Medical Office Condo For
For Sale
Contact for pricing
2121 E Harmony Rd, Fort Collins, CO 80528
Medical office condo within UCHealth Harmony Campus.
Property Size4,998 SF
Price / SF$380.40
Days on Market170
Property Features for 2121 E Harmony Rd
General Information
Standard status
Active
Size
4,998 SF
Class
A
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Net Operating Income
$141,423
Building Details
Year Built
2000
Units
1
Listing Agency:
CBRE - Fort Collins
(970) 372-3840
Listed By:
Tyler Swenson · License #FA.100101226
Source:
Crexi
Added: Mar 9
Changed: Aug 25
Last Checked: Aug 23 at 11:36AM
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 CBRE - Fort Collins
Investment Insights
Based on property information with market context.
Available for purchase is Suite 370, a 4,998 square foot medical office condominium situated within the UCHealth Harmony Campus. This property is located in Northern Colorado and is a flagship destination for outpatient healthcare. The property is currently leased to VillageMD, LLC, providing stable income. The property can be delivered vacant, offering flexibility for investors or owner-users with UCHealth hospital privileges seeking future occupancy. The location along East Harmony Road benefits from high visibility and easy access to I-25, Downtown Fort Collins, and major regional employers such as UCHealth, Banner Health, and Colorado State University. The area has a high traffic volume of over 74,800 vehicles per day. The surrounding area has strong demographics, with over 70,000 residents and nearly 30,000 households within a three-mile radius. The average household income exceeds $119,000, making it an appealing location for patient-facing healthcare services.
Key Highlights
- Located within UCHealth Harmony Campus, Northern Colorado’s flagship outpatient healthcare destination.
- Rare opportunity to own medical office space in a tightly held, prestigious medical corridor.
- Currently leased to VillageMD, LLC, providing stable income with the option for vacant possession.
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
$70,134
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
3.69%
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%
$1,402,680
$1.4M
Cap Rate 7%
$1,001,914
$1.0M
Cap Rate 9%
$779,267
$779.3K
Market Conditions
NOI Build-Up for 4,998 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
$109.8K $21.96/SF
− Vacancy
−$16.2K −$3.25/SF
EGI
$93.5K $18.71/SF
− OpEx
−$23.4K −$4.68/SF
NOI
$70.1K $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%
$1,402,680
Cap Rate 7%
$1,001,914
Cap Rate 9%
$779,267
Alternative Uses
Best Use
Office B
$1.00M
$876.7K – $1.17M
NOI $70,134 @ 7.0% cap · market cap 3.69%
Second Best
Healthcare Medical
$993.2K
$869.1K – $1.16M
NOI $69,524 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,104 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,579
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80528, CO
23,660
Population
8,986
Households
2.6
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
18.5 sq mi
ZIP Area
1,279
Density / Sq Mi
$122,133
Median Household Income
$57,739
Median Earnings
$1,906
Median Rent
$654,200
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?
Medical Office Space - Medical office condo within UCHealth Harmony Campus.
Where is this medical office space located?
The property is located at 2121 E Harmony Rd Fort Collins, CO.
What is the asking price?
The asking price for this property is $1,901,227.
What are key features of this property?
This property features: Located within UCHealth Harmony Campus, Northern Colorado’s flagship outpatient healthcare destination.; Rare opportunity to own medical office space in a tightly held, prestigious medical corridor.; Currently leased to VillageMD, LLC, providing stable income with the option for vacant possession.
