Fort Collins Two-Story Office
For Sale
$5,000,000
1629 Blue Spruce Dr, Fort Collins, CO 80524
Versatile office building near Downtown Fort Collins with ample parking.
Property Size32,652 SF
Lot Size1.92 Acres
Price / SF$153.13
Days on Market125
Property Features for 1629 Blue Spruce Dr
General Information
Standard status
Active
Size
32,652 SF
Lot size
1.92 Acres
Property subtype
Commercial
Building Details
Building Size
32,652 SF
Year Built
1978
Listing Agency:
C3 Real Estate Solutions, LLC
(970) 222-6452
Listed By:
Travis Ackerman
(970) 222-6452
Source:
Elliman
Added: Apr 24
Changed: Aug 10
Last Checked: Aug 25 at 8:25AM
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 C3 Real Estate Solutions, LLC
Investment Insights
Based on property information with market context.
This two-story office building, located minutes from Downtown Fort Collins, offers 32,652 square feet of space on a 1.92-acre lot. Constructed in 1978 and remodeled in 2010, the property includes ample parking and convenient access to North College Avenue. The property is zoned CS (Service Commercial District), offering flexible opportunities for owner-users and investors. The location has a bike score of 84, indicating it is very bikeable, a walk score of 46, indicating car-dependent access, and a transit score of 34, indicating some transit options.
Key Highlights
- Prime Fort Collins location minutes from Downtown.
- Large 32,652 square foot two‑story office building.
- Ample parking and easy access to North College Avenue.
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
$458,187
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
9.16%
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%
$9,163,740
$9.2M
Cap Rate 7%
$6,545,529
$6.5M
Cap Rate 9%
$5,090,967
$5.1M
Market Conditions
NOI Build-Up for 32,652 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
$717.0K $21.96/SF
− Vacancy
−$106.1K −$3.25/SF
EGI
$610.9K $18.71/SF
− OpEx
−$152.7K −$4.68/SF
NOI
$458.2K $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%
$9,163,740
Cap Rate 7%
$6,545,529
Cap Rate 9%
$5,090,967
Alternative Uses
Best Use
Office B
$6.55M
$5.73M – $7.64M
NOI $458,187 @ 7.0% cap · market cap 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.50M
$7.44M – $9.92M
NOI $595,181 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
575
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 building - Versatile office building near Downtown Fort Collins with ample parking.
Where is this office building located?
The property is located at 1629 Blue Spruce Dr Fort Collins, CO.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Prime Fort Collins location minutes from Downtown.; Large 32,652 square foot two‑story office building.; Ample parking and easy access to North College Avenue.
