Second-Level Office
For Sale
$815,000
2520 S Grand Avenue, Glenwood Springs, CO 81601
Commercial Sale, Glenwood Springs, CO
Property Size2,136 SF
Price / SF$381.55
Days on Market231
Property Features for 2520 S Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
South on Grand Ave, exit onto South Grand, Units are on the left before the 27th ST Bridge
Subdivision
Glenwood Springs
Standard status
Active
APN
218516442010
Size
2,136 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
Section: 16 Township: 6 Range: 89 DESC: FIRST AMENDED Subdivision: PENROSE PLAZA Unit: 2C STATE EXEMPT #23-01096-15
Legal Description
Section: 16 Township: 6 Range: 89 DESC: FIRST AMENDED Subdivision: PENROSE PLAZA Unit: 2C STATE EXEMPT #23-01096-15
Amenities
mountain views
kitchenette
private restroom with shower
Building Details
Year built
2002
Building materials
Concrete, Block
Roof type
Membrane
Listing Agency:
Compass Aspen
(970) 925-6063
Listed By:
Shilo Bartlett · License #FA100069528
(970) 319-0064
Added: Jan 27
Changed: Sep 12
Last Checked: Sep 15 at 11:06AM
MLS# 191509
Copyright © 2026 Aspen Glenwood MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,136-square-foot office condominium occupies the second level of Penrose Plaza and was built in 2002 with concrete and block construction. The interior includes a reception area, multiple private offices, several larger rooms suited to conferences or meetings, and large windows that bring natural light throughout the suite. A kitchenette with built-in cabinetry and sink complements a private restroom with shower.
The property is located at 2520 S Grand Avenue in Glenwood Springs, along South Grand Avenue and near downtown Glenwood Springs, Valley View Hospital, Highway 82, and regional amenities. Two dedicated parking spaces, identified as Units H and I, are included. The unit’s layout and existing improvements support professional, medical, wellness, and administrative office uses.
The property is located at 2520 S Grand Avenue in Glenwood Springs, along South Grand Avenue and near downtown Glenwood Springs, Valley View Hospital, Highway 82, and regional amenities. Two dedicated parking spaces, identified as Units H and I, are included. The unit’s layout and existing improvements support professional, medical, wellness, and administrative office uses.
Key Highlights
- 2,136 SF second‑level office condominium in Penrose Plaza
- Mountain views and large windows throughout the suite
- Reception area, private offices, and several conference‑capable rooms
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
$30,255
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
3.71%
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%
$605,100
$605.1K
Cap Rate 7%
$432,214
$432.2K
Cap Rate 9%
$336,167
$336.2K
Market Conditions
NOI Build-Up for 2,136 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
$46.9K $21.96/SF
− Vacancy
−$6.6K −$3.07/SF
EGI
$40.3K $18.89/SF
− OpEx
−$10.1K −$4.72/SF
NOI
$30.3K $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%
$605,100
Cap Rate 7%
$432,214
Cap Rate 9%
$336,167
Alternative Uses
Best Use
Office B
$432.2K
$378.2K – $504.3K
NOI $30,255 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$559.4K
$489.5K – $652.6K
NOI $39,157 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Professional office suite with mountain views, private offices, conference-capable rooms, kitchenette, and dedicated parking.
Where is this office units located?
The property is located at 2520 S Grand Avenue Glenwood Springs, CO.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: 2,136 SF second‑level office condominium in Penrose Plaza; Mountain views and large windows throughout the suite; Reception area, private offices, and several conference‑capable rooms
