Warehouse and Office Space
For Sale
$1,385,000
Pending
19645 County Road Q, Fort Morgan, CO 80701
18.84 acre property with warehouse and office space for sale.
Property Size12,520 SF
Lot Size18.84 Acres
Days on Market168
Property Features for 19645 County Road Q
General Information
Standard status
Pending
Size
12,520 SF
Lot size
18.84 Acres
Property subtype
Commercial
Building Details
Building Size
12,520 SF
Year Built
1990
Listing Agency:
Keirnes Real Estate, LLC
(970) 539-2123
Listed By:
Spencer Keirnes
(970) 539-2123
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Jul 23 at 8:07AM
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 Keirnes Real Estate, LLC
Investment Insights
Based on property information with market context.
This 18.84-acre property features 5,800 square feet of warehouse and office space, situated in a high-growth area south of Fort Morgan. Zoned Agri-Business, the property includes a 3,100 square foot building with approximately 600 square feet of office/storefront space and 2,500 square feet of warehouse space. Additionally, there is a 2,700 square foot unheated warehouse and a weigh scale on the premises. The property is secured with a chain-link fence.
Key Highlights
- 18.84 acre Agri‑Business zoned property offering significant land.
- 5,800 sf total warehouse and office space provides ample room for operations.
- Located in a high growth area South of Fort Morgan, indicating investment potential.
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
$58,997
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
4.26%
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%
$1,179,940
$1.2M
Cap Rate 7%
$842,814
$842.8K
Cap Rate 9%
$655,522
$655.5K
Market Conditions
NOI Build-Up for 5,800 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
$74.5K $12.84/SF
− Vacancy
−$5.1K −$0.87/SF
EGI
$69.4K $11.97/SF
− OpEx
−$10.4K −$1.80/SF
NOI
$59.0K $10.17/SF
Area
Morgan County, CO
Vacancy
6.80%
Lease Rate
$12.84 /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%
$1,179,940
Cap Rate 7%
$842,814
Cap Rate 9%
$655,522
Alternative Uses
Best Use
Office B
$843.4K
$738.0K – $984.0K
NOI $59,038 @ 7.0% cap · market cap 4.26%
Second Best
Warehouse
$842.8K
$737.5K – $983.3K
NOI $58,997 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,877 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80701, CO
16,101
Population
6,575
Households
2.4
Avg Household Size
35
Median Age
19%
College-Educated
84%
High-School Grad
616.5 sq mi
ZIP Area
26
Density / Sq Mi
$72,500
Median Household Income
$41,071
Median Earnings
$1,096
Median Rent
$318,100
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?
Warehouse - 18.84 acre property with warehouse and office space for sale.
Where is this warehouse located?
The property is located at 19645 County Road Q Fort Morgan, CO.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: 18.84 acre Agri‑Business zoned property offering significant land.; 5,800 sf total warehouse and office space provides ample room for operations.; Located in a high growth area South of Fort Morgan, indicating investment potential.
