Downtown Mixed-Use
For Sale
$1,350,000
818 Grand Avenue, Glenwood Springs, CO 81601
Commercial Sale, Glenwood Springs, CO
Property Size3,405 SF
Lot Size0.06 Acres
Price / SF$396.48
Days on Market177
Property Features for 818 Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M2
Basement
Finished, Unfinished
Directions
Exit I-70 to downtown Glenwood Springs. Property is located on north side of Grand Avenue
Subdivision
Glenwood Springs
Standard status
Active
APN
218509412005
Size
3,405 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SECTION: 9 TOWNSHIP: 6 RANGE: 89 SUBDIVISION: ORIGINAL TWNSTE. GLENWOOD BLOCK: 37 LOT: 9 2500 SQUARE FEET
Tax Annual Amount
20958
Legal Description
SECTION: 9 TOWNSHIP: 6 RANGE: 89 SUBDIVISION: ORIGINAL TWNSTE. GLENWOOD BLOCK: 37 LOT: 9 2500 SQUARE FEET
Utilities
Water source
Public
Amenities
private parking
Building Details
Year built
1925
Listing Agency:
The Best Way Home Real Estate
(970) 456-1860
Listed By:
Julian Hardaker · License #ER40034339
(970) 309-5169
Added: Apr 6
Changed: Sep 12
Last Checked: Sep 29 at 9:06PM
MLS# 192290
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.
Built in 1925, this 3,405-square-foot downtown building is arranged as five separate units, including three at street level and two in the basement. The layout can accommodate multiple configurations, with private parking located behind the building. Public water serves the property.
The building fronts Grand Avenue, also designated Highway 82, with reported exposure to approximately 28,000 cars per day. M2 zoning supports office, retail, hospitality, and mixed-use residential uses. The zoning framework permits construction from lot line to lot line, with a 40-foot height allowed without a variance and up to 60 feet with permission. The 0.06-acre site is in the Glenwood Springs Opportunity Zone.
The building fronts Grand Avenue, also designated Highway 82, with reported exposure to approximately 28,000 cars per day. M2 zoning supports office, retail, hospitality, and mixed-use residential uses. The zoning framework permits construction from lot line to lot line, with a 40-foot height allowed without a variance and up to 60 feet with permission. The 0.06-acre site is in the Glenwood Springs Opportunity Zone.
Key Highlights
- 3,405‑square‑foot downtown building on a 0.06‑acre site
- Five separate units: 3 street‑level and 2 basement
- Grand Avenue frontage, also designated Highway 82
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
$41,187
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
3.05%
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%
$823,740
$823.7K
Cap Rate 7%
$588,386
$588.4K
Cap Rate 9%
$457,633
$457.6K
Market Conditions
NOI Build-Up for 3,405 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
$61.3K $18.00/SF
− Vacancy
−$2.5K −$0.72/SF
EGI
$58.8K $17.28/SF
− OpEx
−$17.7K −$5.18/SF
NOI
$41.2K $12.10/SF
Area
Garfield County, CO
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$823,740
Cap Rate 7%
$588,386
Cap Rate 9%
$457,633
Alternative Uses
Best Use
Retail
$588.4K
$514.8K – $686.5K
NOI $41,187 @ 7.0% cap · market cap 3.05%
Second Best
Mixed Use
$502.9K
$440.0K – $586.7K
NOI $35,203 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$891.7K
$780.3K – $1.04M
NOI $62,421 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Office units
28,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,235
Businesses Nearby
71k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 47%
Hotels & Casinos 6%
Maverik Adventures First Stop
Shops & Services
31,088 visits/mo
0.4 miles
Village Inn
Dining
13,141 visits/mo
0.4 miles
Qdoba Mexican Grill
Dining
8,278 visits/mo
0.4 miles
Jimmy John's
Dining
7,721 visits/mo
0.4 miles
La Quinta Inn & Suites
Hotels & Casinos
4,161 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - M2-zoned commercial property with adaptable space for office, retail, hospitality, and mixed-use residential applications.
Where is this mixed-use property located?
The property is located at 818 Grand Avenue Glenwood Springs, CO.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 3,405‑square‑foot downtown building on a 0.06‑acre site; Five separate units: 3 street‑level and 2 basement; Grand Avenue frontage, also designated Highway 82
