5540-5564 Gray StArvada, CO 80002

Property Details for 5540-5564 Gray St

Year built

1973

Lot size

0.69 AC

Property size (Sq ft)

15,000 SF

Property type

Industrial properties

Property subtype

Other warehouses

Description

This Arvada, Colorado industrial property presents a compelling value-add opportunity. Located at 5540-5564 Gray St, 80002, this single-story, 15,000 square foot building sits on a 0.69-acre lot and boasts four dock-high doors and a 16-foot ceiling height. Currently operating at 50% occupancy with five tenants under NNN leases, the property offers significant upside potential. The current NOI is $85,125, yielding a 2.90% cap rate; however, a pro-forma NOI of $223,253 projects a 7.83% cap rate, reflecting the potential for rent increases. Average rents are currently $2-$3 per square foot below market rates, with 7,000 square feet currently vacant. The property is zoned I-2 (Jefferson County) and was built in 1973. The asking price is $2,850,000, translating to $190 per square foot and $94.82 per square foot for land value. This presents an owner-user opportunity, with the potential for a business to occupy 5,000 to 10,000 square feet by the end of 2024 while maintaining income from existing tenants. The property benefits from its location in a high-barrier-to-entry submarket with low vacancy and strong rent growth, providing easy access to major thoroughfares. Short-term leases allow for swift rent adjustments to market rates.

Location Insight

City

Arvada

County

Jefferson

State

Colorado

Latitude

39.7972

Longitude

-105.061

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