Five-Unit Flex Space
For Sale
$2,100,000
453 Commerce Street #TBD Unit, Hayden, CO 81639
Commercially zoned property supports flexible workspace, storage, and small-business operations.
Property Size5,100 SF
Price / SF$315.98
Days on Market108
Property Features for 453 Commerce Street #TBD Unit
General Information
Standard status
Active
Size
5,100 SF
Total Parking Spaces
10
Property subtype
Commercial
Zoning
Commercial
Additional Details
Asking Price
$2,100,000
Outdoor Storage
Yes
Office Units
5
Amenities
high ceilings
abundant natural light
overhead doors
epoxy flooring
insulation
fresh paint
high-speed internet capability
finished bathrooms
utility sinks
Building Details
Building Size
5,100 SF
Year Built
2024
Buildings
2
Units
5
Listing Agency:
Steamboat Sotheby's International Realty
(970) 879-8100
Listed By:
Josie Tolan · License #100045376
Source:
Steamboatmountainrealestate
Added: May 16
Changed: Aug 31
Last Checked: Aug 4 at 8:32AM
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.
This 2024 flex space project comprises two buildings with five office/workspace units offered together. Three units provide approximately 899 square feet on the main level plus 345-square-foot lofts, while two larger units include approximately 1,064 square feet on the main level and 393-square-foot lofts. Each unit features high ceilings, natural light, a 14' x 12' overhead door, epoxy flooring, insulation, fresh paint, finished bathrooms, utility sinks, and high-speed internet capability. The spaces are configured for immediate occupancy and can accommodate uses such as contractor operations, creative studios, storage, or other small businesses.
The property includes flat usable land for equipment, trailers, or material storage. Commercial zoning applies. The site is located minutes from Yampa Valley Regional Airport and approximately 30 minutes from Steamboat Springs, with Hayden identified as the property location.
The property includes flat usable land for equipment, trailers, or material storage. Commercial zoning applies. The site is located minutes from Yampa Valley Regional Airport and approximately 30 minutes from Steamboat Springs, with Hayden identified as the property location.
Key Highlights
- Five office/workspace units across two buildings, offered as a complete package
- Three units include approximately 899 square feet plus 345‑square‑foot lofts
- Two larger units feature approximately 1,064 square feet plus 393‑square‑foot lofts
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
$186,068
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
8.86%
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%
$3,721,360
$3.7M
Cap Rate 7%
$2,658,114
$2.7M
Cap Rate 9%
$2,067,422
$2.1M
Market Conditions
NOI Build-Up for 6,646 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
$232.9K $35.04/SF
− Vacancy
−$14.0K −$2.10/SF
EGI
$218.9K $32.94/SF
− OpEx
−$32.8K −$4.94/SF
NOI
$186.1K $28.00/SF
Area
Routt County, CO
Vacancy
6.00%
Lease Rate
$35.04 /SF/Yr
Expense Ratio
15.00%
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%
$3,721,360
Cap Rate 7%
$2,658,114
Cap Rate 9%
$2,067,422
Alternative Uses
Best Use
Warehouse
$2.66M
$2.33M – $3.10M
NOI $186,068 @ 7.0% cap · market cap 8.86%
Second Best
Office B
$1.59M
$1.39M – $1.85M
NOI $111,254 @ 7.0% cap · market cap 5.30%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Office units
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 81639, CO
2,498
Population
1,256
Households
2
Avg Household Size
38
Median Age
29%
College-Educated
96%
High-School Grad
464.4 sq mi
ZIP Area
5
Density / Sq Mi
$106,429
Median Household Income
$53,421
Median Earnings
$1,680
Median Rent
$415,500
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?
Flex space - Commercially zoned property supports flexible workspace, storage, and small-business operations.
Where is this flex space located?
The property is located at 453 Commerce Street #TBD Unit Hayden, CO.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Five office/workspace units across two buildings, offered as a complete package; Three units include approximately 899 square feet plus 345‑square‑foot lofts; Two larger units feature approximately 1,064 square feet plus 393‑square‑foot lofts
