Historic Mixed-Use Asset, Main
For Sale
$1,595,000
331 Main Street, Longmont, CO 80501
Mixed-use property in Longmont's Historic District with retail and residential.
Property Size6,322 SF
Price / SF$252.29
Days on Market467
Property Features for 331 Main Street
General Information
Standard status
Active
Size
6,322 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$23,447
Amenities
Fire Alarm
Frame, Brick, Stone
Building Details
Year Built
1944
Listing Agency:
Compass
Listed By:
Krista Koth · License #40027863
(303) 746-7316
Source:
Compass
Added: May 27, 2025
Changed: Sep 5
Last Checked: Sep 5 at 2:19PM
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
Investment Insights
Based on property information with market context.
Located in the heart of Old Town Longmont's Historic District, 331 Main Street presents a mixed-use property with historic significance and modern functionality. The 6,322 sq ft landmark, originally Longmont's first J.C. Penney's Business and now recognized on the National Historic Register, offers strong visibility and consistent income. The main level features a leased retail storefront along Main Street and a full commercial kitchen in the rear, suitable for hospitality, specialty retail, production, or service-based concepts. The upper level includes a studio apartment and a two-bedroom apartment with a private rooftop deck that offers views of downtown and the surrounding district. The property has updated systems, roof improvements, and interior enhancements, supporting long-term stability, reduced operating costs, and reliable tenant retention. Modified Gross leases, including utilities and taxes, streamline operations for tenants and ownership. The building, once home to retailers like Woelz Brothers Clothing, is a contributing building in the Downtown Longmont National Historic District. The property is located in an Opportunity Zone.
Key Highlights
- Prime mixed‑use asset in Old Town Longmont's Historic District with Main Street frontage.
- Turnkey and income‑producing property with a leased retail storefront and two residential units.
- Features a full commercial kitchen, suitable for hospitality, retail, or service‑based businesses.
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
$71,453
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
4.48%
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%
$1,429,060
$1.4M
Cap Rate 7%
$1,020,757
$1.0M
Cap Rate 9%
$793,922
$793.9K
Market Conditions
NOI Build-Up for 6,322 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
$113.8K $18.00/SF
− Vacancy
−$11.7K −$1.85/SF
EGI
$102.1K $16.15/SF
− OpEx
−$30.6K −$4.84/SF
NOI
$71.5K $11.30/SF
Area
Weld County, CO
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,429,060
Cap Rate 7%
$1,020,757
Cap Rate 9%
$793,922
Alternative Uses
Best Use
Retail
$1.02M
$893.2K – $1.19M
NOI $71,453 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$954.6K
$835.2K – $1.11M
NOI $66,819 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office B
$1.15M
$1.01M – $1.34M
NOI $80,653 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 80501, CO
42,822
Population
19,173
Households
2.2
Avg Household Size
38
Median Age
39%
College-Educated
89%
High-School Grad
12.6 sq mi
ZIP Area
3,399
Density / Sq Mi
$77,705
Median Household Income
$42,599
Median Earnings
$1,586
Median Rent
$461,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in Longmont's Historic District with retail and residential.
Where is this mixed-use property located?
The property is located at 331 Main Street Longmont, CO.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Prime mixed‑use asset in Old Town Longmont's Historic District with Main Street frontage.; Turnkey and income‑producing property with a leased retail storefront and two residential units.; Features a **full commercial kitchen**, suitable for hospitality, retail, or service‑based businesses.
