Building Details

Year Built 1983

Stories 2

Units 1

Tenancy Multi

Listing Agency: CBRE

Listed By: Lauren Larsen · License #FA.100094202 Show Phone

Source: Crexi

Added: Aug 30, 2021 Changed: Oct 15 Last Checked: Oct 20 at 7:00PM

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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 CBRE

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Investment Insights

Based on property information with market context.

This dental/medical office condominium is located in mid-town Fort Collins within the Drake Office Park. The available unit, totaling 3397 square feet, features a large reception area, private offices, several private exam rooms, a large clinic with windows, an in-house dental lab, and a private kitchenette. Restrooms are located within the space.

Key Highlights

• Below market seller financing or 1 year free rent (for qualified buyer/tenant)
• Turnkey dental/medical office condominium
• Multiple private exam rooms and private offices

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$47,668

Cap Rate

7.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$953,360 $953.4K

Cap Rate 7%

$680,971 $681.0K

Cap Rate 9%

$529,644 $529.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,397 SF

Gross rent

$74.6K $21.96/SF

− Vacancy

−$11.0K −$3.25/SF

EGI

$63.6K $18.71/SF

− OpEx

−$15.9K −$4.68/SF

NOI

$47.7K $14.03/SF

Area

Fort Collins, CO

Vacancy

14.80%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$953,360

Cap Rate 7%

$680,971

Cap Rate 9%

$529,644

Alternative Uses

Best Use

Office B

$681.0K

$595.9K – $794.5K (±1% cap)

NOI $47,668 @ 7.0% cap · market cap 7.96%

Second Best

Healthcare Medical

$675.1K

$590.7K – $787.6K (±1% cap)

NOI $47,254 @ 7.0% cap · market cap 7.89%

Theoretical Best

Office A

$884.6K

$774.0K – $1.03M (±1% cap)

NOI $61,921 @ 7.0% cap · market cap 10.34%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Dumpsters Drake Rd Waste Management Facility Northern Colorado FOP ... Corporate Office Open Pathways Training Center Zuber Jean Insurance Agency Weekend Chiropractic Alternative Medicine Practice

Suggested Use

Top Pick Big Box & Wholesale Store Building Supply Auto Parts Store Hotel & Motel HVAC Service Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,798

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 80526, CO

45,624

Population

19,463

Households

2.3

Avg Household Size

35

Median Age

57%

College-Educated

98%

High-School Grad

32.0 sq mi

ZIP Area

1,426

Density / Sq Mi

$89,098

Median Household Income

$42,496

Median Earnings

$1,641

Median Rent

$520,500

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical office condominium in Fort Collins' Drake Office Park.

Where is this medical office space located?

The property is located at 383 W Drake Rd Fort Collins, CO.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: Below market seller financing or 1 year free rent (for qualified buyer/tenant); Turnkey dental/medical office condominium; Multiple private exam rooms and private offices