Freestanding Restaurant With Outdoor
For Sale
Contact for pricing
121 W Midland Avenue, Woodland Park, CO 80863
CBD Mixed Use property with indoor dining and an expansive landscaped patio gathering area.
Property Size960 SF
Price / SF$510.31
Days on Market14
Property Features for 121 W Midland Avenue
General Information
Standard status
Active
Size
960 SF
Class
B
Total Parking Spaces
100
Property subtype
Retail
Zoning
Central Business District (CBD) Mixed Use
Lease Type
Gross
Investment Type
Owner/User
Building Details
Year Built
1950
Year Renovated
2019
Buildings
1
Stories
1
Listing Agency:
Ascent Commercial Group
Listed By:
Mark Weaver · License #CO 40030973
Source:
Crexi
Added: Aug 10
Changed: Aug 23
Last Checked: Aug 23 at 7:03AM
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 Ascent Commercial Group
Investment Insights
Based on property information with market context.
This freestanding restaurant property includes a 960-square-foot building with 38 interior seats and an outdoor guest area accommodating 112 additional seats. The improvements support an established food-and-beverage layout, while the patio includes landscaping, a custom water feature, and views toward Pikes Peak. Capital work was completed in 2019, followed by an interior redesign and additional site upgrades in 2026.
The property occupies the southeast corner of Midland Avenue and Center Street at 121 W Midland Avenue in Woodland Park, placing it within the downtown area. Central Business District (CBD) Mixed Use zoning supports the property’s commercial setting. Its existing configuration is suited to restaurant and other hospitality-oriented concepts, with the outdoor area providing a substantial extension of the indoor premises.
The property occupies the southeast corner of Midland Avenue and Center Street at 121 W Midland Avenue in Woodland Park, placing it within the downtown area. Central Business District (CBD) Mixed Use zoning supports the property’s commercial setting. Its existing configuration is suited to restaurant and other hospitality-oriented concepts, with the outdoor area providing a substantial extension of the indoor premises.
Key Highlights
- 960 SF building with 38 interior seats
- Outdoor gathering area with seating for 112 guests
- Southeast corner of Midland Avenue and Center Street
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
$14,515
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
2.96%
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%
$290,300
$290.3K
Cap Rate 7%
$207,357
$207.4K
Cap Rate 9%
$161,278
$161.3K
Market Conditions
NOI Build-Up for 960 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
$20.2K $21.00/SF
− Vacancy
−$806 −$0.84/SF
EGI
$19.4K $20.16/SF
− OpEx
−$4.8K −$5.04/SF
NOI
$14.5K $15.12/SF
Area
Teller County, CO
Vacancy
4.00%
Lease Rate
$21.00 /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%
$290,300
Cap Rate 7%
$207,357
Cap Rate 9%
$161,278
Alternative Uses
Best Use
Specialty Retail
$207.4K
$181.4K – $241.9K
NOI $14,515 @ 7.0% cap · market cap 2.96%
Second Best
Retail
$194.1K
$169.9K – $226.5K
NOI $13,588 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$245.4K
$214.7K – $286.3K
NOI $17,176 @ 7.0% cap · market cap 3.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
144k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 40%
Groceries 14%
Home Improvements & Furnishings 1%
City Market
Groceries
20,191 visits/mo
0.4 miles
Loaf 'N Jug
Shops & Services
17,656 visits/mo
0.2 miles
Wendy's
Dining
16,006 visits/mo
0.4 miles
Valero Energy
Shops & Services
11,561 visits/mo
0.3 miles
SONIC Drive In
Dining
10,692 visits/mo
0.4 miles
Demographics for 80863, CO
12,738
Population
5,734
Households
2.2
Avg Household Size
49
Median Age
42%
College-Educated
97%
High-School Grad
173.4 sq mi
ZIP Area
73
Density / Sq Mi
$100,011
Median Household Income
$49,333
Median Earnings
$1,960
Median Rent
$503,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - CBD Mixed Use property with indoor dining and an expansive landscaped patio gathering area.
Where is this conventional restaurant located?
The property is located at 121 W Midland Avenue Woodland Park, CO.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: 960 SF building with 38 interior seats; Outdoor gathering area with seating for 112 guests; Southeast corner of Midland Avenue and Center Street
