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2323 117th Ave, Greeley, CO 80634
Industrial distribution facility with 17,699 square feet of building area and no Metro District taxes.
Property Size17,699 SF
Price / SF$240.13
Days on Market5
Property Features for 2323 117th Ave
General Information
Standard status
Active
Size
17,699 SF
Property subtype
INDUSTRIAL
Listing Agency:
CBRE - Fort Collins
(970) 372-3007
Listed By:
Julius Tabert · License #FA40037286
(970) 372-3852
Source:
Moodyscre
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 8 at 11:21AM
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.
This distribution center contains 17,699 square feet of industrial building area and is identified for sale. The property is located at 2323 117th Ave in Greeley, Colorado, within ZIP code 80634.
The property information indicates that no Metro District taxes apply. The available details identify the asset as a distribution center and do not provide additional specifications regarding loading, clear height, site area, or interior configuration.
The property information indicates that no Metro District taxes apply. The available details identify the asset as a distribution center and do not provide additional specifications regarding loading, clear height, site area, or interior configuration.
Key Highlights
- 17,699 square feet of building area
- No Metro District taxes
- Located at 2323 117th Ave, Greeley, CO 80634
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
$197,429
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
4.65%
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%
$3,948,580
$3.9M
Cap Rate 7%
$2,820,414
$2.8M
Cap Rate 9%
$2,193,656
$2.2M
Market Conditions
NOI Build-Up for 17,699 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
$252.7K $14.28/SF
− Vacancy
−$20.5K −$1.16/SF
EGI
$232.3K $13.12/SF
− OpEx
−$34.8K −$1.97/SF
NOI
$197.4K $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%
$3,948,580
Cap Rate 7%
$2,820,414
Cap Rate 9%
$2,193,656
Alternative Uses
Best Use
Warehouse
$2.82M
$2.47M – $3.29M
NOI $197,429 @ 7.0% cap · market cap 4.65%
Second Best
Industrial
$2.25M
$1.97M – $2.63M
NOI $157,807 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office B
$3.23M
$2.82M – $3.76M
NOI $225,795 @ 7.0% cap · market cap 5.31%
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
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?
Distribution center - Industrial distribution facility with 17,699 square feet of building area and no Metro District taxes.
Where is this distribution center located?
The property is located at 2323 117th 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: 17,699 square feet of building area; No Metro District taxes; Located at 2323 117th Ave, Greeley, CO 80634
