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4401 Innovation Dr, Fort Collins, CO 80525
27,318 SF commercial space with open floor plan.
Property Size27,318 SF
Price / SF$135.44
Days on Market1506
Property Features for 4401 Innovation Dr
General Information
Standard status
Active
Size
27,318 SF
Class
B
Property subtype
Office, Industrial, Special Purpose
Zoning
HC
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1978
Buildings
1
Stories
1
Units
2
Listing Agency:
CBRE - Fort Collins
Listed By:
Annah Moore · License #CO40022278
(970) 227-0035
Source:
Crexi
Added: Jul 20, 2022
Changed: Aug 16
Last Checked: Aug 29 at 2:32PM
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 constructed in 1978, this 64,784 SF single-story building has been divided into two condominium units. Currently, 27,318 SF is available for sale or lease. The space, previously used as a call center, features an open floor plan suitable for various commercial applications. The property is scheduled for upgrades in anticipation of Zero Zero Two, a pickleball club that will soon open as an anchor tenant. This addition is expected to revitalize the location and bring property improvements. The new tenant should increase exposure and enhance amenities.
Key Highlights
- 27,318 SF available for sale or lease.
- Anchor tenant Zero Zero Two (pickleball club) opening soon, driving property improvements and increased exposure.
- Open floor plan adaptable for various commercial uses.
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
Office B
$5.48M
$4.79M – $6.39M
NOI $383,338 @ 7.0% cap · market cap 10.36%
Second Best
Industrial
$3.93M
$3.43M – $4.58M
NOI $274,792 @ 7.0% cap · market cap 7.43%
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,607
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 27,318 SF commercial space with open floor plan.
Where is this office units 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: 27,318 SF available for sale or lease.; Anchor tenant Zero Zero Two (pickleball club) opening soon, driving property improvements and increased exposure.; Open floor plan adaptable for various commercial uses.
