Mixed-Use Brick Office
For Sale
Under Contract
$2,500,000
311 1/2 8th Street, Glenwood Springs, CO 81601
COMMERCIAL - Glenwood Springs, CO
Property Size10,625 SF
Price / SF$235.29
Days on Market94
Property Features for 311 1/2 8th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M2-Mixed Use Central
Lot features
Corner Lot
Directions
Exit 116 from I-70, turn North onto Grand Avenue, left on 8th street, building is on the corner of 8th and Cooper.
Subdivision
Glenwood Springs
Standard status
Active Under Contract
APN
218509405011
Size
10,625 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
To Be Determined a subdivision of SECTION: 9 TOWNSHIP: 6 RANGE: 89 SUBDIVISION: ORIGINAL TWNSTE. GLENWOOD BLOCK: 44 LOT: 14 THRU:- LOT: 16 7500 SQUARE FEET
Tax Annual Amount
15390
Legal Description
To Be Determined a subdivision of SECTION: 9 TOWNSHIP: 6 RANGE: 89 SUBDIVISION: ORIGINAL TWNSTE. GLENWOOD BLOCK: 44 LOT: 14 THRU:- LOT: 16 7500 SQUARE FEET
Utilities
Water source
Public
Amenities
private offices
conference areas
copy/work rooms
break rooms
bathrooms
exposed brick accents
large windows
abundant natural light
updated finishes
Building Details
Year built
1897
Floors in Building
2
Building materials
Brick
Listing Agency:
Perrin Elite Properties · RE/MAX International
(970) 285-1128
Listed By:
Amy L Perrin · License #FA100073520
(970) 216-8523
Added: May 5
Changed: Aug 4
Last Checked: Aug 6 at 11:06PM
MLS# 192709
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 mixed-use commercial property combines a brick structure dating to 1897 with an adaptable office and retail layout. The interior includes multiple private offices, conference areas, two copy and work rooms, two break rooms, and three bathrooms. Exposed brick, large windows, natural light, and updated finishes contribute to a professional setting suitable for offices, boutique retail, creative studios, wellness services, or a combination of uses.
Positioned at 311 1/2 8th Street in downtown Glenwood Springs, the property occupies a corner location within an active commercial corridor near restaurants, retail, and community activity. Zoning is M2-Mixed Use Central, and the building has a public water source. The seller will apply for condominium subdivision after acceptance of a purchase contract.
Positioned at 311 1/2 8th Street in downtown Glenwood Springs, the property occupies a corner location within an active commercial corridor near restaurants, retail, and community activity. Zoning is M2-Mixed Use Central, and the building has a public water source. The seller will apply for condominium subdivision after acceptance of a purchase contract.
Key Highlights
- M2‑Mixed Use Central zoning
- Brick construction dating to 1897
- Multiple private offices and conference areas
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
$150,495
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
6.02%
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%
$3,009,900
$3.0M
Cap Rate 7%
$2,149,929
$2.1M
Cap Rate 9%
$1,672,167
$1.7M
Market Conditions
NOI Build-Up for 10,625 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
$233.3K $21.96/SF
− Vacancy
−$32.7K −$3.07/SF
EGI
$200.7K $18.89/SF
− OpEx
−$50.2K −$4.72/SF
NOI
$150.5K $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%
$3,009,900
Cap Rate 7%
$2,149,929
Cap Rate 9%
$1,672,167
Alternative Uses
Best Use
Office B
$2.15M
$1.88M – $2.51M
NOI $150,495 @ 7.0% cap · market cap 6.02%
Second Best
Retail
$1.84M
$1.61M – $2.14M
NOI $128,520 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$2.78M
$2.43M – $3.25M
NOI $194,779 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,235
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?
Mixed-use property - Flexible interior includes private offices, conference areas, work rooms, break rooms, and bathrooms.
Where is this mixed-use property located?
The property is located at 311 1/2 8th Street Glenwood Springs, CO.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: M2‑Mixed Use Central zoning; Brick construction dating to 1897; Multiple private offices and conference areas
