Fully Leased Office
For Sale
$1,576,000
123 N College Ave 200 & 300, Fort Collins, CO 80524
Fully leased office condo units with flexible layouts, private offices, meeting rooms, and conference space in a historic downtown building.
Property Size6,023 SF
Days on Market57
Property Features for 123 N College Ave 200 & 300
General Information
Standard status
Active
Size
6,023 SF
Property subtype
Commercial
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$14,770
Building Details
Building Size
6,023 SF
Year Built
1900
Listing Agency:
Cushman & Wakefield | Fort Collins
(970) 222-6452
Listed By:
Travis Ackerman · License #100014006
(970) 222-6452
Source:
Elliman
Added: Jul 1
Changed: Aug 12
Last Checked: Aug 25 at 10:48AM
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 Cushman & Wakefield | Fort Collins
Investment Insights
Based on property information with market context.
These fully leased office condo units are located within the historic Opera Galleria building and are configured for modern workplace use. The offering includes an open floor plan designed for flexibility, along with private offices and meeting rooms to support a range of team sizes and meeting needs. A spacious kitchen/break room and a large conference room overlooking Old Town further round out the space for day-to-day operations and client discussions.
The property is positioned in the heart of Old Town Fort Collins at 123 N College Ave (condo units 200 and 300). It is surrounded by restaurants, amenities, and notable businesses, with reported BikeScore of 100 and WalkScore of 74. TransitScore is listed as 42, indicating some transit access.
Because the units are already leased, this configuration can fit buyers seeking a stabilized office condo investment with established office-ready improvements, including dedicated meeting and conference space. Prospective buyers and their representatives should contact the broker for more information on tenancy and lease details.
The property is positioned in the heart of Old Town Fort Collins at 123 N College Ave (condo units 200 and 300). It is surrounded by restaurants, amenities, and notable businesses, with reported BikeScore of 100 and WalkScore of 74. TransitScore is listed as 42, indicating some transit access.
Because the units are already leased, this configuration can fit buyers seeking a stabilized office condo investment with established office-ready improvements, including dedicated meeting and conference space. Prospective buyers and their representatives should contact the broker for more information on tenancy and lease details.
Key Highlights
- Historic Opera Galleria building office condo with flexible open floor plan plus private offices and meeting rooms
- Fully leased office condo units
- Includes spacious kitchen/break room and a large conference room overlooking Old Town
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
$84,517
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
5.36%
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%
$1,690,340
$1.7M
Cap Rate 7%
$1,207,386
$1.2M
Cap Rate 9%
$939,078
$939.1K
Market Conditions
NOI Build-Up for 6,023 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
$132.3K $21.96/SF
− Vacancy
−$19.6K −$3.25/SF
EGI
$112.7K $18.71/SF
− OpEx
−$28.2K −$4.68/SF
NOI
$84.5K $14.03/SF
Area
Fort Collins, CO
Vacancy
14.80%
Lease Rate
$21.96 /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%
$1,690,340
Cap Rate 7%
$1,207,386
Cap Rate 9%
$939,078
Alternative Uses
Best Use
Office B
$1.21M
$1.06M – $1.41M
NOI $84,517 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,787 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,558
Businesses Nearby
Explore this area
Business Placement
Demographics for 80524, CO
39,030
Population
17,548
Households
2.2
Avg Household Size
37
Median Age
52%
College-Educated
94%
High-School Grad
122.7 sq mi
ZIP Area
318
Density / Sq Mi
$84,440
Median Household Income
$45,046
Median Earnings
$1,623
Median Rent
$527,700
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?
Office units - Fully leased office condo units with flexible layouts, private offices, meeting rooms, and conference space in a historic downtown building.
Where is this office units located?
The property is located at 123 N College Ave 200 & 300 Fort Collins, CO.
What is the asking price?
The asking price for this property is $1,576,000.
What are key features of this property?
This property features: Historic Opera Galleria building office condo with flexible open floor plan plus private offices and meeting rooms; Fully leased office condo units; Includes spacious kitchen/break room and a large conference room overlooking Old Town
