Mixed-Use Building with
New
For Sale
$590,000
248 E 1st St, Parachute, CO 81635
Two-level configuration combines commercial space with an upstairs residential unit.
Property Size2,412 SF
Days on Market1
Property Features for 248 E 1st St
General Information
Standard status
Active
Size
2,412 SF
Property subtype
Commercial
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,529
Building Details
Building Size
2,412 SF
Year Built
1908
Buildings
1
Listing Agency:
FreeByrd Real Estate
Listed By:
Jennie A Marcotte · License #EI1032545
(970) 379-3232
Source:
Elliman
Added: Sep 10
Last Checked: Sep 10 at 2:59PM
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 FreeByrd Real Estate
Investment Insights
Based on property information with market context.
Built in 1908, this mixed-use property places commercial space on the ground floor with a two-bedroom, one-bath apartment above. The lower level has visibility and accessibility suited to retail, office, or service-oriented use, while the apartment offers residential accommodations for an owner or tenant. Parking and storage are also included.
Located at 248 E 1st St in Parachute, the property sits along First Street, a central downtown thoroughfare with local businesses, shops, and community events. The area is part of a downtown revitalization project focused on pedestrian access, bike lanes, park and plaza spaces, and improvements to the town center. The property has a bike score of 41 and a walk score of 37.
Located at 248 E 1st St in Parachute, the property sits along First Street, a central downtown thoroughfare with local businesses, shops, and community events. The area is part of a downtown revitalization project focused on pedestrian access, bike lanes, park and plaza spaces, and improvements to the town center. The property has a bike score of 41 and a walk score of 37.
Key Highlights
- Ground‑floor commercial space with visibility and accessibility
- Two‑bedroom, one‑bath apartment on the upper level
- Retail, office, or service‑oriented commercial use identified
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
$29,494
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
5.00%
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%
$589,880
$589.9K
Cap Rate 7%
$421,343
$421.3K
Cap Rate 9%
$327,711
$327.7K
Market Conditions
NOI Build-Up for 2,412 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
$56.2K $23.28/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$53.6K $22.23/SF
− OpEx
−$24.1K −$10.00/SF
NOI
$29.5K $12.23/SF
Area
Garfield County, CO
Vacancy
4.50%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$589,880
Cap Rate 7%
$421,343
Cap Rate 9%
$327,711
Alternative Uses
Best Use
Apartment 5plus
$421.3K
$368.7K – $491.6K
NOI $29,494 @ 7.0% cap · market cap 5.00%
Second Best
Retail
$416.8K
$364.7K – $486.3K
NOI $29,176 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$631.7K
$552.7K – $737.0K
NOI $44,217 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
11k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 98%
Hotels & Casinos 2%
Family Dollar
Shops & Services
3,987 visits/mo
0.2 miles
Shell
Shops & Services
1,992 visits/mo
0.2 miles
Napa Auto Parts
Shops & Services
1,978 visits/mo
0.1 miles
Sinclair
Shops & Services
1,419 visits/mo
0.2 miles
Sinclair
Shops & Services
1,215 visits/mo
0.1 miles
Demographics for 81635, CO
7,185
Population
3,066
Households
2.3
Avg Household Size
34
Median Age
24%
College-Educated
89%
High-School Grad
331.5 sq mi
ZIP Area
22
Density / Sq Mi
$68,865
Median Household Income
$41,082
Median Earnings
$998
Median Rent
$251,900
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?
Mixed-use property - Two-level configuration combines commercial space with an upstairs residential unit.
Where is this mixed-use property located?
The property is located at 248 E 1st St Parachute, CO.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Ground‑floor commercial space with visibility and accessibility; Two‑bedroom, one‑bath apartment on the upper level; Retail, office, or service‑oriented commercial use identified
