Prime Commercial Space in
For Sale
$899,000
Pending
695 Pierce St, Erie, CO 80516
Move-in ready office space with income potential in Old Town.
Property Size3,470 SF
Days on Market116
Property Features for 695 Pierce St
General Information
Standard status
Pending
Size
3,470 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,600
Building Details
Building Size
3,470 SF
Year Built
1985
Stories
2
Units
4
Listing Agency:
Mavi Unlimited Inc
(720) 771-8061
Listed By:
Michael Hoover · License #100036906
(720) 771-8061
Source:
Elliman
Added: Apr 15
Changed: Aug 8
Last Checked: Apr 10 at 9:26AM
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 Mavi Unlimited Inc
Investment Insights
Based on property information with market context.
Located at 695 Pierce St in Old Town Erie, this commercial space offers nearly 4000 square feet of flexible office space. The property is situated downtown, steps from Briggs St, providing high visibility and convenient access to nearby restaurants and town events. Zoned for the downtown district, the property allows for continued office space use, as well as future retail and residential applications. The property includes dedicated parking areas with 11 spots, supplemented by neighborhood street parking. Currently, 3 out of the 4 units are rented out, offering rental income potential while providing a home base for business operations.
Key Highlights
- Prime downtown location on Pierce St, steps from Briggs St, offering high visibility and walkability to restaurants and events.
- Nearly 4000 sq ft of flexible office space, move‑in ready.
- Zoned for downtown district, allowing for office, retail, or residential use.
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
$53,165
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
5.91%
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%
$1,063,300
$1.1M
Cap Rate 7%
$759,500
$759.5K
Cap Rate 9%
$590,722
$590.7K
Market Conditions
NOI Build-Up for 4,000 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
$99.8K $24.96/SF
− Vacancy
−$29.0K −$7.24/SF
EGI
$70.9K $17.72/SF
− OpEx
−$17.7K −$4.43/SF
NOI
$53.2K $13.29/SF
Area
Boulder County, CO
Vacancy
29.00%
Lease Rate
$24.96 /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%
$1,063,300
Cap Rate 7%
$759,500
Cap Rate 9%
$590,722
Alternative Uses
Best Use
Office B
$759.5K
$664.6K – $886.1K
NOI $53,165 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,480 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 80516, CO
34,376
Population
13,163
Households
2.6
Avg Household Size
37
Median Age
64%
College-Educated
97%
High-School Grad
40.5 sq mi
ZIP Area
849
Density / Sq Mi
$160,590
Median Household Income
$75,277
Median Earnings
$2,718
Median Rent
$683,600
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?
Office units - Move-in ready office space with income potential in Old Town.
Where is this office units located?
The property is located at 695 Pierce St Erie, CO.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Prime downtown location on Pierce St, steps from Briggs St, offering high visibility and walkability to restaurants and events.; Nearly 4000 sq ft of flexible office space, move‑in ready.; Zoned for downtown district, allowing for office, retail, or residential use.
