5969 Iris Pkwy
Industrial | 6.94% CAP | 12,065 SqFt
Marketing description
Matthews™ is pleased to present 5969 Iris Parkway, a fully leased, multi-tenant industrial/flex property in Frederick, Colorado. The building is occupied by two tenants on staggered NNN leases, offering a weighted average lease term (WALT) of 2.2 years.
Mirror Image Brewing, which occupies approximately 65% of the building, has been at the property for over a decade and recently expanded into a second unit—highlighting their long-term commitment to the location. They are currently operating on two flat leases that are coterminous, both expiring on January 31, 2029, with one 5-year renewal option that includes 3.5% annual rent increases.
The remaining 35% of the space is leased to New Energy Structures Company (dba NESCO), whose lease runs through April 30, 2027. NESCO has one 1-year renewal option with a $0.50/SF increase in base rent. Notably, NESCO also occupies the adjacent property, reinforcing their commitment to the area.
The offering includes a ±12,065 square foot building situated on a ±0.96-acre lot. Built in 1999 with durable metal construction, the property features flexible business light industrial (BLI) zoning, 800 amp/3-phase power (tbv), and separately metered gas and electric. Clear heights range from 16 to 20 feet, and the site provides 28 paved parking spaces (a ratio of 2.32 per ±1,000 SF), along with one dock-high door and a shared loading area. Recent upgrades include parking lot repaving and restriping, as well as a new HVAC unit in Unit A. The property also benefits from included mineral rights, which produced $7,038.98 in royalty income in 2025, offering an additional income stream not reflected in the NOI.
Conveniently located in the heart of Frederick, just minutes from I-25 and near Frederick High School, the property benefits from strong surrounding demographics. Within a 5-mile radius, average household income is approximately $138,727, and the population has grown by 14.2% over the past five years.
5969 Iris Parkway presents a compelling investment opportunity—fully stabilized today, with near-term lease rollover and built-in rent growth providing upside potential.
Investment highlights
- 100% Leased NNN Asset — Stable cash flow with minimal landlord responsibilities
- Near-Term Upside — ±2.2-year WALT with lease rollover to capture rent growth
- Committed Tenancy — Mirror Image Brewing (10+ years, expanded) + NESCO (adjacent occupant)
- Functional Industrial/Flex Product — ±12,065 SF, 16'–20' clear, dock-high loading, 3-phase power
- Separately Metered Utilities — Gas & electric individually metered, reducing landlord expense exposure
- Recent CapEx Completed — Parking lot + HVAC upgrades limit near-term expenses
- Strong Location — Near I-25 with 14.2% population growth and $138K avg HH income
- Additional Income Stream — Included mineral rights generated $7,038.98 in 2025, providing upside not reflected in NOI
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