Updated Flex Space with
New
For Sale
$520,000
2649 E Mulberry St A32, Fort Collins, CO 80524
Flexible commercial unit combines warehouse space, a private office, and drive-in loading access within Mulberry Commercial Park.
Property Size2,330 SF
Price / SF$223.18
Days on Market6
Property Features for 2649 E Mulberry St A32
General Information
Standard status
Active
Size
2,330 SF
Property subtype
Industrial
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$11,775
Building Details
Building Size
2,330 SF
Year Built
1999
Listing Agency:
RE/MAX
(970) 222-3010
Listed By:
Nick Whitworth · License #COLORADOEA100041986
(970) 222-3010
Source:
Elliman
Added: Aug 20
Changed: Aug 23
Last Checked: Aug 25 at 11:13AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This 2,330-square-foot flex unit at 2649 E Mulberry St A32 includes a private office alongside open workspace suited to warehouse, shop, storage, light manufacturing, distribution, or service operations. A 14-foot overhead door supports direct vehicle access for loading, unloading, equipment, and vehicle storage. The interior has new drywall and paint throughout, and the building was constructed in 1999.
The property is part of Mulberry Commercial Park in Fort Collins, within a commercial corridor offering access to major thoroughfares. The surrounding park includes industrial and flex-space users. Walk Score is 8, Bike Score is 43, and Transit Score is 19.
The property is part of Mulberry Commercial Park in Fort Collins, within a commercial corridor offering access to major thoroughfares. The surrounding park includes industrial and flex-space users. Walk Score is 8, Bike Score is 43, and Transit Score is 19.
Key Highlights
- 2,330 square feet of flexible commercial workspace
- 14‑foot overhead door provides drive‑in loading access
- Private office included within the unit
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
$28,460
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
5.47%
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%
$569,200
$569.2K
Cap Rate 7%
$406,571
$406.6K
Cap Rate 9%
$316,222
$316.2K
Market Conditions
NOI Build-Up for 2,330 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
$35.0K $15.00/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$33.5K $14.37/SF
− OpEx
−$5.0K −$2.16/SF
NOI
$28.5K $12.21/SF
Area
Fort Collins, CO
Vacancy
4.20%
Lease Rate
$15.00 /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%
$569,200
Cap Rate 7%
$406,571
Cap Rate 9%
$316,222
Alternative Uses
Best Use
Warehouse
$406.6K
$355.8K – $474.3K
NOI $28,460 @ 7.0% cap · market cap 5.47%
Second Best
Industrial
$334.8K
$293.0K – $390.6K
NOI $23,437 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$606.7K
$530.9K – $707.9K
NOI $42,471 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80524, CO
39,030
Population
17,548
Households
2.2
Avg Household Size
37
Median Age
52%
College-Educated
94%
High-School Grad
122.7 sq mi
ZIP Area
318
Density / Sq Mi
$84,440
Median Household Income
$45,046
Median Earnings
$1,623
Median Rent
$527,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial unit combines warehouse space, a private office, and drive-in loading access within Mulberry Commercial Park.
Where is this flex space located?
The property is located at 2649 E Mulberry St A32 Fort Collins, CO.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 2,330 square feet of flexible commercial workspace; 14‑foot overhead door provides drive‑in loading access; Private office included within the unit
