Commercial Office Condo For
For Sale
$970,000
4689 W 20th St E, Greeley, CO 80634
Professionally maintained office condo in desirable West Greeley business corridor.
Property Size5,119 SF
Days on Market133
Property Features for 4689 W 20th St E
General Information
Standard status
Active
Size
5,119 SF
Property subtype
Commercial
Building Details
Building Size
5,119 SF
Year Built
2006
Listing Agency:
Cushman & Wakefield
Listed By:
Jared Goodman · License #40017764
(970) 690-4227
Source:
Elliman
Added: Apr 24
Changed: Sep 3
Last Checked: Sep 1 at 10:07PM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
This professionally maintained commercial office condo is situated in a desirable business corridor in West Greeley. The space is designed for visibility, accessibility, and comfort, making it suitable for professional services, small firms, or growing businesses. Currently operating as executive suites, the office condo allows an owner/user to occupy a portion of the space and lease the remaining offices to offset occupancy costs. The leases on the occupied offices are short-term, providing flexibility for an owner/user who may need to occupy the entire space by the end of 2026. The property offers the advantages of private ownership, ample parking, and convenient access to major arterials, dining, retail, and residential neighborhoods. The functional layout is suited for a variety of uses, providing a turnkey solution in a thriving commercial setting. The location has a Walk Score of 55, indicating it is somewhat walkable, and a Bike Score of 44, indicating it is somewhat bikeable.
Key Highlights
- Prime location in a desirable WestGreeley business corridor offering high visibility and accessibility.
- Opportunity for owner/user to occupy a portion and lease the remaining space to offset costs.
- Short‑term leases provide flexibility for full occupancy by the end of 2026.
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
$65,306
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
6.73%
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%
$1,306,120
$1.3M
Cap Rate 7%
$932,943
$932.9K
Cap Rate 9%
$725,622
$725.6K
Market Conditions
NOI Build-Up for 5,119 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
$92.1K $18.00/SF
− Vacancy
−$5.1K −$0.99/SF
EGI
$87.1K $17.01/SF
− OpEx
−$21.8K −$4.25/SF
NOI
$65.3K $12.76/SF
Area
Greeley, CO
Vacancy
5.50%
Lease Rate
$18.00 /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%
$1,306,120
Cap Rate 7%
$932,943
Cap Rate 9%
$725,622
Alternative Uses
Best Use
Office B
$932.9K
$816.3K – $1.09M
NOI $65,306 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 80634, CO
65,980
Population
25,802
Households
2.6
Avg Household Size
36
Median Age
32%
College-Educated
90%
High-School Grad
38.3 sq mi
ZIP Area
1,723
Density / Sq Mi
$83,255
Median Household Income
$46,808
Median Earnings
$1,567
Median Rent
$405,300
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 - Professionally maintained office condo in desirable West Greeley business corridor.
Where is this office units located?
The property is located at 4689 W 20th St E Greeley, CO.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: Prime location in a desirable WestGreeley business corridor offering high visibility and accessibility.; Opportunity for owner/user to occupy a portion and lease the remaining space to offset costs.; Short‑term leases provide flexibility for full occupancy by the end of 2026.
