Flex Space with Drive-In
For Sale
$338,800
P-700 Billings St, Aurora, CO
Vacant mixed-use commercial unit combining warehouse and office functionality with dedicated parking and private restroom.
Property Size1,694 SF
Price / SF$200
Days on Market11
Property Features for P-700 Billings St
General Information
Standard status
Active
Size
1,694 SF
Class
Class B
Total Parking Spaces
2
Zoning
Mixed Use – Commercial
Additional Details
Utilities to Site
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$8,761
Building Details
Year Built
1984
Listing Agency:
Beacon Real Estate Services LLC
(720) 939-9494
Listed By:
Justin Reyher · License #ER40040717
(720) 939-9494
Source:
Exprealty
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 10:30AM
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 Beacon Real Estate Services LLC
Investment Insights
Based on property information with market context.
This vacant flex condominium at P-700 Billings St combines approximately 1,694 SF of warehouse and office area in a Class B building constructed in 1984. A rear drive-in door supports loading access, while the unit also includes a private restroom, 110V–220V electrical service, and dedicated utility connections for electricity, natural gas, water, and sewer.
The property is zoned Mixed Use – Commercial and includes two parking spaces positioned directly in front of the unit. Its existing warehouse-office configuration and immediate availability provide a functional setting for an owner-user or commercial occupant.
The property is zoned Mixed Use – Commercial and includes two parking spaces positioned directly in front of the unit. Its existing warehouse-office configuration and immediate availability provide a functional setting for an owner-user or commercial occupant.
Key Highlights
- Approximately 1,694 SF of warehouse and office space
- Rear drive‑in loading door
- 110V–220V power service
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
$24,956
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
7.37%
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%
$499,120
$499.1K
Cap Rate 7%
$356,514
$356.5K
Cap Rate 9%
$277,289
$277.3K
Market Conditions
NOI Build-Up for 1,694 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
$31.1K $18.36/SF
− Vacancy
−$1.7K −$1.03/SF
EGI
$29.4K $17.33/SF
− OpEx
−$4.4K −$2.60/SF
NOI
$25.0K $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%
$499,120
Cap Rate 7%
$356,514
Cap Rate 9%
$277,289
Alternative Uses
Best Use
Warehouse
$356.5K
$312.0K – $415.9K
NOI $24,956 @ 7.0% cap · market cap 7.37%
Second Best
Flex RnD
$330.0K
$288.7K – $385.0K
NOI $23,097 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$473.4K
$414.2K – $552.3K
NOI $33,135 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Zin Zin's Burmese Cuisine — 14200 E Alameda Ave Suite 1039 B, Aurora, CO 80012
- Pirate Chef — 14200 E Alameda Ave Suite 1039 B, Aurora, CO 80012
- Caribbean Mama - Island Grill — 14200 E Alameda Ave Suite 1039 B, Aurora, CO 80012
- BBQN Kenya — DOOR C Entrance, 14200 E Alameda Ave, Aurora, CO 80012
- Taco Choi at Parkside Eatery — 14515 E Alameda Ave Unit C, Aurora, CO 80012
Frequently Asked Questions
What type of property is this?
Flex space - Vacant mixed-use commercial unit combining warehouse and office functionality with dedicated parking and private restroom.
Where is this flex space located?
The property is located at P-700 Billings St Aurora, CO.
What is the asking price?
The asking price for this property is $338,800.
What are key features of this property?
This property features: Approximately 1,694 SF of warehouse and office space; Rear drive‑in loading door; 110V–220V power service
