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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6920 38th Ave Wheat Ridge, CO 80033-4966

    • Medical offices
    • 7,484 SF
    • 1.16 lot acres
    OFF-MARKET
    Value Estimations
    $305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0430477
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Medical offices

    Property Details for 6920 38th Ave

    Year built
    1961
    Construction
    STEEL FRAME
    Lot size
    1.16 lot acres
    Property size
    7,484 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    39-261-00-007
    APU
    3926100007

    Description

    This exceptional investment opportunity presents a fee-simple interest in a 10,360 square foot medical office building situated on a 1.159-acre lot in Wheat Ridge, Colorado. The property, located at 6920 W 38th Ave, features 7,692 square feet of net rentable space and is currently 100% occupied by Innovative Renal Care under a 15-year Absolute NNN lease with a corporate guarantee. The lease commenced July 3, 2014, and expires July 2, 2029, leaving approximately 4.6 years remaining. Rent increases are built in at 3% annually. The lease includes two 5-year renewal options. Originally constructed in 1961, the single-story building underwent renovations in 2016. Its prime location on West 38th Avenue offers excellent visibility and accessibility to major transportation routes. The property benefits from strong surrounding demographics and a thriving commercial environment in Wheat Ridge, Jefferson County, Colorado (zip code 80033). This investment offers a stable income stream backed by a reputable tenant in the growing healthcare sector, providing both stability and growth potential. The property's strategic location and recent renovations make it an attractive addition to any diversified portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $335,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $269,000
      Market price range: $111k - $551k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Wheat Ridge
    County
    Jefferson
    State
    Colorado
    Longitude
    -105.073
    Latitude
    39.769
    CBSA code
    19740
    CBSA name
    DENVER-AURORA, CO METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $31,615
    $331,005
    $30,579
    $361,584
    -
    $1,186,398
    $139,602
    $1,326,000

    Comparable in this City

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      $755,000
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      10285 Rdg Rd

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      View Details
    • Value Estimation
      $1,125,000
      48,348 SF

      3555 Lutheran Pkwy

      MEDICAL BUILDING • 48,348 SF
      3555 Lutheran Pkwy, Wheat Ridge, CO 80033-6021
      View Details
    • Value Estimation by Request
      2,388 SF

      3805 Newland St

      MEDICAL BUILDING • 2,388 SF
      3805 Newland St, Wheat Ridge, CO 80033-4991
      View Details
    • Value Estimation
      $250,000
      6,895 SF

      7920 44th Ave

      MEDICAL BUILDING • 6,895 SF
      7920 44th Ave, Wheat Ridge, CO 80033-4506
      View Details
    • Value Estimation
      $665,000
      44,805 SF

      8506 38th Ave

      MEDICAL BUILDING • 44,805 SF
      8506 38th Ave, Wheat Ridge, CO 80033
      View Details
    • Value Estimation
      $1,045,000
      3,052 SF

      7805 38th Ave

      MEDICAL BUILDING • 3,052 SF
      7805 38th Ave, Wheat Ridge, CO 80033-6109
      View Details

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    Similar Nearby for Lease

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      3,052 SF

      Wheat Ridge Medical Office For Lease

      Prime Medical Office Space Available
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      View Details
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      3,400 SF

      Retail, Restaurant, Office Space Available

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    • Contact for pricing
      36,775 SF

      Retail, Restaurant, Office Space Available

      Retail, restaurant, office, and medical spaces available for lease.
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      View Details
    • Contact for pricing
      1,060 SF

      Medical Office in Wheat Ridge

      Former medical administrative office in established complex, easily accessible.
      3555 Lutheran Pkwy, Wheat Ridge, CO 80033
      View Details
    • $2,000,000
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      Wheat Ridge Office Space Available

      Office suites available for lease in Wheat Ridge, Colorado.
      11049 W 44Th Ave, Wheat Ridge, CO 80033
      View Details
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    Wheat Ridge, CO 80033-4966
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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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