Flex/Retail Investment
For Sale
$4,800,000
3501 S St 3501 Mason St 3501, Fort Collins, CO 80525
Well-maintained flex/retail building with multiple separately metered tenant suites and large roll-up door access.
Property Size24,750 SF
Lot Size1.37 Acres
Price / SF$193.94
Days on Market97
Property Features for 3501 S St 3501 Mason St 3501
General Information
Standard status
Active
Size
24,750 SF
Total Parking Spaces
66
Lot size
1.37 Acres
Property subtype
Business Opportunities
Additional Details
Drive-In Doors
10
Amenities
Central Air
3
C
Hill
Level
59865.0
Sidewalks, Gutters, Street Lights. Curbs Walk, Public Transport, Asphalt, Private Roads, City Road, Level.
Building Details
Year Built
1972
Tenancy
Multi
Listing Agency:
Level Real Estate
(970) 692-1310
Listed By:
Level Real Estate · License #100043187
(970) 692-1310
Source:
Xome
Added: May 22
Changed: Aug 25
Last Checked: Aug 26 at 6:16AM
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 on 1.37 acres and is arranged for multiple occupants, with seven individual tenant spaces that are separately metered. The building is supported by ten 12-foot roll-up garage doors and 14 bathrooms. Parking for the site includes 66 reserved stalls, providing on-site options for tenant and customer use. Recent capital work includes HVAC and roof upgrades completed in 2020, exterior repainting in 2024, and a parking lot resurfacing in 2026.
The property is located at 3501-3509 Mason Street in Fort Collins, just off South College Avenue, offering straightforward access and strong day-to-day convenience for users of the space. Its multi-tenant configuration can also support an operator seeking a building with varied suite needs under one ownership structure.
For buyers, this asset combines a low-maintenance track record with practical flexibility, including the ability to operate seven separately metered spaces. The physical setup, with multiple roll-up doors and reserved parking, can support a range of flex-oriented businesses looking for functional loading and easy access for employees and clients.
The property is located at 3501-3509 Mason Street in Fort Collins, just off South College Avenue, offering straightforward access and strong day-to-day convenience for users of the space. Its multi-tenant configuration can also support an operator seeking a building with varied suite needs under one ownership structure.
For buyers, this asset combines a low-maintenance track record with practical flexibility, including the ability to operate seven separately metered spaces. The physical setup, with multiple roll-up doors and reserved parking, can support a range of flex-oriented businesses looking for functional loading and easy access for employees and clients.
Key Highlights
- 24,750 SF flex/retail building on 1.37 acres in Midtown Fort Collins (3501‑3509 Mason Street), built in 1972
- Seven separately metered tenant suites—each metered individually for flexible future use, including potential condo conversion
- Ten 12‑foot roll‑up garage doors plus large multi‑tenant configuration designed to support a range of tenants
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
Property Profile
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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Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained flex/retail building with multiple separately metered tenant suites and large roll-up door access.
Where is this flex space located?
The property is located at 3501 S St 3501 Mason St 3501 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 in Midtown Fort Collins (3501‑3509 Mason Street), built in 1972; Seven separately metered tenant suites—each metered individually for flexible future use, including potential condo conversion; Ten 12‑foot roll‑up garage doors plus large multi‑tenant configuration designed to support a range of tenants
