Mountain Restaurant with
New
For Sale
$1,200,000
204 W Midland Avenue, Woodland Park, CO 80863
Commercial, Woodland Park, CO
Property Size2,550 SF
Lot Size0.20 Acres
Price / SF$470.59
Days on Market1
Property Features for 204 W Midland Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7368
Building Details
Year built
1938
Listing Agency:
The Compass Team REAL ESTATE GROUP LLC
(719) 339-4583
Listed By:
Jennifer Erdley · License #1325285
(719) 687-4772
Added: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 1654199
Copyright © 2026 elevateMLS. 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.
The property combines a 2,550-square-foot restaurant and bar with the underlying real estate. Its layout includes an original bar, a separate bar area, and patio seating, while newer equipment is already in place for restaurant operations. A liquor license is included with the sale, along with the Ute Lodge trade name.
Located at 204 W Midland Avenue in Woodland Park, Colorado, the property occupies 0.2 acres and was built in 1938. The site includes parking and serves as an operating mountain dining destination with a recorded volume of nearly 10,000 guests last year. The package brings together the restaurant business, building, land, equipment, and licensing.
Located at 204 W Midland Avenue in Woodland Park, Colorado, the property occupies 0.2 acres and was built in 1938. The site includes parking and serves as an operating mountain dining destination with a recorded volume of nearly 10,000 guests last year. The package brings together the restaurant business, building, land, equipment, and licensing.
Key Highlights
- 2,550‑square‑foot restaurant and bar on 0.2 acres
- Real estate, operating business, and Ute Lodge trade name included
- Original bar plus a separate bar area
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
$38,556
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%
$771,120
$771.1K
Cap Rate 7%
$550,800
$550.8K
Cap Rate 9%
$428,400
$428.4K
Market Conditions
NOI Build-Up for 2,550 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
$53.6K $21.00/SF
− Vacancy
−$2.1K −$0.84/SF
EGI
$51.4K $20.16/SF
− OpEx
−$12.9K −$5.04/SF
NOI
$38.6K $15.12/SF
Area
Teller County, CO
Vacancy
4.00%
Lease Rate
$21.00 /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%
$771,120
Cap Rate 7%
$550,800
Cap Rate 9%
$428,400
Alternative Uses
Best Use
Specialty Retail
$550.8K
$482.0K – $642.6K
NOI $38,556 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$651.8K
$570.3K – $760.4K
NOI $45,623 @ 7.0% cap · market cap 3.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
995
Businesses Nearby
153k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 37%
Groceries 13%
Home Improvements & Furnishings 8%
City Market
Groceries
20,191 visits/mo
0.2 miles
Loaf 'N Jug
Shops & Services
17,656 visits/mo
0.4 miles
Wendy's
Dining
16,006 visits/mo
0.2 miles
Valero Energy
Shops & Services
11,561 visits/mo
0.1 miles
SONIC Drive In
Dining
10,692 visits/mo
0.5 miles
Demographics for 80863, CO
12,738
Population
5,734
Households
2.2
Avg Household Size
49
Median Age
42%
College-Educated
97%
High-School Grad
173.4 sq mi
ZIP Area
73
Density / Sq Mi
$100,011
Median Household Income
$49,333
Median Earnings
$1,960
Median Rent
$503,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Real estate package includes patio seating, parking, a liquor license, and installed restaurant equipment.
Where is this conventional restaurant located?
The property is located at 204 W Midland Avenue Woodland Park, CO.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,550‑square‑foot restaurant and bar on 0.2 acres; Real estate, operating business, and Ute Lodge trade name included; Original bar plus a separate bar area
