Warehouse and Research Lab
For Sale
Contact for pricing
2323 115th Ave, Greeley, CO 80634
Built in 2015, the building combines a structural steel warehouse with a masonry research laboratory component.
Property Size17,669 SF
Price / SF$240.53
Days on Market50
Property Features for 2323 115th Ave
General Information
Standard status
Active
Size
17,669 SF
Property subtype
INDUSTRIAL
Building Details
Year Built
2015
Listing Agency:
CBRE - Corporate
(970) 372-3007
Listed By:
Julius Tabert · License #FA40037286
(970) 372-3007
Source:
Moodyscre
Added: Jul 7
Changed: Aug 21
Last Checked: Aug 25 at 10:27AM
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 - Corporate
Investment Insights
Based on property information with market context.
The Nutrien Technical Center building, formerly known as the Agrium Wholesale Technical Center, is a 17,699-square-foot facility built in 2015. The structure uses concrete masonry walls with a pre-engineered metal building on a load-bearing spread footing foundation system. The building is divided into two main components: a structural steel frame warehouse and a masonry research laboratory.
The property is located in Highpoint Business Park in west Greeley, Colorado, at the southeast corner of U.S. Highway 34 and State Highway 257. The offering also includes a 20-year non-compete clause: for a period of twenty (20) years following conveyance, the property may not be used for the sale or distribution of agricultural chemicals, seed, or fertilizer. The remarks note no Metro District Taxes.
The property is located in Highpoint Business Park in west Greeley, Colorado, at the southeast corner of U.S. Highway 34 and State Highway 257. The offering also includes a 20-year non-compete clause: for a period of twenty (20) years following conveyance, the property may not be used for the sale or distribution of agricultural chemicals, seed, or fertilizer. The remarks note no Metro District Taxes.
Key Highlights
- Nutrien Technical Center in Highpoint Business Park (west Greeley, CO), built in 2015
- 17,699 SF facility combines a structural steel frame warehouse with a masonry research laboratory component
- Construction includes concrete masonry walls and a pre‑engineered metal building on a load‑bearing spread footing foundation system
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
$197,095
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
4.64%
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%
$3,941,900
$3.9M
Cap Rate 7%
$2,815,643
$2.8M
Cap Rate 9%
$2,189,944
$2.2M
Market Conditions
NOI Build-Up for 17,669 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
$252.3K $14.28/SF
− Vacancy
−$20.4K −$1.16/SF
EGI
$231.9K $13.12/SF
− OpEx
−$34.8K −$1.97/SF
NOI
$197.1K $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%
$3,941,900
Cap Rate 7%
$2,815,643
Cap Rate 9%
$2,189,944
Alternative Uses
Best Use
Warehouse
$2.82M
$2.46M – $3.28M
NOI $197,095 @ 7.0% cap · market cap 4.64%
Second Best
Industrial
$2.25M
$1.97M – $2.63M
NOI $157,540 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office B
$3.22M
$2.82M – $3.76M
NOI $225,412 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80634, CO
65,980
Population
25,802
Households
2.6
Avg Household Size
36
Median Age
32%
College-Educated
90%
High-School Grad
38.3 sq mi
ZIP Area
1,723
Density / Sq Mi
$83,255
Median Household Income
$46,808
Median Earnings
$1,567
Median Rent
$405,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Built in 2015, the building combines a structural steel warehouse with a masonry research laboratory component.
Where is this flex space located?
The property is located at 2323 115th Ave Greeley, CO.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Nutrien Technical Center in Highpoint Business Park (west Greeley, CO), built in 2015; 17,699 SF facility combines a structural steel frame warehouse with a masonry research laboratory component; Construction includes concrete masonry walls and a pre‑engineered metal building on a load‑bearing spread footing foundation system
