Government-Leased Office
For Sale
$2,375,000
352 Lake Dillon Dr, Dillon, CO 80435
Occupied by the Summit County Public Defenders Office under a long-term government lease.
Property Size5,022 SF
Days on Market68
Property Features for 352 Lake Dillon Dr
General Information
Standard status
Active
Size
5,022 SF
Property subtype
Office
Building Details
Building Size
5,022 SF
Year Built
1995
Tenancy
Single
Owner Occupied
No
Listing Agency:
Unique Properties, Inc.
(303) 321-5888
Listed By:
Marc S. Lippitt · License #ER.000183921
Source:
Uniqueprop
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 2:39PM
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 Unique Properties, Inc.
Investment Insights
Based on property information with market context.
Built in 1995, this office building at 352 Lake Dillon Dr in Dillon, Colorado, is occupied by the Summit County Public Defenders Office. The property overlooks Lake Dillon and offers mountain views, along with ample parking and building access.
The lease extends through August 2035 and includes 3% annual increases. The State of Colorado guarantees the lease, while landlord responsibilities include the roof and structure. Operating expense protections are also included in the lease structure.
The lease extends through August 2035 and includes 3% annual increases. The State of Colorado guarantees the lease, while landlord responsibilities include the roof and structure. Operating expense protections are also included in the lease structure.
Key Highlights
- Lease extends through August 2035 with 3% annual increases
- Summit County Public Defenders Office tenancy
- Lease guaranteed by the State of Colorado
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
$84,520
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
3.56%
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%
$1,690,400
$1.7M
Cap Rate 7%
$1,207,429
$1.2M
Cap Rate 9%
$939,111
$939.1K
Market Conditions
NOI Build-Up for 5,022 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
$132.6K $26.40/SF
− Vacancy
−$19.9K −$3.96/SF
EGI
$112.7K $22.44/SF
− OpEx
−$28.2K −$5.61/SF
NOI
$84.5K $16.83/SF
Area
Summit County, CO
Vacancy
15.00%
Lease Rate
$26.40 /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%
$1,690,400
Cap Rate 7%
$1,207,429
Cap Rate 9%
$939,111
Alternative Uses
Best Use
Office B
$1.21M
$1.06M – $1.41M
NOI $84,520 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$99.96M
$87.46M – $116.62M
NOI $6,996,977 @ 7.0% cap · market cap 294.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
Explore this area
Business Placement
Demographics for 80435, CO
8,344
Population
7,778
Households
1.1
Avg Household Size
36
Median Age
53%
College-Educated
97%
High-School Grad
104.0 sq mi
ZIP Area
80
Density / Sq Mi
$86,023
Median Household Income
$48,554
Median Earnings
$1,539
Median Rent
$882,100
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?
Office building - Occupied by the Summit County Public Defenders Office under a long-term government lease.
Where is this office building located?
The property is located at 352 Lake Dillon Dr Dillon, CO.
What is the asking price?
The asking price for this property is $2,375,000.
What are key features of this property?
This property features: Lease extends through August 2035 with 3% annual increases; Summit County Public Defenders Office tenancy; Lease guaranteed by the State of Colorado
