Renovated Commercial Building in
For Sale
Contact for pricing
1024 8 Street, Greeley, CO
Fully renovated commercial building with flexible space in downtown Greeley.
Property Size3,583 SF
Lot Size0.14 Acres
Price / SF$195.34
Days on Market663
Property Features for 1024 8 Street
General Information
Standard status
Active
Size
3,583 SF
Lot size
0.14 Acres
Property subtype
OFFICE
Listing Agency:
Realtec Greeley
(970) 396-5166
Listed By:
Gage Osthoff · License #FA100040761
(970) 396-5166
Source:
Moodyscre
Added: Oct 14, 2024
Changed: Jul 6
Last Checked: Jul 21 at 5:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realtec Greeley
Investment Insights
Based on property information with market context.
This fully renovated residential to commercial conversion is located in downtown Greeley. The property offers an excellent owner/user opportunity with potential income from commissary kitchen rentals. Upgrades include a commercial kitchen (without a hood or grease trap), a fire sprinkler system, and ADA accessibility features, as well as the addition of a second kitchen. Rare off-street parking is available in downtown Greeley. The property maintains a historic feel with modern, functional upgrades. It is located in close proximity to the new downtown Civic Campus & Justice Center. As Greeley’s only licensed commissary kitchen, the property provides flexible space suitable for various creative uses such as a gallery, studio, cafe/restaurant, event or retreat space, retail showroom, professional office, salon, med spa, architect, design, or executive suites. The property size is 3583 square feet.
Key Highlights
- Fully renovated residential to commercial conversion in downtown Greeley.
- Greeley’s only licensed commissary kitchen with income potential from rentals (contact broker for details).
- Rare off‑street parking in downtown Greeley.
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
$45,710
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
6.53%
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%
$914,200
$914.2K
Cap Rate 7%
$653,000
$653.0K
Cap Rate 9%
$507,889
$507.9K
Market Conditions
NOI Build-Up for 3,583 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
$64.5K $18.00/SF
− Vacancy
−$3.5K −$0.99/SF
EGI
$60.9K $17.01/SF
− OpEx
−$15.2K −$4.25/SF
NOI
$45.7K $12.76/SF
Area
Greeley, CO
Vacancy
5.50%
Lease Rate
$18.00 /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%
$914,200
Cap Rate 7%
$653,000
Cap Rate 9%
$507,889
Alternative Uses
Best Use
Office B
$653.0K
$571.4K – $761.8K
NOI $45,710 @ 7.0% cap · market cap 6.53%
Second Best
Specialty Retail
$619.8K
$542.4K – $723.1K
NOI $43,388 @ 7.0% cap · market cap 6.20%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,470
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Fully renovated commercial building with flexible space in downtown Greeley.
Where is this office units located?
The property is located at 1024 8 Street Greeley, CO.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Fully renovated residential to commercial conversion in downtown Greeley.; Greeley’s only licensed commissary kitchen with income potential from rentals (contact broker for details).; Rare off‑street parking in downtown Greeley.
