Industrial Warehouse
For Sale
$1,385,000
19645 19645 County Road Q 19645, Fort Morgan, CO 80701
Multi-building industrial property with office areas, fenced yard space, a weigh scale, and separate agricultural-business and commercial zoning.
Property Size12,520 SF
Lot Size20.34 Acres
Price / SF$110.62
Days on Market592
Property Features for 19645 19645 County Road Q 19645
General Information
Standard status
Active
Size
12,520 SF
Lot size
20.34 Acres
Property subtype
General Commercial
Warehouse & Industrial
Warehouse Space
5,200 SF
Office Build-Out
1,500 SF
Additional Details
Fenced Yard
Yes
Amenities
3
Agri-Bus
886010.0
Asphalt, County Road Maintenance.
Building Details
Year Built
1990
Buildings
3
Listing Agency:
Keirnes Real Estate, LLC
Listed By:
Spencer Keirnes
(970) 539-2123
Source:
Xome
Added: Jan 18, 2025
Changed: Sep 2
Last Checked: Sep 1 at 3:06PM
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 Keirnes Real Estate, LLC
Investment Insights
Based on property information with market context.
This industrial property comprises two parcels totaling 20.34 acres and includes 12,520 square feet of warehouse and office improvements. The 18.84-acre Agri-Bus-zoned parcel contains a 3,100-square-foot building with approximately 600 square feet of office/storefront area and 2,500 square feet of warehouse space, along with an additional unheated warehouse and a weigh scale.
The separate 1.5-acre commercially zoned parcel includes a 6,720-square-foot building with 900 square feet of conditioned office space, 16-foot sidewalls, and a water tap. A chain-link fenced yard supports the property’s outdoor storage and operational layout. The site is located south of Fort Morgan in a high-growth area and is served by an asphalt road maintained by the county.
The separate 1.5-acre commercially zoned parcel includes a 6,720-square-foot building with 900 square feet of conditioned office space, 16-foot sidewalls, and a water tap. A chain-link fenced yard supports the property’s outdoor storage and operational layout. The site is located south of Fort Morgan in a high-growth area and is served by an asphalt road maintained by the county.
Key Highlights
- Two parcels totaling 20.34 acres with 12,520 SF of warehouse and office space
- 18.84‑acre parcel zoned Agri‑Bus
- 3,100 SF building with approximately 600 SF office/storefront and 2,500 SF warehouse space
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
$127,352
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
9.20%
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%
$2,547,040
$2.5M
Cap Rate 7%
$1,819,314
$1.8M
Cap Rate 9%
$1,415,022
$1.4M
Market Conditions
NOI Build-Up for 12,520 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
$160.8K $12.84/SF
− Vacancy
−$10.9K −$0.87/SF
EGI
$149.8K $11.97/SF
− OpEx
−$22.5K −$1.80/SF
NOI
$127.4K $10.17/SF
Area
Morgan County, CO
Vacancy
6.80%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
15.00%
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%
$2,547,040
Cap Rate 7%
$1,819,314
Cap Rate 9%
$1,415,022
Alternative Uses
Best Use
Warehouse
$1.82M
$1.59M – $2.12M
NOI $127,352 @ 7.0% cap · market cap 9.20%
Second Best
Industrial
$1.50M
$1.31M – $1.75M
NOI $104,878 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$3.67M
$3.21M – $4.28M
NOI $256,610 @ 7.0% cap · market cap 18.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80701, CO
16,101
Population
6,575
Households
2.4
Avg Household Size
35
Median Age
19%
College-Educated
84%
High-School Grad
616.5 sq mi
ZIP Area
26
Density / Sq Mi
$72,500
Median Household Income
$41,071
Median Earnings
$1,096
Median Rent
$318,100
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Mustang Self Storage — 17360 US-34, Fort Morgan, CO 80701
- B & B Storage — 420 W Riverview Ave, Fort Morgan, CO 80701
Frequently Asked Questions
What type of property is this?
Warehouse - Multi-building industrial property with office areas, fenced yard space, a weigh scale, and separate agricultural-business and commercial zoning.
Where is this warehouse located?
The property is located at 19645 19645 County Road Q 19645 Fort Morgan, CO.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: Two parcels totaling 20.34 acres with 12,520 SF of warehouse and office space; 18.84‑acre parcel zoned Agri‑Bus; 3,100 SF building with approximately 600 SF office/storefront and 2,500 SF warehouse space
