Multi-Building Flex
New
For Sale
$1,285,000
138 West St, Fort Morgan, CO 80701
Office, warehouse, and shop improvements provide a flexible commercial configuration.
Property Size11,562 SF
Lot Size0.61 Acres
Days on Market6
Property Features for 138 West St
General Information
Standard status
Active
Size
11,562 SF
Lot size
0.61 Acres
Property subtype
Commercial
Zoning
B-2 General Business
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Warehouse Space
3,200 SF
Taxes and HOA fees
Annual Taxes
$10,365
Amenities
conference room
breakroom
bathroom
French doors
forced-air heat
central air conditioning
Building Details
Building Size
11,562 SF
Year Built
1947
Buildings
4
Listing Agency:
8z Real Estate
(970) 380-9915
Listed By:
KC Sailsbery · License #100078079
(970) 380-9915
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 18 at 8:15AM
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 8z Real Estate
Investment Insights
Based on property information with market context.
This B-2 General Business property combines office, warehouse, and shop improvements across four buildings on two parcels. The main office includes a minimum of eight private offices, a conference room, breakroom, bathroom, French doors, forced-air heat, and central air conditioning. It connects to a Quonset-style shop with a loft, bathroom, 16' overhead door, and radiant heat.
Additional facilities include an 80'x40' enclosed and insulated steel building with two 12'x12' overhead doors, an oil pit, secure tool room, and radiant heat. A separate 2,118-square-foot brick building provides office and work areas, a breakroom, multiple bathrooms, and warehouse space with an overhead door. The 0.61-acre corner property at 132, 136, and 138 West Street in Fort Morgan has a large gravel parking area, three West Street entrances, alley access, two water taps, and separate gas and electric meters.
Additional facilities include an 80'x40' enclosed and insulated steel building with two 12'x12' overhead doors, an oil pit, secure tool room, and radiant heat. A separate 2,118-square-foot brick building provides office and work areas, a breakroom, multiple bathrooms, and warehouse space with an overhead door. The 0.61-acre corner property at 132, 136, and 138 West Street in Fort Morgan has a large gravel parking area, three West Street entrances, alley access, two water taps, and separate gas and electric meters.
Key Highlights
- Four buildings across two parcels on a 0.61‑acre corner lot
- B‑2 General Business property at 132, 136, and 138 West Street
- Main office offers a minimum of eight private offices and connects to a Quonset‑style shop
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
$117,690
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%
$2,353,800
$2.4M
Cap Rate 7%
$1,681,286
$1.7M
Cap Rate 9%
$1,307,667
$1.3M
Market Conditions
NOI Build-Up for 11,562 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
$208.1K $18.00/SF
− Vacancy
−$51.2K −$4.43/SF
EGI
$156.9K $13.57/SF
− OpEx
−$39.2K −$3.39/SF
NOI
$117.7K $10.18/SF
Area
Morgan County, CO
Vacancy
24.60%
Lease Rate
$18.00 /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%
$2,353,800
Cap Rate 7%
$1,681,286
Cap Rate 9%
$1,307,667
Alternative Uses
Best Use
Office B
$1.68M
$1.47M – $1.96M
NOI $117,690 @ 7.0% cap · market cap 9.16%
Second Best
Warehouse
$1.68M
$1.47M – $1.96M
NOI $117,607 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$3.39M
$2.96M – $3.95M
NOI $236,975 @ 7.0% cap · market cap 18.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Under-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?
Flex space - Office, warehouse, and shop improvements provide a flexible commercial configuration.
Where is this flex space located?
The property is located at 138 West St Fort Morgan, CO.
What is the asking price?
The asking price for this property is $1,285,000.
What are key features of this property?
This property features: Four buildings across two parcels on a 0.61‑acre corner lot; B‑2 General Business property at 132, 136, and 138 West Street; Main office offers a minimum of eight private offices and connects to a Quonset‑style shop
