Corner Office Building with 16
For Sale
$3,240,000
401 Lincoln Avenue, Steamboat Springs, CO 80487
Corner office building zoned Old Town Commercial, currently configured as 16 suites with short-term leases.
Property Size6,334 SF
Lot Size0.32 Acres
Price / SF$511.53
Days on Market82
Property Features for 401 Lincoln Avenue
General Information
Standard status
Active
Size
6,334 SF
Lot size
0.32 Acres
Property subtype
Commercial
Zoning
Commercial
Additional Details
Road Access
Yes
Office Units
16
Building Details
Year Built
1959
Buildings
1
Building Size
6,334 SF
Tenancy
Multi
Listing Agency:
Steamboat Sotheby's International Realty
(970) 879-8100
Listed By:
James Howser
(303) 478-1077
Source:
Steamboatmountainrealestate
Added: Jun 19
Changed: Sep 8
Last Checked: Sep 7 at 4:07PM
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 Steamboat Sotheby's International Realty
Investment Insights
Based on property information with market context.
Corner office building at the entry to Old Town Steamboat Springs, located on the corner of Lincoln and 4th Street. The building is 6, 334 sq.ft. and is configured as 16 suites with short term leases.
The property sits on a total site size of 0.32 acres, including all parking spaces on the north side of the building and several spaces on the west side behind the building. Zoning is Old Town Commercial, providing multiple use possibilities for office users, retail businesses, investors, and redevelopers.
Suites make the building practical for tenant needs that benefit from smaller spaces, and the existing short-term lease setup can support flexible occupancy planning.
The property sits on a total site size of 0.32 acres, including all parking spaces on the north side of the building and several spaces on the west side behind the building. Zoning is Old Town Commercial, providing multiple use possibilities for office users, retail businesses, investors, and redevelopers.
Suites make the building practical for tenant needs that benefit from smaller spaces, and the existing short-term lease setup can support flexible occupancy planning.
Key Highlights
- 16 suites currently with short term leases
- Old Town Commercial zoning with multiple use possibilities
- 0.32‑acre site includes north‑side parking plus west‑side spaces
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
$106,031
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
3.27%
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%
$2,120,620
$2.1M
Cap Rate 7%
$1,514,729
$1.5M
Cap Rate 9%
$1,178,122
$1.2M
Market Conditions
NOI Build-Up for 6,334 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
$152.0K $24.00/SF
− Vacancy
−$10.6K −$1.68/SF
EGI
$141.4K $22.32/SF
− OpEx
−$35.3K −$5.58/SF
NOI
$106.0K $16.74/SF
Area
Routt County, CO
Vacancy
7.00%
Lease Rate
$24.00 /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%
$2,120,620
Cap Rate 7%
$1,514,729
Cap Rate 9%
$1,178,122
Alternative Uses
Best Use
Office B
$1.51M
$1.33M – $1.77M
NOI $106,031 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.53M
$2.22M – $2.96M
NOI $177,333 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,399
Businesses Nearby
Explore this area
Business Placement
Demographics for 80487, CO
18,209
Population
13,231
Households
1.4
Avg Household Size
42
Median Age
57%
College-Educated
97%
High-School Grad
795.8 sq mi
ZIP Area
23
Density / Sq Mi
$106,837
Median Household Income
$50,551
Median Earnings
$1,927
Median Rent
$915,900
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 units - Corner office building zoned Old Town Commercial, currently configured as 16 suites with short-term leases.
Where is this office units located?
The property is located at 401 Lincoln Avenue Steamboat Springs, CO.
What is the asking price?
The asking price for this property is $3,240,000.
What are key features of this property?
This property features: 16 suites currently with short term leases; Old Town Commercial zoning with multiple use possibilities; 0.32‑acre site includes north‑side parking plus west‑side spaces
