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    2373 Denver Co 80238 Denver, CO 80238

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    2373 Denver Co 80238 Denver, CO 80238

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    • Office properties & Spaces

    Property Details for 2373 Denver Co 80238

    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional 2,020 square foot medical office condo, located at 2373 Central Park Blvd, unit 202, Denver, CO 80238, presents a unique owner/user opportunity. Priced at $785,000, the property boasts a comprehensive medical build-out, representing over $500,000 in tenant improvements. The space includes multiple exam rooms, workstations, and a well-appointed reception/waiting area, perfectly suited for a variety of medical practices. Previously used as a pediatric office, this condo is ready for immediate occupancy. The building's convenient first floor offers food and retail amenities for tenants and staff. Benefit from the high visibility of this hard corner location, situated at the intersection of Central Park Boulevard and 23rd, complete with a stoplight. Parking is readily available with 121 shared spaces. Lease rates are negotiable, making this an attractive option for both owner-occupants and investors seeking a strong return. This property offers a turnkey solution for medical professionals seeking a well-equipped and strategically located office space in Denver's thriving Central Park neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Denver
    County
    Denver
    State
    Colorado
    Longitude
    -104.89
    Latitude
    39.7512

    Comparable in this City

    • Value Estimation by Request
      1,580 SF

      2373 Central Park Blvd, Unit 205

      MEDICAL BUILDING • 1,580 SF
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    • Value Estimation
      $1,705,000
      3,140 SF

      2979 Iola St

      MEDICAL BUILDING • 3,140 SF
      2979 Iola St, Denver, CO 80238-3193
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    • Value Estimation by Request
      2,384 SF

      2373 Central Park Blvd, Unit 303

      MEDICAL BUILDING • 2,384 SF
      2373 Central Park Blvd, Denver, CO 80238-2300
      View Details
    • Value Estimation by Request
      1.23 Acres

      8900 46th Pl

      MEDICAL BUILDING • 1.23 Acres
      8900 46th Pl, Denver, CO 80238-3143
      View Details
    • Value Estimation
      $1,205,000
      5,477 SF

      3001 Havana St

      MEDICAL BUILDING • 5,477 SF
      3001 Havana St, Denver, CO 80238-4099
      View Details
    • Value Estimation
      $8,440,000
      47,715 SF

      3055 Roslyn St

      MEDICAL BUILDING • 47,715 SF
      3055 Roslyn St, Denver, CO 80238-3323
      View Details

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      Commercial Land Ground Lease Opportunity

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    Denver, CO 80238
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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