Ground-Level Office
For Sale
$675,000
2520 Grand Avenue, Glenwood Springs, CO 81601
Private exterior access, natural light, and a flexible layout support professional office occupancy.
Property Size1,675 SF
Price / SF$402.99
Days on Market437
Property Features for 2520 Grand Avenue
General Information
Standard status
Active
Size
1,675 SF
Total Parking Spaces
1
Property subtype
General Commercial
Additional Details
Floor
Ground Floor
Amenities
private exterior entrance
separately deeded storage unit
3
Building Details
Year Built
2002
Listing Agency:
(970) 925-6063
Listed By:
Compass Aspen
(970) 319-0064
Source:
Xome
Added: Jun 23, 2025
Changed: Sep 2
Last Checked: Sep 1 at 3:32PM
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 Compass Aspen
Investment Insights
Based on property information with market context.
Unit 104 is a 1,675-square-foot office condominium at Penrose Plaza, with ground-level positioning and a private exterior entrance. The interior combines an open work area with three private offices featuring windows, along with a dedicated entry foyer. Its configuration is suited to medical, clinical, or general professional office use and includes natural light for the workspaces.
The property conveys with a separately deeded storage unit and one deeded underground parking space. Built in 2002, the condominium is located in a mixed-use building near downtown Glenwood Springs at 2520 S Grand Avenue.
The property conveys with a separately deeded storage unit and one deeded underground parking space. Built in 2002, the condominium is located in a mixed-use building near downtown Glenwood Springs at 2520 S Grand Avenue.
Key Highlights
- 1,675 SF ground‑level office condominium at Penrose Plaza
- Private exterior entrance provides direct access to Unit 104
- Three private windowed offices plus an open workspace
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
$23,725
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
3.51%
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%
$474,500
$474.5K
Cap Rate 7%
$338,929
$338.9K
Cap Rate 9%
$263,611
$263.6K
Market Conditions
NOI Build-Up for 1,675 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
$36.8K $21.96/SF
− Vacancy
−$5.1K −$3.07/SF
EGI
$31.6K $18.89/SF
− OpEx
−$7.9K −$4.72/SF
NOI
$23.7K $14.16/SF
Area
Garfield County, CO
Vacancy
14.00%
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%
$474,500
Cap Rate 7%
$338,929
Cap Rate 9%
$263,611
Alternative Uses
Best Use
Office B
$338.9K
$296.6K – $395.4K
NOI $23,725 @ 7.0% cap · market cap 3.51%
Second Best
Healthcare Medical
$294.8K
$258.0K – $344.0K
NOI $20,638 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$438.7K
$383.8K – $511.8K
NOI $30,706 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 81601, CO
16,484
Population
6,491
Households
2.5
Avg Household Size
38
Median Age
41%
College-Educated
88%
High-School Grad
367.6 sq mi
ZIP Area
45
Density / Sq Mi
$103,632
Median Household Income
$45,271
Median Earnings
$1,812
Median Rent
$726,000
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?
Office units - Private exterior access, natural light, and a flexible layout support professional office occupancy.
Where is this office units located?
The property is located at 2520 Grand Avenue Glenwood Springs, CO.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 1,675 SF ground‑level office condominium at Penrose Plaza; Private exterior entrance provides direct access to Unit 104; Three private windowed offices plus an open workspace
