Multifaceted Property with Riverfront RV
For Sale
$1,300,000
Pending
1601 US Highway 34, Drake, CO 80515
22+ acres with lodge, RV spaces, and post office lease.
Property Size8,963 SF
Lot Size22.61 Acres
Days on Market151
Property Features for 1601 US Highway 34
General Information
Standard status
Pending
Size
8,963 SF
Lot size
22.61 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$22,949
Building Details
Building Size
8,963 SF
Year Built
1901
Stories
2
Units
1
Listing Agency:
KELLER WILLIAMS DTC
(303) 919-5993
Listed By:
Sandy Colohan · License #01025105
(303) 919-5993
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
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 KELLER WILLIAMS DTC
Investment Insights
Based on property information with market context.
This property encompasses over 22 acres and features a variety of income-generating components. The property includes a building with 12 RV spaces situated along the river. Eleven of these spaces are equipped with full hookups, including electric, water, and sewer, while one offers electric and water only. These spaces are rented out on a monthly basis, with rates ranging from $900 to $1000 per space. The main building, referred to as the Lodge, houses a bar and restaurant with a beer garden, complemented by nine rooms on the upper level. Additionally, the property includes an up/down duplex, consisting of a small studio upstairs and a two-bedroom unit downstairs, as well as a manager's apartment on the main floor. The bar and restaurant operate with a full liquor license, and the commercial kitchen is licensed and equipped with a fire suppression system. All licenses are current and included in the price. Furthermore, the US Post Office occupies the property under a ground lease agreement, which includes two five-year extension options. Following a flood in 2013, the river channel underwent reconstruction to enhance fish habitat and mitigate future flooding risks through widening and deepening.
Key Highlights
- 22+ acre property featuring multiple income streams
- Established bar/restaurant with full liquor license and beer garden
- 12 RV spaces on the river generating monthly income
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
$96,539
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
7.43%
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%
$1,930,780
$1.9M
Cap Rate 7%
$1,379,129
$1.4M
Cap Rate 9%
$1,072,656
$1.1M
Market Conditions
NOI Build-Up for 8,963 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
$132.6K $14.79/SF
− Vacancy
−$3.8K −$0.43/SF
EGI
$128.7K $14.36/SF
− OpEx
−$32.2K −$3.59/SF
NOI
$96.5K $10.77/SF
Area
Larimer County, CO
Vacancy
2.90%
Lease Rate
$14.79 /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%
$1,930,780
Cap Rate 7%
$1,379,129
Cap Rate 9%
$1,072,656
Alternative Uses
Best Use
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,539 @ 7.0% cap · market cap 7.43%
Second Best
Multifamily LT 5
$1.32M
$1.15M – $1.54M
NOI $92,255 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,407 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 80515, CO
845
Population
607
Households
1.4
Avg Household Size
52
Median Age
44%
College-Educated
100%
High-School Grad
48.8 sq mi
ZIP Area
17
Density / Sq Mi
$79,896
Median Household Income
$49,764
Median Earnings
$539,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Campground - 22+ acres with lodge, RV spaces, and post office lease.
Where is this campground located?
The property is located at 1601 US Highway 34 Drake, CO.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 22+ acre property featuring multiple income streams; Established bar/restaurant with full liquor license and beer garden; 12 RV spaces on the river generating monthly income
