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490 Broadway Cortez, CO 81321
Sponsored
For Sale
$425,000
Prime Cortez location, high-traffic area, includes equipment.
Property size:
2,542 SF
Description
Added:
Feb 3, 2025
Days on Market:
365
This exceptional mixed-use commercial property in Cortez, Colorado, presents a unique investment opportunity. Located at 490 S Broadway, this 2,542 square foot building sits on a 0.28-acre lot, boasting a highly visible corner location with convenient access to 5th Street and Broadway. The property benefits from excellent proximity to popular businesses such as Sonic, Arby's, and the new Popeye's Chicken, as well as several new car dealerships, ensuring high visibility and foot traffic. The building features two distinct shop areas. The larger shop area includes three work bays with three east-facing and one west-facing (drive-through) overhead roll-up doors, each equipped with a drainage/mud pit. This area also offers ample shelving and cabinet space, two furnaces, a washer and dryer, and a carport bay. The second shop area, ideal for window tinting, interlock system checks, and windshield repair, features a single bay with a north-facing overhead roll-up door, storage, a refrigerator/employee break room, shelving, cabinets, and a solid concrete floor. The main area comprises an office, customer counter/waiting space, storage, a water heater closet, a utility sink, a coffee machine/microwave, and all existing furniture and equipment. Access is available from both shop areas, the north parking lot, and the south main entrance on 5th Street. A half-bathroom and mechanical room are located on the exterior south side. The property offers both front and rear parking. Recent improvements include a roof repair and coating (2021), installation of a backflow prevention device (2021), a Navien tankless water heater (2022), and recent sewer line cleaning and inspection. The sale includes all business equipment and assets, excluding the business name, records, signs, training, computer, and other related assets (unless negotiated separately). The business assets can be purchased separately for $95,000, potentially including an extended lease agreement. The real estate cannot be sold separately from the business assets. A metal storage container on the property is excluded from the sale.
Mixed-use property - Prime Cortez location, high-traffic area, includes equipment.
Where is this mixed-use property located?
The property is located at 490 Broadway Cortez, CO.
What is the asking price?
The asking price for this property is $425,000.
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490 Broadway Cortez, CO 81321
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Realmo Value Estimations
Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods.
Disclaimer
These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.
AI approach
Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.
Realmo CapRate Calculation
Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.
How We Calculate Cap Rate
Cap Rate Formula: Cap Rate (%) = (Net Operating Income / Property Value) × 100
Net Operating Income (NOI) Formula: NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)
Components
Net Operating Income (NOI) represents the annual income a property generates after operating expenses:
Area: Building square footage from property records
Lease Rate: Annual $/sqft based on market data for the property type and geographic location
Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
Operating Expense Ratio: Operating costs as a percentage of income, varies by property type
Property Value is derived from:
Recent sale price (if available)
Statistical models using comparable sales
AI-powered valuation estimates
Example Calculation
For a 100,000 sqft Office Building:
Lease Rate: $25.00/sqft/year (market data for Office in this area)
Vacancy Rate: 8% (market data for Office in this area)
Operating Expense Ratio: 35% (typical for Office properties)
Property Value: $15,000,000
Step 1: Calculate NOI
NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35) NOI = 100,000 × $25.00 × 0.92 × 0.65 NOI = $1,495,000/year
Step 2: Calculate Cap Rate
Cap Rate = ($1,495,000 / $15,000,000) × 100 Cap Rate = 9.97%
Property Type Considerations
Net Operating Income calculations vary by property type due to different operating expense ratios:
Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
Retail: Moderate expenses (25-35%) for common area maintenance
Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
Multifamily: Moderate expenses (35-45%) including property management
Self-Storage: Lower expenses (25-35%) due to minimal maintenance
Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.
Disclaimer
These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.
Cap Rate calculations depend on market data that may change over time
Actual operating expenses, lease rates, and vacancy rates may differ from market averages
Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
Property value estimates are approximations and not official appraisals
Cap rates vary widely by market, property condition, and investment risk profile
Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.
Cap approach
Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.
Comparable approach
Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.
Relative
Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.
Geo
Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels
across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.
Stat Estimate
This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.
Ranges - area data calculated by industry standard IQR Outlier Removal Method
Range-from: 75% of all similar sales ($/sqft) are above this value
Range-to: 75% of all similar sales ($/sqft) are below this value
AI Estimate
This method estimates value based on AI market estimation of comparable properties around by location and property type.
Ranges - area data calculated by industry standard IQR Outlier Removal Method
Range-from: 75% of all estimations ($/sqft) are above this value
Range-to: 75% of all estimations ($/sqft) are below this value
Alternative use
Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.
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490 Broadway Cortez, CO 81321
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490 Broadway, Cortez, CO
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490 Broadway, Cortez, CO
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