Downtown Office/Retail
For Sale
$1,350,000
818 Grand Avenue, Glenwood Springs, CO 81601
Multi-unit downtown building with Grand Ave frontage and private parking behind the structure.
Property Size3,405 SF
Price / SF$396.48
Days on Market301
Property Features for 818 Grand Avenue
General Information
Standard status
Active
Size
3,405 SF
Property subtype
General Commercial
Zoning
M2
Site & Location
Traffic Count
28,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Opportunity Zone
Yes
Amenities
3
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
(970) 456-1860
Listed By:
The Best Way Home Real Estate
(970) 309-5169
Source:
Xome
Added: Nov 8, 2025
Changed: Sep 1
Last Checked: Sep 5 at 5:24AM
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 The Best Way Home Real Estate
Investment Insights
Based on property information with market context.
This downtown commercial building totals 3,405 square feet and is currently laid out as five separate units, with three units on the street level and two units in the basement. The space is described as flexible, with a configuration that can support multiple operating needs.
The building has street frontage on Grand Ave (Highway 82), and the property includes private parking behind the building on-site. The property is noted as being in an Opportunity Zone.
Zoning is listed as M2, allowing for office, retail, hospitality, and mixed use residential. The remarks also indicate there is room to expand, with zoning allowing building lot line to lot line and a 40-foot height without a variance (60 feet with permission).
The building has street frontage on Grand Ave (Highway 82), and the property includes private parking behind the building on-site. The property is noted as being in an Opportunity Zone.
Zoning is listed as M2, allowing for office, retail, hospitality, and mixed use residential. The remarks also indicate there is room to expand, with zoning allowing building lot line to lot line and a 40-foot height without a variance (60 feet with permission).
Key Highlights
- 3,405 SF downtown building in the Glenwood Springs Opportunity Zone, built in 1925
- Grand Ave (Highway 82) street frontage with frontage facing an estimated 28,000 cars/customers per day
- Currently laid out as 5 separate units: 3 on the street level and 2 in the 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
$48,229
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
3.57%
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%
$964,580
$964.6K
Cap Rate 7%
$688,986
$689.0K
Cap Rate 9%
$535,878
$535.9K
Market Conditions
NOI Build-Up for 3,405 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
$74.8K $21.96/SF
− Vacancy
−$10.5K −$3.07/SF
EGI
$64.3K $18.89/SF
− OpEx
−$16.1K −$4.72/SF
NOI
$48.2K $14.16/SF
Area
Garfield County, CO
Vacancy
14.00%
Lease Rate
$21.96 /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%
$964,580
Cap Rate 7%
$688,986
Cap Rate 9%
$535,878
Alternative Uses
Best Use
Office B
$689.0K
$602.9K – $803.8K
NOI $48,229 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$891.7K
$780.3K – $1.04M
NOI $62,421 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,235
Businesses Nearby
Explore this area
Business Placement
Demographics for 81601, CO
16,484
Population
6,491
Households
2.5
Avg Household Size
38
Median Age
41%
College-Educated
88%
High-School Grad
367.6 sq mi
ZIP Area
45
Density / Sq Mi
$103,632
Median Household Income
$45,271
Median Earnings
$1,812
Median Rent
$726,000
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 - Multi-unit downtown building with Grand Ave frontage and private parking behind the structure.
Where is this office units located?
The property is located at 818 Grand Avenue Glenwood Springs, CO.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 3,405 SF downtown building in the Glenwood Springs Opportunity Zone, built in 1925; Grand Ave (Highway 82) street frontage with frontage facing an estimated 28,000 cars/customers per day; Currently laid out as 5 separate units: 3 on the street level and 2 in the basement
