Ground-Level Office
For Sale
$675,000
2520 S Grand Avenue, Glenwood Springs, CO 81601
COMMERCIAL - Glenwood Springs, CO
Property Size1,675 SF
Price / SF$402.99
Days on Market230
Property Features for 2520 S Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use
Directions
South on Grand Ave, exit to South Grand, units are on the left before the 27th St Bridge
Subdivision
Glenwood Springs
Standard status
Active
APN
218516442004
Size
1,675 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Section: 16 Township: 6 Range: 89 DESC: A RE-SUB OF LOT 2A PENROSE MINOR SUB-DIV Subdivision: PENROSE PLAZA Unit: 1D STATE EXEMPT #23-01096-11
Legal Description
Section: 16 Township: 6 Range: 89 DESC: A RE-SUB OF LOT 2A PENROSE MINOR SUB-DIV Subdivision: PENROSE PLAZA Unit: 1D STATE EXEMPT #23-01096-11
Amenities
separately deeded storage unit
private exterior entrance
Building Details
Year built
2002
Listing Agency:
Compass Aspen
(970) 925-6063
Listed By:
Shilo Bartlett · License #FA100069528
(970) 319-0064
Added: Jan 23
Changed: Aug 4
Last Checked: Sep 10 at 12:06PM
MLS# 191510
Copyright © 2026 Aspen Glenwood MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ground-level professional office condominium at Penrose Plaza features its own private exterior entrance and a functional interior layout designed for everyday operations. Unit 104 includes a large open workspace, three private, windowed offices, and a defined entry foyer. The unit also benefits from natural light and direct exterior access, supporting immediate occupancy with minimal reconfiguration. A separately deeded storage unit and one deeded underground parking space are included, enhancing convenience for staff and clients.
The property is located within a mixed-use setting near downtown Glenwood Springs, offering the professional services environment that many office tenants and buyers seek. As a condominium, the suite is positioned for direct use while being part of a larger established building.
The layout makes Unit 104 well-suited for medical, clinical, legal, financial, and other professional service users considering an ownership option. The combination of private exterior entry, private offices, and dedicated parking/storage supports both patient/client traffic and day-to-day team workflows. Buyers looking for an owner-occupied office space should find the configuration practical for professional use with straightforward move-in readiness.
The property is located within a mixed-use setting near downtown Glenwood Springs, offering the professional services environment that many office tenants and buyers seek. As a condominium, the suite is positioned for direct use while being part of a larger established building.
The layout makes Unit 104 well-suited for medical, clinical, legal, financial, and other professional service users considering an ownership option. The combination of private exterior entry, private offices, and dedicated parking/storage supports both patient/client traffic and day-to-day team workflows. Buyers looking for an owner-occupied office space should find the configuration practical for professional use with straightforward move-in readiness.
Key Highlights
- Ground‑level professional office condominium with private exterior entrance.
- Functional layout with large open workspace and three private windowed offices.
- Includes a separately deeded storage unit.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,725
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$474,500
$474.5K
Cap Rate 7%
$338,929
$338.9K
Cap Rate 9%
$263,611
$263.6K
Market Conditions
NOI Build-Up for 1,675 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.8K $21.96/SF
− Vacancy
−$5.1K −$3.07/SF
EGI
$31.6K $18.89/SF
− OpEx
−$7.9K −$4.72/SF
NOI
$23.7K $14.16/SF
Area
Garfield County, CO
Vacancy
14.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$474,500
Cap Rate 7%
$338,929
Cap Rate 9%
$263,611
Alternative Uses
Best Use
Office B
$338.9K
$296.6K – $395.4K
NOI $23,725 @ 7.0% cap · market cap 3.51%
Second Best
Healthcare Medical
$294.8K
$258.0K – $344.0K
NOI $20,638 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$438.7K
$383.8K – $511.8K
NOI $30,706 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 81601, CO
16,484
Population
6,491
Households
2.5
Avg Household Size
38
Median Age
41%
College-Educated
88%
High-School Grad
367.6 sq mi
ZIP Area
45
Density / Sq Mi
$103,632
Median Household Income
$45,271
Median Earnings
$1,812
Median Rent
$726,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - Ground-level office unit with private exterior entrance, flexible layout, and deeded parking for owner-users.
Where is this office units located?
The property is located at 2520 S Grand Avenue Glenwood Springs, CO.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Ground‑level professional office condominium with private exterior entrance.; Functional layout with large open workspace and three private windowed offices.; Includes a separately deeded storage unit.
