Retail-Flex Condo with
For Sale
Contact for pricing
1606 S Lemay, Fort Collins, CO 80525
Condo unit with open space, 2–3 offices, and two restrooms, including an ADA-compliant shower.
Property Size3,017 SF
Price / SF$180.64
Days on Market99
Property Features for 1606 S Lemay
General Information
Standard status
Active
Size
3,017 SF
Property subtype
RETAIL
Amenities
building signage available
Listing Agency:
Cushman & Wakefield | Fort Collins
(970) 267-7727
Listed By:
Aki Palmer · License #040037834
Source:
Moodyscre
Added: May 4
Changed: Jul 28
Last Checked: Jul 28 at 8:38AM
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.
This retail-flex condo unit offers an open layout suitable for retail or flexible uses, supported by 2–3 offices and two restrooms. One of the restrooms includes an ADA-compliant shower, providing an added functional improvement for daily operations.
The property is centrally located at the intersection of Lemay Avenue and Prospect Road and is surrounded by restaurant and retail amenities. Building signage is available, and the unit benefits from ample onsite parking.
The roof was replaced in 2018.
The property is centrally located at the intersection of Lemay Avenue and Prospect Road and is surrounded by restaurant and retail amenities. Building signage is available, and the unit benefits from ample onsite parking.
The roof was replaced in 2018.
Key Highlights
- Condo unit with open space suited for retail or flex use
- Includes 2–3 offices and two restrooms, including an ADA‑compliant shower
- Centrally located at the intersection of Lemay Avenue & Prospect Road
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
$45,503
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
8.35%
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%
$910,060
$910.1K
Cap Rate 7%
$650,043
$650.0K
Cap Rate 9%
$505,589
$505.6K
Market Conditions
NOI Build-Up for 3,017 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
$68.4K $22.68/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$65.0K $21.55/SF
− OpEx
−$19.5K −$6.46/SF
NOI
$45.5K $15.08/SF
Area
Fort Collins, CO
Vacancy
5.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
30.00%
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%
$910,060
Cap Rate 7%
$650,043
Cap Rate 9%
$505,589
Alternative Uses
Best Use
Retail
$650.0K
$568.8K – $758.4K
NOI $45,503 @ 7.0% cap · market cap 8.35%
Second Best
Office B
$604.8K
$529.2K – $705.6K
NOI $42,336 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$785.6K
$687.4K – $916.6K
NOI $54,994 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,786
Businesses Nearby
Explore this area
Business Placement
Demographics for 80525, CO
55,901
Population
25,144
Households
2.2
Avg Household Size
37
Median Age
59%
College-Educated
98%
High-School Grad
23.4 sq mi
ZIP Area
2,389
Density / Sq Mi
$93,349
Median Household Income
$48,876
Median Earnings
$1,744
Median Rent
$563,100
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?
Retail space - Condo unit with open space, 2–3 offices, and two restrooms, including an ADA-compliant shower.
Where is this retail space located?
The property is located at 1606 S Lemay Fort Collins, CO.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Condo unit with open space suited for retail or flex use; Includes 2–3 offices and two restrooms, including an ADA‑compliant shower; Centrally located at the intersection of Lemay Avenue & Prospect Road
