Warehouse Property with Metal
For Sale
$825,000
Pending
21875 E Highway 24, Peyton, CO 80831
Land, Peyton, CO
Property Size10,800 SF
Lot Size35.00 Acres
Days on Market121
Property Features for 21875 E Highway 24
General Information
Property type
Land
Property subtype
Other
Lot features
Improved Land, 360-degree View, Level, Meadow, Mountain View, Rural, Sloping, View of Pikes Peak
Elementary school district
Peyton 23JT
Middle school district
Peyton 23JT
High school district
Peyton 23JT
Standard status
Pending
Lot size
35.00 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2674
Building Details
Additional Structures
Outbuilding
Listing Agency:
Equity Colorado Real Estate
(720) 722-3209
Listed By:
Karen Benenati · License #40034486
(720) 722-3209
Added: May 4
Changed: Aug 19
Last Checked: Sep 1 at 3:06PM
MLS# 3937455
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.
This 35-acre property includes two metal buildings suited to warehouse, storage, agricultural, or business-related operations, subject to applicable approvals. The improvements include an insulated 60-by-60-foot building with a full bathroom and a 60-by-120-foot building. A separate newer structure on skids provides additional flexible space and may serve as an office or meeting room. The site also has 3-phase electric service, an engineered septic system sized for up to 10 employees, and a permitted well with specified commercial, residential, animal, and irrigation uses.
The property fronts Highway 24 just east of Falcon in Peyton, with mountain views and no HOA or covenants. It is zoned A-35 Agriculture, while the assessor identifies the current land use as Commercial Warehouse/Storage. Prior operations included woodworking and U-Haul businesses, and a previous owner held a special use permit for a lumberyard.
The property fronts Highway 24 just east of Falcon in Peyton, with mountain views and no HOA or covenants. It is zoned A-35 Agriculture, while the assessor identifies the current land use as Commercial Warehouse/Storage. Prior operations included woodworking and U-Haul businesses, and a previous owner held a special use permit for a lumberyard.
Key Highlights
- 35 acres with Highway 24 frontage just east of Falcon
- Two metal buildings: 60x60 and 60x120
- 60x60 building is insulated and includes a full bathroom
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
$74,183
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
8.99%
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%
$1,483,660
$1.5M
Cap Rate 7%
$1,059,757
$1.1M
Cap Rate 9%
$824,256
$824.3K
Market Conditions
NOI Build-Up for 10,800 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
$125.7K $11.64/SF
− Vacancy
−$19.7K −$1.83/SF
EGI
$106.0K $9.81/SF
− OpEx
−$31.8K −$2.94/SF
NOI
$74.2K $6.87/SF
Area
El Paso County, CO
Vacancy
15.70%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
30.00%
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%
$1,483,660
Cap Rate 7%
$1,059,757
Cap Rate 9%
$824,256
Alternative Uses
Best Use
Warehouse
$1.45M
$1.27M – $1.69M
NOI $101,627 @ 7.0% cap · market cap 12.32%
Second Best
Flex RnD
$1.11M
$971.4K – $1.30M
NOI $77,715 @ 7.0% cap · market cap 9.42%
Theoretical Best
Multifamily LT 5
$144.01M
$126.01M – $168.02M
NOI $10,081,043 @ 7.0% cap · market cap 1,221.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80831, CO
32,823
Population
11,148
Households
2.9
Avg Household Size
37
Median Age
41%
College-Educated
97%
High-School Grad
188.6 sq mi
ZIP Area
174
Density / Sq Mi
$128,900
Median Household Income
$61,421
Median Earnings
$2,388
Median Rent
$495,800
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.
Frequently Asked Questions
What type of property is this?
Warehouse - A-35-zoned warehouse property with substantial outbuildings, Highway 24 frontage, and prior commercial warehouse and woodworking uses.
Where is this warehouse located?
The property is located at 21875 E Highway 24 Peyton, CO.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 35 acres with Highway 24 frontage just east of Falcon; Two metal buildings: 60x60 and 60x120; 60x60 building is insulated and includes a full bathroom
