,211
Alternative Uses
Best Use
Industrial
$188.0K
$164.5K – $219.3K
NOI $13,159 @ 7.0% cap · market cap 2.93%
Second Best
Flex RnD
$174.6K
$152.7K – $203.7K
NOI $12,219 @ 7.0% cap · market cap 2.72%
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
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex condo featuring a mezzanine and built-in metal walled safe.
Where is this flex space located?
The property is located at 9341 Commerce Center Street #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: Unique mezzanine level provides additional square footage and flexible space.; Built‑in metal walled walk‑in safe, ideal for secure storage.; 1,700 square feet of total space.
