What do I own when I buy a flex condo?

You own your unit and an undivided share of the common elements, such as the land, parking lot and often the roof and exterior. The association manages the common elements under the recorded declaration.

Can I buy a flex condo with an SBA loan?

Often, yes, if your business will occupy the unit and meets the SBA occupancy requirements and your lender's criteria. Rates and terms vary by lender; confirm eligibility with your lender before making an offer.

What should I review before buying a flex condo?

The declaration, bylaws and rules (especially use restrictions), the association budget, reserve balance and any reserve study, recent meeting minutes, pending or planned special assessments, and insurance responsibilities between the association and unit owners.

What Is a Flex Condo? Owning Your Flex Unit

Q: What have flex condos sold for in Erie, Colorado?

Goff CRE Group represented the seller on four flex condo units at 3000 Airport Dr in Erie that sold for $495,000 to $735,000, ranging from 2,500 to 3,750 SF, or about $196 to $208 per square foot. Prices vary by unit and change over time; ask for current comps.

The short answer A flex condo is a flex unit, typically office space in front and warehouse with an overhead door in back, that you own individually inside a condominium association. You hold title to your unit, share ownership of the common areas, and pay association dues for their upkeep.

Worked example (illustrative numbers)

You buy a 2,500 SF unit in a 25,000 SF association whose declaration allocates shares by square footage: 2,500 ÷ 25,000 = 10%.
Association budget: $60,000 per year. Your dues: $60,000 × 10% = $6,000 per year ÷ 12 = $500 per month.

Purchase price $500,000 with a typical SBA 504 structure: bank about 50% = $250,000; CDC about 40% = $200,000; your down payment about 10% = $50,000.

How does owning a unit in a condo association work?

A recorded declaration creates the condominium, defines each unit and the common elements, and sets each unit's allocated share of expenses and votes. That share is not always based strictly on square footage, so read it. In Colorado, condominium associations are generally governed by the Colorado Common Interest Ownership Act (CCIOA), though some provisions apply differently to older or commercial communities. Your attorney can confirm what applies.

What do association dues cover?

Typically the association's insurance on common elements, parking lot and landscaping, snow removal, management and contributions to reserves for future repairs like roofs and paving. Dues work much like CAM charges on a lease, except you also vote on the budget. Low reserves can mean a special assessment later.

Can you buy a flex condo with an SBA loan?

Often, if your business occupies the unit and meets the lender's and SBA's owner-occupancy requirements. A 504 loan typically needs about 10% down, more for startups or special-purpose property. This is educational, not a loan offer; terms vary by lender, so confirm with yours. See our SBA owner-user page.

What have flex condos sold for in Erie?

Goff CRE Group, brokered by Nassar Realty, represented the seller on four flex condo units at 3000 Airport Dr in Erie, near Erie Municipal Airport. They sold for $495,000 to $735,000, ranging from 2,500 to 3,750 SF, or about $196 to $208 per square foot. Prices vary by unit and change over time, so ask us for current comps, or see flex space for sale.

How this affects your purchase

Read the declaration's use restrictions to confirm your business is allowed.
Review the budget, reserve balance, minutes and any planned special assessments.
Confirm what the association insures and what you must insure.
Check the unit's power, clear height and overhead door size against your needs.
Add dues, taxes and insurance to your mortgage payment to compare against leasing.

What is a flex condo?