Flex Space with
For Sale
$370,000
D-538 Olathe St, Aurora, CO
Commercial condominium combining storefront office, warehouse capacity, and dedicated parking for owner-users or investors.
Property Size1,750 SF
Price / SF$211.43
Days on Market11
Property Features for D-538 Olathe St
General Information
Standard status
Active
Size
1,750 SF
Total Parking Spaces
5
Zoning
I-1
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,123
Building Details
Tenancy
Single
Listing Agency:
Price & Co. Real Estate
(303) 956-9691
Listed By:
Andrea Price · License #100032406
(303) 956-9691
Source:
Exprealty
Added: Jul 31
Changed: Aug 9
Last Checked: Aug 9 at 10:12AM
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 Price & Co. Real Estate
Investment Insights
Based on property information with market context.
This vacant commercial condominium provides approximately 1,750 square feet across a combination of office, showroom, warehouse, and storage areas. The front portion has an open office/showroom with storefront windows, while the main level also includes a private office, kitchenette, and restroom. The warehouse section adds open working space, an oversized overhead door, high ceilings, and a loft/storage area.
The property is located at D-538 Olathe St in Aurora, with paved access, public utilities, and five designated parking spaces. I-1 zoning supports commercial and light industrial uses, and the property offers access to major transportation corridors serving the Denver metro area. Its vacant condition allows for immediate occupancy or continued use as an investment property.
The property is located at D-538 Olathe St in Aurora, with paved access, public utilities, and five designated parking spaces. I-1 zoning supports commercial and light industrial uses, and the property offers access to major transportation corridors serving the Denver metro area. Its vacant condition allows for immediate occupancy or continued use as an investment property.
Key Highlights
- Approximately 1,750 square feet of office, showroom, warehouse, and storage space
- I‑1 zoning supports commercial and light industrial uses
- Storefront windows, private office, kitchenette, and restroom
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
$25,781
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
6.97%
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%
$515,620
$515.6K
Cap Rate 7%
$368,300
$368.3K
Cap Rate 9%
$286,456
$286.5K
Market Conditions
NOI Build-Up for 1,750 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
$32.1K $18.36/SF
− Vacancy
−$1.8K −$1.03/SF
EGI
$30.3K $17.33/SF
− OpEx
−$4.5K −$2.60/SF
NOI
$25.8K $14.73/SF
Area
Aurora, CO
Vacancy
5.60%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
15.00%
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%
$515,620
Cap Rate 7%
$368,300
Cap Rate 9%
$286,456
Alternative Uses
Best Use
Warehouse
$368.3K
$322.3K – $429.7K
NOI $25,781 @ 7.0% cap · market cap 6.97%
Second Best
Flex RnD
$340.9K
$298.3K – $397.7K
NOI $23,860 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$489.0K
$427.9K – $570.5K
NOI $34,230 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial condominium combining storefront office, warehouse capacity, and dedicated parking for owner-users or investors.
Where is this flex space located?
The property is located at D-538 Olathe St Aurora, CO.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Approximately 1,750 square feet of office, showroom, warehouse, and storage space; I‑1 zoning supports commercial and light industrial uses; Storefront windows, private office, kitchenette, and restroom
