Single-Story Flex Space with
For Sale
Contact for pricing
4401 Innovation Dr, Fort Collins, CO 80525
Single-story condo unit with open floor plan, fully sprinkled, and 20-foot ceilings, with two overhead doors.
Property Size27,318 SF
Price / SF$135.44
Days on Market406
Property Features for 4401 Innovation Dr
General Information
Standard status
Active
Size
27,318 SF
Property subtype
INDUSTRIAL
Zoning
Harmony Corridor
Warehouse & Industrial
Clear Height
20 ft
Sprinkler System
Yes
Amenities
motion sensing lights
on path to power trail
1 inch commercial water tap
Building Details
Year Built
1978
Stories
1
Tenancy
Multi
Listing Agency:
CBRE - Fort Collins
(970) 372-3849
Listed By:
Annah Moore · License #CO40022278
(970) 227-0035
Source:
Moodyscre
Added: Jul 8, 2025
Changed: Aug 16
Last Checked: Aug 16 at 9:29AM
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 - Fort Collins
Investment Insights
Based on property information with market context.
Originally built in 1978 and reconfigured into two condominium units, this single-story building offers 27,318 SF of space currently available for sale or lease. The interior is an open floor plan previously operated as a call center, and it can be adapted for a variety of commercial uses. The available unit includes a fully sprinkled system, two overhead doors, motion-sensing lights throughout, and a 20-foot ceiling height.
Recent building upgrades include new HVAC and a new roof in preparation for the arrival of Zero Zero Two, a pickleball club set to open soon. The property is supported by substantial power, including a 500 KVA transformer, and includes a 1-inch commercial water tap. This offering is zoned Harmony Corridor. The address is 4401 Innovation Dr, Fort Collins, CO 80525.
Recent building upgrades include new HVAC and a new roof in preparation for the arrival of Zero Zero Two, a pickleball club set to open soon. The property is supported by substantial power, including a 500 KVA transformer, and includes a 1-inch commercial water tap. This offering is zoned Harmony Corridor. The address is 4401 Innovation Dr, Fort Collins, CO 80525.
Key Highlights
- 64,784 SF single‑story building originally built in 1978, reconfigured into two condominium units
- 27,318 SF available for sale or lease with an open floor plan previously used as a call center
- 20‑foot ceiling height plus fully sprinkled safety system and motion sensing lights throughout
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
$274,792
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
7.43%
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%
$5,495,840
$5.5M
Cap Rate 7%
$3,925,600
$3.9M
Cap Rate 9%
$3,053,244
$3.1M
Market Conditions
NOI Build-Up for 27,318 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
$409.8K $15.00/SF
− Vacancy
−$17.2K −$0.63/SF
EGI
$392.6K $14.37/SF
− OpEx
−$117.8K −$4.31/SF
NOI
$274.8K $10.06/SF
Area
Fort Collins, CO
Vacancy
4.20%
Lease Rate
$15.00 /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%
$5,495,840
Cap Rate 7%
$3,925,600
Cap Rate 9%
$3,053,244
Alternative Uses
Best Use
Industrial
$3.93M
$3.43M – $4.58M
NOI $274,792 @ 7.0% cap · market cap 7.43%
Second Best
Flex RnD
$3.74M
$3.27M – $4.36M
NOI $261,769 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$7.11M
$6.22M – $8.30M
NOI $497,953 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,607
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 - Single-story condo unit with open floor plan, fully sprinkled, and 20-foot ceilings, with two overhead doors.
Where is this flex space located?
The property is located at 4401 Innovation Dr Fort Collins, CO.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 64,784 SF single‑story building originally built in 1978, reconfigured into two condominium units; 27,318 SF available for sale or lease with an open floor plan previously used as a call center; 20‑foot ceiling height plus fully sprinkled safety system and motion sensing lights throughout
