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    3001 23Rd Ave Greeley, CO 80631

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    Two-tenant retail asset with high-performing tenants in Greeley, CO.

    Property size:
    87,897 SF
    Lot size:
    8.66 Acres

    Property Features for 3001 23Rd Ave

    General Information

    Standard status
    Active
    Size
    87,897 SF
    Lot size
    8.66 Acres

    We can help!

    Listing Contact
    Lance Eberhard
    Lance Eberhard
    Source: Crexi

    Listing Agency: Colliers - Denver, Colorado Listing Agent: Lance Eberhard

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Retail Asset Near University of Northern Colorado

    This two-tenant retail property in Greeley, CO, is occupied by Tractor Supply Co and Gold’s Gym. Gold’s Gym ranks in the top 5% nationwide, and Tractor Supply ranks in the top 25% in Colorado. The property, with a building size of 87,897 square feet on approximately 8.86 acres, is located near the University of Northern Colorado, which has approximately 9,800 students. Gold's Gym recently extended their lease term to over 10 years. The property also has a new roof with long term warranties. The City of Greeley is ranked #1 for growth in the state with numerous residential projects planned to include the Catalyst / Cascadia Project. This planned master planned development just west of the subject property includes a potential 1,000-acre, $1.1 billion project anchored by a new Colorado Eagles hockey arena (expected 2028), a water park, hotel, and restaurant district. The development will include over 6,000 to 11,000 new housing units. The property is positioned at 23rd Avenue (25,900 VPD) and U.S. Route 34 (CR56) which sees over 41,700 VPD and is one of the region’s busiest thoroughfares. The property sits adjacent to the Greeley Mall and across from Walmart Supercenter and Sam’s Club. The surrounding area is densely populated with over 147,900 within 5 Mile Radius.
    Location Intelligence

    Current Use by Public Records

    Gold's Gym Greeley Gym & Fitness Center Sculpted MD Greeley ... Spa & Massage Center British Swim School ... Swimming School Noco Vitamin Bar (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Greeley Mall, Gordons Discount Liquor Store, Quick-Tag

    Location Insight

    • Map
    • Local Demand
    City
    Greeley
    County
    Weld
    State
    Colorado
    Longitude
    -104.7168371
    Latitude
    40.3881145

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    FAQs

    What type of property is this?
    Shopping center - Two-tenant retail asset with high-performing tenants in Greeley, CO.
    Where is this shopping center located?
    The property is located at 3001 23Rd Ave Greeley, CO.
    What are key features of this property?
    This property features: - High-performing tenants: **Gold's Gym ranks in the top 5% nationwide**, and Tractor Supply ranks in the top 25% in Colorado.; - Below replacement cost: Offered at $129 psf.; - Significant future development: Located near the planned Catalyst / Cascadia Project, a $1.1 billion development with a new hockey arena and thousands of housing units.
    (720) 255-5231
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    3001 23Rd Ave Greeley, CO 80631
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3001 23Rd Ave Greeley, CO 80631
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    We can help!
    Listing Contact
    Lance Eberhard
    Lance Eberhard
    Real Estate License ID: FA.100067473
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