Medical Office
New
For Sale
$575,000
1169 Hilltop Parkway #202B, Steamboat Springs, CO 80487
Professional suite with private rooms, reception, conference space, kitchen, and an ADA-accessible restroom.
Property Size1,222 SF
Price / SF$470.54
Days on Market4
Property Features for 1169 Hilltop Parkway #202B
General Information
Standard status
Active
Size
1,222 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,629
Amenities
central air conditioning
forced-air heat
Central air
220 Volts
Asphalt Roof
Central Air Cooling
Forced Air Heating
Parking Lot
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
THE GROUP INC.
(970) 870-8800
Listed By:
GREG BRESLAU · License #100035230
Source:
Corcoran
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 5:20AM
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 THE GROUP INC.
Investment Insights
Based on property information with market context.
Unit #202B is a 1,222-square-foot medical office condominium within Fox Creek Park, a business complex serving professional users. Built in 2005, the suite includes a reception area, multiple private offices or treatment rooms, a conference or collaborative workspace, kitchen, and private ADA-accessible restroom. Central air conditioning and forced-air heat support year-round use, while the existing configuration can accommodate an owner-user with limited buildout needs.
The property is located at 1169 Hilltop Parkway in Steamboat Springs, between Downtown Steamboat Springs and the ski area. Access is available from Hilltop Parkway, with nearby public transportation and community parking. Fox Creek Park includes medical, dental, legal, architectural, and technology businesses, providing an established professional setting for a medical practice, wellness operation, or office user.
The property is located at 1169 Hilltop Parkway in Steamboat Springs, between Downtown Steamboat Springs and the ski area. Access is available from Hilltop Parkway, with nearby public transportation and community parking. Fox Creek Park includes medical, dental, legal, architectural, and technology businesses, providing an established professional setting for a medical practice, wellness operation, or office user.
Key Highlights
- 1,222 SF medical office condominium in Unit #202B
- Reception area, private offices or treatment rooms, conference space, and kitchen
- Private ADA‑accessible restroom
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
$20,456
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
3.56%
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%
$409,120
$409.1K
Cap Rate 7%
$292,229
$292.2K
Cap Rate 9%
$227,289
$227.3K
Market Conditions
NOI Build-Up for 1,222 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
$29.3K $24.00/SF
− Vacancy
−$2.1K −$1.68/SF
EGI
$27.3K $22.32/SF
− OpEx
−$6.8K −$5.58/SF
NOI
$20.5K $16.74/SF
Area
Routt County, CO
Vacancy
7.00%
Lease Rate
$24.00 /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%
$409,120
Cap Rate 7%
$292,229
Cap Rate 9%
$227,289
Alternative Uses
Best Use
Office B
$292.2K
$255.7K – $340.9K
NOI $20,456 @ 7.0% cap · market cap 3.56%
Second Best
Healthcare Medical
$263.0K
$230.1K – $306.9K
NOI $18,411 @ 7.0% cap · market cap 3.20%
Theoretical Best
Warehouse
$488.7K
$427.7K – $570.2K
NOI $34,212 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
536
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80487, CO
18,209
Population
13,231
Households
1.4
Avg Household Size
42
Median Age
57%
College-Educated
97%
High-School Grad
795.8 sq mi
ZIP Area
23
Density / Sq Mi
$106,837
Median Household Income
$50,551
Median Earnings
$1,927
Median Rent
$915,900
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?
Medical Office Space - Professional suite with private rooms, reception, conference space, kitchen, and an ADA-accessible restroom.
Where is this medical office space located?
The property is located at 1169 Hilltop Parkway #202B Steamboat Springs, CO.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1,222 SF medical office condominium in Unit #202B; Reception area, private offices or treatment rooms, conference space, and kitchen; Private ADA‑accessible restroom
