Multi-Tenant Flex/Retail
For Sale
$4,800,000
3501-3509 S Mason St, Fort Collins, CO 80525
Multi-tenant flex/retail building with ten 12-foot roll-up doors, reserved parking, and recent HVAC and roof upgrades.
Property Size24,750 SF
Lot Size1.37 Acres
Price / SF$193.94
Days on Market79
Property Features for 3501-3509 S Mason St
General Information
Standard status
Active
Size
24,750 SF
Total Parking Spaces
66
Lot size
1.37 Acres
Property subtype
Industrial
Additional Details
Drive-In Doors
10
Taxes and HOA fees
Annual Taxes
$105,985
Building Details
Building Size
24,750 SF
Year Built
1972
Tenancy
Multi
Listing Agency:
Level Real Estate
Listed By:
Luke McFetridge · License #IR.100043187
(970) 325-5125
Source:
Elliman
Added: Jun 21
Changed: Aug 26
Last Checked: Sep 6 at 12:23PM
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 Level Real Estate
Investment Insights
Based on property information with market context.
This flex/retail property totals 24,750 SF across seven separately metered tenant suites. The building includes ten 12-foot roll-up garage doors, 14 bathrooms, and 66 reserved parking stalls. Recent improvements include HVAC and roof upgrades in 2020, exterior repaint in 2024, and a parking lot resurfacing in 2026.
The property sits on 1.37 acres just off South College Avenue in Midtown Fort Collins, providing access and visibility to support multiple business uses within the same site.
For buyers seeking adaptable ownership structure, the property is configured for seven individual tenants, with separate metering noted for potential future condo conversion.
The property sits on 1.37 acres just off South College Avenue in Midtown Fort Collins, providing access and visibility to support multiple business uses within the same site.
For buyers seeking adaptable ownership structure, the property is configured for seven individual tenants, with separate metering noted for potential future condo conversion.
Key Highlights
- 24,750 SF flex/retail building on 1.37 acres with seven individual tenants, each separately metered
- Ten 12‑foot roll‑up garage doors for flexible tenant use
- 66 reserved parking stalls on‑site
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
$302,309
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
6.30%
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%
$6,046,180
$6.0M
Cap Rate 7%
$4,318,700
$4.3M
Cap Rate 9%
$3,358,989
$3.4M
Market Conditions
NOI Build-Up for 24,750 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
$371.3K $15.00/SF
− Vacancy
−$15.6K −$0.63/SF
EGI
$355.7K $14.37/SF
− OpEx
−$53.3K −$2.16/SF
NOI
$302.3K $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%
$6,046,180
Cap Rate 7%
$4,318,700
Cap Rate 9%
$3,358,989
Alternative Uses
Best Use
Warehouse
$4.32M
$3.78M – $5.04M
NOI $302,309 @ 7.0% cap · market cap 6.30%
Second Best
Industrial
$3.56M
$3.11M – $4.15M
NOI $248,960 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$6.44M
$5.64M – $7.52M
NOI $451,143 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,095
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80525, CO
55,901
Population
25,144
Households
2.2
Avg Household Size
37
Median Age
59%
College-Educated
98%
High-School Grad
23.4 sq mi
ZIP Area
2,389
Density / Sq Mi
$93,349
Median Household Income
$48,876
Median Earnings
$1,744
Median Rent
$563,100
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant flex/retail building with ten 12-foot roll-up doors, reserved parking, and recent HVAC and roof upgrades.
Where is this flex space located?
The property is located at 3501-3509 S Mason St Fort Collins, CO.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 24,750 SF flex/retail building on 1.37 acres with seven individual tenants, each separately metered; Ten 12‑foot roll‑up garage doors for flexible tenant use; 66 reserved parking stalls on‑site
