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    1650 Upper Apex Rd Central City, CO 80422

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    For Sale
    $1,200,000

    41-acre land parcel near Central City with development potential.

    Property size:
    41 SF
    Lot size:
    41.00 Acres

    Property Features for 1650 Upper Apex Rd

    General Information

    Size
    41 SF
    Lot size
    41.00 Acres

    We can help!

    Listing Contact
    Tony Bobay
    Source: Naiglobal

    Listing Agent: Tony Bobay

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Rare Mountain Development Opportunity

    This 41-acre property presents a rare Front Range mountain development opportunity with multiple paths for development through Gilpin County or Central City. The current zoning is Resource Residential, allowing for the construction of 13 homes by-right in the County. Annexation into Central City may allow for significantly denser zoning, as demonstrated by the townhome development next door built out at a density of 10 units/acre. The property benefits from its proximity to amenities, being a 20-minute walk to downtown Central City with casinos, shops, and restaurants, and a 20-minute walk to Central City Reservoir for fishing. It is also a 10-minute walk to Arapahoe National Forest. Denver metro is a 45-minute drive, with accessibility via I-70, US 6, and Hwy 72. The property has electricity, and water and other infrastructure are located along Upper Apex Road. The slope and topography are relatively flat for mountain property, and no area is undevelopable due to topo constraints. There is intense housing demand pressures both locally for casino workers and more broadly for Front Range workers and residents. The townhomes next door had an average sale price of $480,000 and an average unit size of 1,887 SF. The townhomes were built in 2008.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Discount Store Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Central City
    County
    Gilpin
    State
    Colorado
    Longitude
    -105.541
    Latitude
    39.8142

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      Historic Central City Casino

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    FAQs

    What type of property is this?
    Land - 41-acre land parcel near Central City with development potential.
    Where is this land located?
    The property is located at 1650 Upper Apex Rd Central City, CO.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: - Rare Front Range mountain development opportunity with multiple development paths.; - Potential for denser zoning through annexation into Central City.; - High demand for housing from local casino workers and Front Range residents.
    (720) 297-6667
    Request Owner's contact information
    1650 Upper Apex Rd Central City, CO 80422
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    Central City, CO 80422
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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.

    More about this property
    1650 Upper Apex Rd Central City, CO 80422
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    We can help!
    Listing Contact
    Tony Bobay
    (720) 297-6667
    Learn more
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