Flex Retail Condo with
For Sale
Contact for pricing
1606 South Lemay Avenue, Fort Collins, CO 80525
Flex condo includes multiple offices, two restrooms, and ample on-site parking, with a roof replacement completed in 2018.
Property Size3,017 SF
Price / SF$180.64
Days on Market125
Property Features for 1606 South Lemay Avenue
General Information
Standard status
Active
Size
3,017 SF
Property subtype
Retail
Lease Type
NNN
Amenities
building signage
onsite parking
Listing Agency:
Cushman & Wakefield - Fort Collins, Colorado
Listed By:
Cole VanMeveren · License #FA. 100088218
(970) 219-3802
Source:
Crexi
Added: May 4
Changed: Aug 26
Last Checked: Sep 4 at 3:58AM
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, Colorado
Investment Insights
Based on property information with market context.
This condo unit offers open space suitable for retail or flex use, along with 2–3 offices and two restrooms. One restroom includes an ADA-compliant shower. Building signage is available.
The property is centrally located at the intersection of Lemay Avenue and Prospect Road and is surrounded by restaurant and retail amenities.
The roof was replaced in 2018, and the unit features ample on-site parking.
The property is centrally located at the intersection of Lemay Avenue and Prospect Road and is surrounded by restaurant and retail amenities.
The roof was replaced in 2018, and the unit features ample on-site parking.
Key Highlights
- Flex condo offers open space plus 2–3 offices for retail or flexible use
- Includes 2 restrooms, including one with an ADA‑compliant shower
- Centrally located at the intersection of Lemay Avenue & Prospect Road near restaurant and retail amenities
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
Under-served
Demand for This Use
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?
Flex space - Flex condo includes multiple offices, two restrooms, and ample on-site parking, with a roof replacement completed in 2018.
Where is this flex space located?
The property is located at 1606 South Lemay Avenue 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: Flex condo offers open space plus 2–3 offices for retail or flexible use; Includes 2 restrooms, including one with an ADA‑compliant shower; Centrally located at the intersection of Lemay Avenue & Prospect Road near restaurant and retail amenities
