Downtown Multi-Office
New
For Sale
$350,000
815 2nd St, Limon, CO 80828
Flexible commercial layout with private offices and potential for professional, retail, or service-oriented occupancy.
Property Size2,500 SF
Price / SF$140
Days on Market4
Property Features for 815 2nd St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,166
Building Details
Building Size
2,500 SF
Year Built
1962
Buildings
1
Stories
1
Units
1
Listing Agency:
RURAL AMERICAN REALTY
Listed By:
Donna Metcalf · License #100088547
(719) 760-0449
Source:
Elliman
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 21 at 7:06AM
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 RURAL AMERICAN REALTY
Investment Insights
Based on property information with market context.
Located at 815 2nd St in downtown Limon, this approximately 2,500-square-foot office building provides a flexible commercial setting with multiple individual offices and adaptable interior space. The existing configuration is suited to professional office use and may be reworked into separate units for multiple businesses or tenants, subject to applicable approvals and modifications.
The property also offers potential for other commercial applications identified for the building, including retail, service business, studio, or day care use. Climate-controlled storage is another possible direction for the space. Its downtown location and multi-office layout provide a practical foundation for an owner-user, a multi-tenant configuration, or a business requiring several enclosed work areas.
The property also offers potential for other commercial applications identified for the building, including retail, service business, studio, or day care use. Climate-controlled storage is another possible direction for the space. Its downtown location and multi-office layout provide a practical foundation for an owner-user, a multi-tenant configuration, or a business requiring several enclosed work areas.
Key Highlights
- Approximately 2,500 square feet of commercial building area
- Multiple private offices with flexible interior space
- Downtown location at 815 2nd St in Limon, Colorado
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
$21,613
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
6.18%
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%
$432,260
$432.3K
Cap Rate 7%
$308,757
$308.8K
Cap Rate 9%
$240,144
$240.1K
Market Conditions
NOI Build-Up for 2,500 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
$35.1K $14.04/SF
− Vacancy
−$6.3K −$2.51/SF
EGI
$28.8K $11.53/SF
− OpEx
−$7.2K −$2.88/SF
NOI
$21.6K $8.65/SF
Area
Lincoln County, CO
Vacancy
17.90%
Lease Rate
$14.04 /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%
$432,260
Cap Rate 7%
$308,757
Cap Rate 9%
$240,144
Alternative Uses
Best Use
Office B
$308.8K
$270.2K – $360.2K
NOI $21,613 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$41.24M
$36.09M – $48.12M
NOI $2,886,941 @ 7.0% cap · market cap 824.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Explore this area
Business Placement
Demographics for 80828, CO
2,603
Population
1,117
Households
2.3
Avg Household Size
39
Median Age
35%
College-Educated
93%
High-School Grad
437.9 sq mi
ZIP Area
6
Density / Sq Mi
$65,893
Median Household Income
$40,476
Median Earnings
$1,167
Median Rent
$232,500
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible commercial layout with private offices and potential for professional, retail, or service-oriented occupancy.
Where is this office building located?
The property is located at 815 2nd St Limon, CO.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approximately 2,500 square feet of commercial building area; Multiple private offices with flexible interior space; Downtown location at 815 2nd St in Limon, Colorado
