Office Building with Highway 82
For Sale
$1,350,000
818 Grand Avenue, Glenwood Springs, CO 81601
COMMERCIAL - Glenwood Springs, CO
Property Size3,405 SF
Lot Size0.06 Acres
Price / SF$396.48
Days on Market131
Property Features for 818 Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M2
Basement
Finished, Unfinished
Directions
Exit I-70 to downtown Glenwood Springs. Property is located on north side of Grand Avenue
Subdivision
Glenwood Springs
Standard status
Active
APN
218509412005
Size
3,405 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SECTION: 9 TOWNSHIP: 6 RANGE: 89 SUBDIVISION: ORIGINAL TWNSTE. GLENWOOD BLOCK: 37 LOT: 9 2500 SQUARE FEET
Tax Annual Amount
20958
Legal Description
SECTION: 9 TOWNSHIP: 6 RANGE: 89 SUBDIVISION: ORIGINAL TWNSTE. GLENWOOD BLOCK: 37 LOT: 9 2500 SQUARE FEET
Utilities
Water source
Public
Building Details
Year built
1925
Listing Agency:
The Best Way Home Real Estate
(970) 456-1860
Listed By:
Julian Hardaker · License #ER40034339
(970) 309-5169
Added: Apr 6
Changed: Aug 4
Last Checked: Aug 14 at 9:06PM
MLS# 192290
Copyright © 2026 Aspen Glenwood MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This downtown office building totals 3,405 square feet on a 0.06-acre lot, built in 1925. The current layout is configured as five separate units, with three units at street level and two units in the basement. A flexible floor plan supports multiple configurations, and the property includes private parking behind the building on-site. Public water service is available.
Fronting Grand Ave (Highway 82), the building benefits from street exposure to an estimated 28,000 cars/customers per day. The property is located in the Glenwood Springs Opportunity Zone.
Zoning is M2. The remarks state M2 allows a range of uses including office, retail, hospitality, and mixed-use residential. The zoning also allows development lot line to lot line with a 40-foot building height without a variance, and 60 feet with permission, with the opportunity to add live/work space in the downtown core.
Fronting Grand Ave (Highway 82), the building benefits from street exposure to an estimated 28,000 cars/customers per day. The property is located in the Glenwood Springs Opportunity Zone.
Zoning is M2. The remarks state M2 allows a range of uses including office, retail, hospitality, and mixed-use residential. The zoning also allows development lot line to lot line with a 40-foot building height without a variance, and 60 feet with permission, with the opportunity to add live/work space in the downtown core.
Key Highlights
- Grand Ave (Highway 82) frontage with an estimated 28,000 cars/customers per day
- 5‑unit layout: 3 street‑level units and 2 basement units
- M2 zoning allows office, retail, hospitality, and mixed‑use residential
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
Retail
$588.4K
$514.8K – $686.5K
NOI $41,187 @ 7.0% cap · market cap 3.05%
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
5
Office units
28,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,096
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
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Frequently Asked Questions
What type of property is this?
Office building - Office building on Grand Ave (Highway 82) with M2 zoning and parking behind the structure.
Where is this office building 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: Grand Ave (Highway 82) frontage with an estimated 28,000 cars/customers per day; 5‑unit layout: 3 street‑level units and 2 basement units; M2 zoning allows office, retail, hospitality, and mixed‑use residential
