Office Condominium with Private
New
For Sale
$675,000
2520 S Grand Avenue #104, Glenwood Springs, CO 81601
A ground-floor layout combines an open work area, three enclosed offices, and a dedicated foyer.
Property Size1,675 SF
Price / SF$402.99
Days on Market7
Property Features for 2520 S Grand Avenue #104
General Information
Standard status
Active
Size
1,675 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
Mixed Use
Space & Availability
Floor
Ground Floor
Condition
Move-in Ready
Additional Details
Office Units
1
Property Use
Professional Office
Amenities
storage unit
Building Details
Building Size
1,675 SF
Year Built
2002
Listing Agency:
Compass Aspen
(970) 925-6063
Listed By:
Shilo Bartlett · License #FA100069528
(970) 319-0064
Source:
Frontierhomeandranch
Added: Oct 20
Changed: Oct 25
Last Checked: Oct 23 at 4:41PM
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
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Investment Insights
Based on property information with market context.
This 1,675-square-foot office condominium occupies the ground floor of a mixed-use building completed in 2002. Its layout includes a broad open work area, three windowed private offices, and an entry foyer. A private exterior entrance provides direct access to the unit. The property also includes a separately deeded storage unit and one deeded underground parking space.
Located at Penrose Plaza in Glenwood Springs, the condominium is zoned Mixed Use. The described configuration supports professional, clinical, or medical office functions.
Located at Penrose Plaza in Glenwood Springs, the condominium is zoned Mixed Use. The described configuration supports professional, clinical, or medical office functions.
Key Highlights
- 1,675‑square‑foot ground‑level office condominium
- Three private offices with windows, plus an open workspace and entry foyer
- Private exterior entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,725
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - A ground-floor layout combines an open work area, three enclosed offices, and a dedicated foyer.
Where is this office unit located?
The property is located at 2520 S Grand Avenue #104 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‑square‑foot ground‑level office condominium; Three private offices with windows, plus an open workspace and entry foyer; Private exterior entrance
