Contiguous Industrial Flex
For Sale
Contact for pricing
9690 Dallas St, Henderson, CO 80640
Four connected units combine office, warehouse, storage, loading access, upgraded power, and on-site parking.
Property Size2,500 SF
Price / SF$638
Days on Market1056
Property Features for 9690 Dallas St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
INDUSTRIAL
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Three-Phase Power
Yes
Office Units
4
Listing Agency:
The Colorado Group, Inc.
(303) 449-2131
Listed By:
M. Chandler Lisle · License #FA100080911
(303) 621-5126
Source:
Moodyscre
Added: Nov 7, 2023
Changed: Sep 18
Last Checked: Sep 26 at 9:16AM
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 The Colorado Group, Inc.
Investment Insights
Based on property information with market context.
9690 Dallas St Units D-G comprise four contiguous industrial flex units configured for business operations. The property includes a walk-in reception area, private offices, a second-level office and break room, a fire- and chemical-rated storage room, and a large open warehouse area with high ceilings. Oversized drive-in doors, upgraded 3-phase power, and on-site parking support day-to-day industrial use.
The Gray Fox Office Warehouse Center is located along the I-76 Corridor near 96th Ave, providing access to the Denver Metro area. The combination of office, storage, warehouse, loading, power, and parking features creates a practical flex configuration for users or investors.
The Gray Fox Office Warehouse Center is located along the I-76 Corridor near 96th Ave, providing access to the Denver Metro area. The combination of office, storage, warehouse, loading, power, and parking features creates a practical flex configuration for users or investors.
Key Highlights
- Four contiguous industrial flex units identified as Units D‑G
- Large open warehouse area with high ceilings
- Oversized drive‑in doors for warehouse access
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
$45,225
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
2.84%
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%
$904,500
$904.5K
Cap Rate 7%
$646,071
$646.1K
Cap Rate 9%
$502,500
$502.5K
Market Conditions
NOI Build-Up for 2,500 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
$75.0K $30.00/SF
− Vacancy
−$14.7K −$5.88/SF
EGI
$60.3K $24.12/SF
− OpEx
−$15.1K −$6.03/SF
NOI
$45.2K $18.09/SF
Area
Adams County, CO
Vacancy
19.60%
Lease Rate
$30.00 /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%
$904,500
Cap Rate 7%
$646,071
Cap Rate 9%
$502,500
Alternative Uses
Best Use
Office B
$646.1K
$565.3K – $753.8K
NOI $45,225 @ 7.0% cap · market cap 2.84%
Second Best
Warehouse
$516.7K
$452.1K – $602.8K
NOI $36,168 @ 7.0% cap · market cap 2.27%
Theoretical Best
Multifamily LT 5
$36.78M
$32.18M – $42.91M
NOI $2,574,784 @ 7.0% cap · market cap 161.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Office units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80640, CO
13,106
Population
4,889
Households
2.7
Avg Household Size
33
Median Age
26%
College-Educated
89%
High-School Grad
13.0 sq mi
ZIP Area
1,008
Density / Sq Mi
$111,145
Median Household Income
$58,417
Median Earnings
$2,138
Median Rent
$464,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Four connected units combine office, warehouse, storage, loading access, upgraded power, and on-site parking.
Where is this flex space located?
The property is located at 9690 Dallas St Henderson, CO.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Four contiguous industrial flex units identified as Units D‑G; Large open warehouse area with high ceilings; Oversized drive‑in doors for warehouse access
