Three-Level Professional Office
New
For Sale
$2,850,000
181 W Boardwalk Dr, Fort Collins, CO 80525
Commercial Sale, Fort Collins, CO
Property Size14,977 SF
Lot Size0.58 Acres
Price / SF$190.29
Days on Market6
Property Features for 181 W Boardwalk Dr
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C
Rooms
Basement
Security features
Security System
Basement
Full
Accessibility
Accessible Approach with Ramp, Accessible Elevator Installed
Subdivision
Boardwalk Crossing Filing 3
Lot features
Level, Paved, Curbs, Gutters, Sidewalks, Street Light, Fire Hydrant within 500 Feet
Elementary school
Kruse
Elementary school district
Poudre
Middle school district
Poudre
High school district
Poudre
Standard status
Active
APN
R1655120
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Amenities
ADA accommodations
key card security
Building Details
Year built
1997
Building materials
Brick, Metal Frame
Roof type
Rubber
Listing Agency:
LC Real Estate Group, LLC
(970) 667-7000
Listed By:
Jerico Devlin · License #100054831
(970) 413-1182
Added: Aug 27
Changed: Aug 31
Last Checked: Sep 1 at 2:06AM
MLS# 1067594
Copyright © 2026 IRES 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.
This three-level office property offers adaptable suite configurations within a professional building constructed in 1997. Recent interior work includes new carpet, paint, and LED lighting. The building is served by an elevator, includes ADA accommodations, and uses key card security. Brick and metal-frame construction, forced-air heating, central air, a rubber roof, and a basement are also provided.
The property occupies 0.58 acres at 181 W Boardwalk Dr in Fort Collins, Colorado. On-site parking is supplemented by cross-parking, while public sewer and natural gas availability support the site. Blue Federal Credit Union occupies approximately 5,598 RSF. The property carries C zoning and reflects an 8.25% pro forma capitalization rate.
The property occupies 0.58 acres at 181 W Boardwalk Dr in Fort Collins, Colorado. On-site parking is supplemented by cross-parking, while public sewer and natural gas availability support the site. Blue Federal Credit Union occupies approximately 5,598 RSF. The property carries C zoning and reflects an 8.25% pro forma capitalization rate.
Key Highlights
- Three‑level professional office building on 0.58 acres
- Approximately 5,598 RSF occupied by Blue Federal Credit Union
- Recent carpet, paint, and LED lighting improvements
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
$210,164
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
7.37%
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%
$4,203,280
$4.2M
Cap Rate 7%
$3,002,343
$3.0M
Cap Rate 9%
$2,335,156
$2.3M
Market Conditions
NOI Build-Up for 14,977 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
$328.9K $21.96/SF
− Vacancy
−$48.7K −$3.25/SF
EGI
$280.2K $18.71/SF
− OpEx
−$70.1K −$4.68/SF
NOI
$210.2K $14.03/SF
Area
Fort Collins, CO
Vacancy
14.80%
Lease Rate
$21.96 /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%
$4,203,280
Cap Rate 7%
$3,002,343
Cap Rate 9%
$2,335,156
Alternative Uses
Best Use
Office B
$3.00M
$2.63M – $3.50M
NOI $210,164 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $273,001 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,958
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?
Office building - Flexible office suites with recent interior updates, elevator access, ADA accommodations, and key card security.
Where is this office building located?
The property is located at 181 W Boardwalk Dr Fort Collins, CO.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Three‑level professional office building on 0.58 acres; Approximately 5,598 RSF occupied by Blue Federal Credit Union; Recent carpet, paint, and LED lighting improvements
