One-Story Commercial Flex
For Sale
$4,195,000
1629 Dolores Way, Carbondale, CO 81623
COMMERCIAL - Carbondale, CO
Property Size11,000 SF
Lot Size0.75 Acres
Price / SF$376.98
Days on Market53
Property Features for 1629 Dolores Way
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Subdivision
Kay
Directions
Carbondale backs up to Rafta bus stop on 133
Standard status
Active
APN
239333111005
Size
11,128 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Section: 33 Township: 7 Range: 88 Subdivision: KAY PUD PH 1 Lot: 5 32539 SQUARE FEET
Tax Annual Amount
54645
Legal Description
Section: 33 Township: 7 Range: 88 Subdivision: KAY PUD PH 1 Lot: 5 32539 SQUARE FEET
Utilities
Water source
Public
Amenities
rear over head garage doors
16 ft ceilings
Building Details
Year built
1980
Floors in Building
1
Building materials
Block, Brick
Roof type
Membrane
Listing Agency:
Coldwell Banker Mason Morse-Aspen · Coldwell Banker Real Estate
(970) 925-7000
Listed By:
Scott Lupow
(970) 390-1888
Added: Jun 23
Changed: Aug 4
Last Checked: Aug 14 at 7:06PM
MLS# 193556
Copyright © 2026 Aspen Glenwood MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
1629 Dolores Way features an existing one-story commercial building set on a 0.75-acre lot. The property contains five commercial bays and includes rear overhead garage doors with 16-foot ceilings, supporting a mix of retail and light industrial uses. The listing also notes permit set plans in place for potential future conversion to condominium units by bay, or for building nine one-bedroom apartments on a second floor with storage.
The site is located in Carbondale, Colorado, adjacent to the RFTA Bus Transit Park and Route 133. The property is presented as fully leased net rental income of $250,000, providing an income-producing structure alongside the on-site development planning.
For tenants or buyers seeking flexible space, the combination of bay configuration and drive-in access through rear overhead doors can accommodate day-to-day loading needs while maintaining a commercial storefront-bay layout. The existing lease position and the availability of permit set plans may also appeal to operators interested in holding the asset and pursuing the outlined conversion or redevelopment path described for the property.
The site is located in Carbondale, Colorado, adjacent to the RFTA Bus Transit Park and Route 133. The property is presented as fully leased net rental income of $250,000, providing an income-producing structure alongside the on-site development planning.
For tenants or buyers seeking flexible space, the combination of bay configuration and drive-in access through rear overhead doors can accommodate day-to-day loading needs while maintaining a commercial storefront-bay layout. The existing lease position and the availability of permit set plans may also appeal to operators interested in holding the asset and pursuing the outlined conversion or redevelopment path described for the property.
Key Highlights
- 11,000 SF 1‑story commercial building on a 32,539 SF lot in Carbondale (1629 Dolores Way)
- Fully leased net rental income of $250,000
- 5 commercial bays, each about 2,200 SF
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
$134,604
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
3.21%
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%
$2,692,080
$2.7M
Cap Rate 7%
$1,922,914
$1.9M
Cap Rate 9%
$1,495,600
$1.5M
Market Conditions
NOI Build-Up for 11,128 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
$200.3K $18.00/SF
− Vacancy
−$8.0K −$0.72/SF
EGI
$192.3K $17.28/SF
− OpEx
−$57.7K −$5.18/SF
NOI
$134.6K $12.10/SF
Area
Garfield County, CO
Vacancy
4.00%
Lease Rate
$18.00 /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%
$2,692,080
Cap Rate 7%
$1,922,914
Cap Rate 9%
$1,495,600
Alternative Uses
Best Use
Retail
$1.92M
$1.68M – $2.24M
NOI $134,604 @ 7.0% cap · market cap 3.21%
Second Best
Flex RnD
$1.59M
$1.39M – $1.85M
NOI $111,175 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$2.91M
$2.55M – $3.40M
NOI $204,000 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
600
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 81623, CO
16,110
Population
7,280
Households
2.2
Avg Household Size
40
Median Age
50%
College-Educated
88%
High-School Grad
433.8 sq mi
ZIP Area
37
Density / Sq Mi
$98,549
Median Household Income
$46,026
Median Earnings
$2,094
Median Rent
$835,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Fully leased commercial flex building with rear overhead garage doors, 16-foot ceilings, and five commercial bays.
Where is this flex space located?
The property is located at 1629 Dolores Way Carbondale, CO.
What is the asking price?
The asking price for this property is $4,195,000.
What are key features of this property?
This property features: 11,000 SF 1‑story commercial building on a 32,539 SF lot in Carbondale (1629 Dolores Way); Fully leased net rental income of $250,000; 5 commercial bays, each about 2,200 SF
