Wellington Flex Office/Warehouse
For Sale
Contact for pricing
8925 Pieper Road, Wellington, CO 80549
Multi-tenant flex property near I-25 in Wellington, Colorado.
Property Size24,560 SF
Price / SF$160.83
Days on Market793
Property Features for 8925 Pieper Road
General Information
Standard status
Active
Size
24,560 SF
Total Parking Spaces
52
Property subtype
Industrial
Lease Type
NNN
Investment Type
Owner/User
Net Operating Income
$285,048
Building Details
Year Built
2016
Buildings
3
Tenancy
Multi
Listing Agency:
CBRE - Fort Collins
(970) 372-3852
Listed By:
Julius Tabert · License #CO FA40037286
Source:
Crexi
Added: Jun 11, 2024
Changed: Aug 12
Last Checked: Aug 11 at 5:12AM
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 CBRE - Fort Collins
Investment Insights
Based on property information with market context.
Located in the growing submarket of Wellington, Colorado, the Boxelder Business Park offers an alternative for businesses seeking industrial space outside of Fort Collins. The property is strategically located next to I-25, providing direct connections to I-80 and I-70. This multi-tenant flex property consists of three office/warehouse buildings constructed in 2016/2018. The buildings feature metal construction and a composite roof, newly installed as of 2022 and warrantied for 20 years. Building A has 12,960 square feet, building B has 5,600 square feet, and building C has 6,000 square feet, totaling 24,560 square feet. The warehouses have a height of 19 feet in the front and 16 feet in the back. Each unit includes a main entrance that opens into an open space with an office and a restroom. Radiant overhead heating is installed in each warehouse. The development includes a 52-space parking lot with a concrete surface that is 6-8 inches thick with steel rebar. Current tenants reimburse the landlord for property taxes. The flexible warehouse design and location between Fort Collins and Cheyenne, Wyoming, make it an appealing option for companies looking to establish a physical presence in the area.
Key Highlights
- Strategically located next to I‑25, providing direct connections to I‑80 and I‑70.
- Multi‑tenant flex property consisting of three office/warehouse buildings totaling 24,560 SF.
- New composite roof (as of 2022) with a 20‑year warranty.
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
$264,458
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
6.70%
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%
$5,289,160
$5.3M
Cap Rate 7%
$3,777,971
$3.8M
Cap Rate 9%
$2,938,422
$2.9M
Market Conditions
NOI Build-Up for 24,560 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
$340.4K $13.86/SF
− Vacancy
−$29.3K −$1.19/SF
EGI
$311.1K $12.67/SF
− OpEx
−$46.7K −$1.90/SF
NOI
$264.5K $10.77/SF
Area
Larimer County, CO
Vacancy
8.60%
Lease Rate
$13.86 /SF/Yr
Expense Ratio
15.00%
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%
$5,289,160
Cap Rate 7%
$3,777,971
Cap Rate 9%
$2,938,422
Alternative Uses
Best Use
Warehouse
$3.78M
$3.31M – $4.41M
NOI $264,458 @ 7.0% cap · market cap 6.70%
Second Best
Industrial
$3.11M
$2.72M – $3.63M
NOI $217,789 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$6.59M
$5.77M – $7.69M
NOI $461,461 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80549, CO
13,530
Population
5,131
Households
2.6
Avg Household Size
34
Median Age
44%
College-Educated
97%
High-School Grad
187.1 sq mi
ZIP Area
72
Density / Sq Mi
$103,760
Median Household Income
$52,401
Median Earnings
$2,290
Median Rent
$452,800
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 - Multi-tenant flex property near I-25 in Wellington, Colorado.
Where is this flex space located?
The property is located at 8925 Pieper Road Wellington, CO.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Strategically located next to I‑25, providing direct connections to I‑80 and I‑70.; Multi‑tenant flex property consisting of three office/warehouse buildings totaling 24,560 SF.; New composite roof (as of 2022) with a 20‑year warranty.
