Versatile Flex Garage
For Sale
$495,000
Pending
770 Lindbergh Drive #601, Gypsum, CO 81637
Immaculate flex garage suite with high ceilings, air-conditioning, 220V power, heat, and a private bathroom.
Property Size1,293 SF
Days on Market53
Property Features for 770 Lindbergh Drive #601
General Information
Standard status
Pending
Size
1,293 SF
Total Parking Spaces
4
Property subtype
Commercial
Additional Details
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$3,828
Amenities
Assigned
Forced Air Heating
Natural Gas Heating
Building Details
Year Built
2006
Listing Agency:
SLIFER SMITH & FRAMPTON- LIONSHEAD
(970) 479-0245
Listed By:
MOLLY GRIFFIN
Source:
Corcoran
Added: Jul 11
Changed: Aug 16
Last Checked: Aug 14 at 7:10AM
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 SLIFER SMITH & FRAMPTON- LIONSHEAD
Investment Insights
Based on property information with market context.
This immaculate flex garage suite is built with high ceilings and includes air-conditioning, 220V power, and heat. The space also features a private bathroom and lofted space, with a configuration that can accommodate a variety of uses.
Parking is provided with two spaces at the garage door and two spaces at the front door and windows. The layout includes the option to create a retail presence with the garage behind by adding a wall below the loft.
The unit’s existing improvements support immediate customization, while the lofted area and garage setup provide flexibility for a tailored build-out based on the end use.
Parking is provided with two spaces at the garage door and two spaces at the front door and windows. The layout includes the option to create a retail presence with the garage behind by adding a wall below the loft.
The unit’s existing improvements support immediate customization, while the lofted area and garage setup provide flexibility for a tailored build-out based on the end use.
Key Highlights
- Flex garage suite built in 2006 with high ceilings and lofted space
- Air‑conditioning plus heat for year‑round comfort
- 220V power and heat included
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
$13,993
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
2.83%
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%
$279,860
$279.9K
Cap Rate 7%
$199,900
$199.9K
Cap Rate 9%
$155,478
$155.5K
Market Conditions
NOI Build-Up for 1,293 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
$23.3K $18.00/SF
− Vacancy
−$1.7K −$1.35/SF
EGI
$21.5K $16.65/SF
− OpEx
−$7.5K −$5.83/SF
NOI
$14.0K $10.82/SF
Area
Eagle County, CO
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$279,860
Cap Rate 7%
$199,900
Cap Rate 9%
$155,478
Alternative Uses
Best Use
Flex RnD
$199.9K
$174.9K – $233.2K
NOI $13,993 @ 7.0% cap · market cap 2.83%
Second Best
Industrial
$114.2K
$100.0K – $133.3K
NOI $7,997 @ 7.0% cap · market cap 1.62%
Theoretical Best
Office A
$354.7K
$310.3K – $413.8K
NOI $24,826 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 81637, CO
9,845
Population
3,291
Households
3
Avg Household Size
34
Median Age
31%
College-Educated
84%
High-School Grad
787.3 sq mi
ZIP Area
13
Density / Sq Mi
$108,556
Median Household Income
$47,262
Median Earnings
$2,162
Median Rent
$549,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Immaculate flex garage suite with high ceilings, air-conditioning, 220V power, heat, and a private bathroom.
Where is this flex space located?
The property is located at 770 Lindbergh Drive #601 Gypsum, CO.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Flex garage suite built in 2006 with high ceilings and lofted space; Air‑conditioning plus heat for year‑round comfort; 220V power and heat included
