Garage Condo with Red Rocks
For Sale
$639,000
4285 S Eldridge Street #E04, Morrison, CO 80465
Upgraded garage condo with mezzanine, views, and community amenities.
Property Size1,406 SF
Price / SF$454.48
Days on Market144
Property Features for 4285 S Eldridge Street #E04
General Information
Standard status
Active
Size
1,406 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,609
Amenities
Heated Garage
RV Garage
220 Volts
Asphalt
Exterior Access Door
Floor Coating
Lighted
Oversized Door
Phase 3
Building Details
Year Built
2023
Listing Agency:
KMC REALTY GROUP
(720) 989-5180
Listed By:
KELLY CASTERLINE · License #100089815
Source:
Corcoran
Added: Apr 9
Changed: Aug 23
Last Checked: Aug 29 at 7:53AM
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 KMC REALTY GROUP
Investment Insights
Based on property information with market context.
This GaragePoint garage condo offers 1,406 square feet on the main level, complemented by a professionally constructed 400-square-foot mezzanine and a private bathroom. The unit is situated in a secure, gated community near C-470 and Hwy 285, providing functionality and quality finishes. The space is suitable for a showroom, workshop, business headquarters, studio, or vehicle collection. Features include epoxy-finished floors, LED lighting, and large windows offering views of Bear Creek Lake Park, Red Rocks, and the Front Range. A 14-foot overhead garage door provides access. Community amenities include 24-hour gated access, camera security, a community clubhouse, a shared air compressor, vacuum, wash station, RV dump station, and trash service. The flexible layout supports various business or hobby uses. The property is located near Red Rocks and Bear Creek Lake.
Key Highlights
- Enjoy VIEWS of Red Rocks, Bear Creek Lake, and the Front Range.
- 1,406 SF main level plus 400 SF mezzanine provides 1,806 SF of versatile space.
- Located in a secure, gated community with 24‑hour access and camera security.
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
$22,457
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
3.51%
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%
$449,140
$449.1K
Cap Rate 7%
$320,814
$320.8K
Cap Rate 9%
$249,522
$249.5K
Market Conditions
NOI Build-Up for 1,406 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
$33.9K $24.12/SF
− Vacancy
−$1.8K −$1.30/SF
EGI
$32.1K $22.82/SF
− OpEx
−$9.6K −$6.85/SF
NOI
$22.5K $15.97/SF
Area
Jefferson County, CO
Vacancy
5.40%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
30.00%
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%
$449,140
Cap Rate 7%
$320,814
Cap Rate 9%
$249,522
Alternative Uses
Best Use
Retail
$320.8K
$280.7K – $374.3K
NOI $22,457 @ 7.0% cap · market cap 3.51%
Second Best
Flex RnD
$168.6K
$147.6K – $196.8K
NOI $11,805 @ 7.0% cap · market cap 1.85%
Theoretical Best
Multifamily LT 5
$3.13M
$2.74M – $3.65M
NOI $219,020 @ 7.0% cap · market cap 34.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80465, CO
16,196
Population
6,505
Households
2.5
Avg Household Size
44
Median Age
53%
College-Educated
96%
High-School Grad
43.4 sq mi
ZIP Area
373
Density / Sq Mi
$130,455
Median Household Income
$60,798
Median Earnings
$2,270
Median Rent
$628,800
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?
Parking lot & garage - Upgraded garage condo with mezzanine, views, and community amenities.
Where is this parking lot & garage located?
The property is located at 4285 S Eldridge Street #E04 Morrison, CO.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Enjoy VIEWS of Red Rocks, Bear Creek Lake, and the Front Range.; 1,406 SF main level plus 400 SF mezzanine provides 1,806 SF of versatile space.; Located in a secure, gated community with 24‑hour access and camera security.
