Flex Space with Drive-Through
For Sale
$477,000
1115 N Erie Ave, Pueblo, CO 81001
Office, storage, and workspace areas include a conference room, kitchen, multiple offices, and additional garages.
Property Size7,301 SF
Price / SF$65.33
Days on Market200
Property Features for 1115 N Erie Ave
General Information
Standard status
Active
Size
7,301 SF
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Office Build-Out
3,000 SF
Amenities
reception area
copy area
conference room
kitchen
LED lighting
air conditioning
garage
drive-through
storage
3
I-2
60x176
Building Details
Year Built
1968
Listing Agency:
Rocky Mountain Realty
(719) 569-7276
Listed By:
Jessica McCafferty · License #FA100094029
Source:
Xome
Added: Feb 12
Changed: Aug 30
Last Checked: Aug 31 at 1:28PM
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 Rocky Mountain Realty
Investment Insights
Based on property information with market context.
This flex property combines approximately 3,000 square feet of office space with more than 4,000 square feet of garage area. The office portion includes a reception area with granite counters, six offices, a conference room with a granite wet bar, copy and storage areas, and a kitchen equipped with a dishwasher, refrigerator, electric stove, and stainless steel counters. Data and phone jacks, tile carpeting, LED lighting in most areas, and a 5-ton zone valve air-conditioning system with controls support daily operations.
The garage provides drive-through access, workspace, storage, lighting, and power for projects or equipment. A separate 2-car garage is located at the rear, while additional storage and a 12x45 multipurpose room with vinyl flooring occupy the upper level. The property is at 1115 N Erie Ave in Pueblo, less than a mile from the interstate and highway.
The garage provides drive-through access, workspace, storage, lighting, and power for projects or equipment. A separate 2-car garage is located at the rear, while additional storage and a 12x45 multipurpose room with vinyl flooring occupy the upper level. The property is at 1115 N Erie Ave in Pueblo, less than a mile from the interstate and highway.
Key Highlights
- Approximately 3,000 sq ft of office space and over 4,000 sq ft of garage area
- Drive‑through garage with workspace, storage, lighting, and power
- Six large offices with data and phone jacks
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
$42,070
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
8.82%
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%
$841,400
$841.4K
Cap Rate 7%
$601,000
$601.0K
Cap Rate 9%
$467,444
$467.4K
Market Conditions
NOI Build-Up for 7,301 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
$50.8K $6.96/SF
− Vacancy
−$1.3K −$0.18/SF
EGI
$49.5K $6.78/SF
− OpEx
−$7.4K −$1.02/SF
NOI
$42.1K $5.76/SF
Area
Pueblo, CO
Vacancy
2.60%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$841,400
Cap Rate 7%
$601,000
Cap Rate 9%
$467,444
Alternative Uses
Best Use
Office B
$1.14M
$1.00M – $1.33M
NOI $80,001 @ 7.0% cap · market cap 16.77%
Second Best
Warehouse
$601.0K
$525.9K – $701.2K
NOI $42,070 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,497 @ 7.0% cap · market cap 22.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,596
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 81001, CO
31,107
Population
13,651
Households
2.3
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
32.0 sq mi
ZIP Area
972
Density / Sq Mi
$47,086
Median Household Income
$35,204
Median Earnings
$1,027
Median Rent
$208,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office, storage, and workspace areas include a conference room, kitchen, multiple offices, and additional garages.
Where is this flex space located?
The property is located at 1115 N Erie Ave Pueblo, CO.
What is the asking price?
The asking price for this property is $477,000.
What are key features of this property?
This property features: Approximately 3,000 sq ft of office space and over 4,000 sq ft of garage area; Drive‑through garage with workspace, storage, lighting, and power; Six large offices with data and phone jacks
