Three-Unit Retail
For Sale
$595,000
617 W Platte Ave, Fort Morgan, CO 80701
Fully leased commercial property combines retail and office uses with additional basement space.
Property Size8,800 SF
Price / SF$135.23
Days on Market67
Property Features for 617 W Platte Ave
General Information
Standard status
Active
Size
8,800 SF
Property subtype
Commercial
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$12,246
Building Details
Building Size
8,800 SF
Year Built
1981
Buildings
1
Tenancy
Multi
Listing Agency:
Peaks to Plains Properties
(970) 867-4908
Listed By:
Reed Covelli · License #IREP23048
(970) 867-4908
Source:
Elliman
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 11:05PM
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 Peaks to Plains Properties
Investment Insights
Based on property information with market context.
Built in 1981, the property contains three retail and office units totaling 4,400 square feet. A full unfinished basement provides additional area within the building. The space is fully leased, supporting an existing multi-unit commercial configuration.
The property is located at 617 W Platte Ave in Fort Morgan, Colorado. Walk Score and Bike Score are both 39, with the area classified as car-dependent and somewhat bikeable, respectively.
The property is located at 617 W Platte Ave in Fort Morgan, Colorado. Walk Score and Bike Score are both 39, with the area classified as car-dependent and somewhat bikeable, respectively.
Key Highlights
- Fully leased retail and office property
- Three units totaling 4,400 square feet
- Full unfinished basement
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
$44,788
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
7.53%
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%
$895,760
$895.8K
Cap Rate 7%
$639,829
$639.8K
Cap Rate 9%
$497,644
$497.6K
Market Conditions
NOI Build-Up for 4,400 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
$79.2K $18.00/SF
− Vacancy
−$19.5K −$4.43/SF
EGI
$59.7K $13.57/SF
− OpEx
−$14.9K −$3.39/SF
NOI
$44.8K $10.18/SF
Area
Morgan County, CO
Vacancy
24.60%
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%
$895,760
Cap Rate 7%
$639,829
Cap Rate 9%
$497,644
Alternative Uses
Best Use
Office B
$639.8K
$559.9K – $746.5K
NOI $44,788 @ 7.0% cap · market cap 7.53%
Second Best
Retail
$632.3K
$553.3K – $737.7K
NOI $44,260 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,182 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 80701, CO
16,101
Population
6,575
Households
2.4
Avg Household Size
35
Median Age
19%
College-Educated
84%
High-School Grad
616.5 sq mi
ZIP Area
26
Density / Sq Mi
$72,500
Median Household Income
$41,071
Median Earnings
$1,096
Median Rent
$318,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Fully leased commercial property combines retail and office uses with additional basement space.
Where is this retail space located?
The property is located at 617 W Platte Ave Fort Morgan, CO.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Fully leased retail and office property; Three units totaling 4,400 square feet; Full unfinished basement
