Flex Space with Rear Overhead
For Sale
Contact for pricing
2015 2nd Ave, Greeley, CO 80631
Flex layout with small offices in front, warehouse in back, new metal roof in 2024, and I-M zoning.
Property Size4,449 SF
Price / SF$166.89
Days on Market456
Property Features for 2015 2nd Ave
General Information
Standard status
Active
Size
4,449 SF
Property subtype
INDUSTRIAL
Zoning
I-M
Building Details
Year Renovated
2024
Listing Agency:
Realtec Greeley
(970) 346-9900
Listed By:
Nick Berryman · License #FA40034059
(970) 396-0853
Source:
Moodyscre
Added: Jun 19, 2025
Changed: Sep 11
Last Checked: Sep 16 at 1:51PM
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 Realtec Greeley
Investment Insights
Based on property information with market context.
This flex space consists of three adjacent condos configured with small offices at the front and warehouse space in the back. A new metal roof was installed in 2024, supporting ongoing operations for office-and-warehouse use. The rear includes 10’ overhead doors for warehouse access.
The property is zoned I-M by the City of Greeley. It also includes a storage conex box as part of the price.
Short-term leases are currently in place, with flexibility for either an end user or an investor buyer.
The property is zoned I-M by the City of Greeley. It also includes a storage conex box as part of the price.
Short-term leases are currently in place, with flexibility for either an end user or an investor buyer.
Key Highlights
- Three adjacent condos with small offices in front and warehouse in the back
- New metal roof installed in 2024
- 10’ rear overhead doors for warehouse access
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
$49,628
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
6.68%
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%
$992,560
$992.6K
Cap Rate 7%
$708,971
$709.0K
Cap Rate 9%
$551,422
$551.4K
Market Conditions
NOI Build-Up for 4,449 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
$63.5K $14.28/SF
− Vacancy
−$5.1K −$1.16/SF
EGI
$58.4K $13.12/SF
− OpEx
−$8.8K −$1.97/SF
NOI
$49.6K $11.15/SF
Area
Greeley, CO
Vacancy
8.10%
Lease Rate
$14.28 /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%
$992,560
Cap Rate 7%
$708,971
Cap Rate 9%
$551,422
Alternative Uses
Best Use
Warehouse
$709.0K
$620.4K – $827.1K
NOI $49,628 @ 7.0% cap · market cap 6.68%
Second Best
Industrial
$566.7K
$495.9K – $661.1K
NOI $39,668 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office B
$810.8K
$709.5K – $946.0K
NOI $56,758 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80631, CO
52,336
Population
18,871
Households
2.8
Avg Household Size
29
Median Age
18%
College-Educated
73%
High-School Grad
103.6 sq mi
ZIP Area
505
Density / Sq Mi
$52,470
Median Household Income
$33,062
Median Earnings
$1,209
Median Rent
$300,400
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- University of Northern Colorado Catering — 2045 10th Ave, Greeley, CO 80639
Frequently Asked Questions
What type of property is this?
Flex space - Flex layout with small offices in front, warehouse in back, new metal roof in 2024, and I-M zoning.
Where is this flex space located?
The property is located at 2015 2nd Ave Greeley, CO.
What is the asking price?
The asking price for this property is $742,500.
What are key features of this property?
This property features: Three adjacent condos with small offices in front and warehouse in the back; New metal roof installed in 2024; 10’ rear overhead doors for warehouse access
