Multi-Tenant Flex Warehouse
For Sale
Contact for pricing
8925 Pieper Rd, Wellington, CO 80549
Three metal office/warehouse buildings built 2016–2018, each with office and restroom space and radiant overhead heating.
Property Size24,500 SF
Price / SF$161.22
Days on Market825
Property Features for 8925 Pieper Rd
General Information
Standard status
Active
Size
24,500 SF
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2022
Construction
metal
Tenancy
Multi
Listing Agency:
CBRE - Fort Collins
(970) 372-3007
Listed By:
Julius Tabert · License #FA40037286
(970) 372-3852
Source:
Moodyscre
Added: Jun 10, 2024
Changed: Aug 12
Last Checked: Sep 11 at 4:55AM
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.
This multi-tenant flex property includes three office/warehouse buildings constructed in 2016–2018. Each building is metal construction and features a composite roof installed new as of 2022 and warrantied for 20 years. Unit configuration includes a main entrance opening into an open area that also includes an office and a restroom, with radiant overhead heating in each warehouse area. Ceiling heights are 19 feet at the front and 16 feet at the back portion of each warehouse.
The property is located next to I-25, with direct connections to both I-80 and I-70. The owner has recently completed the concrete parking lot, described as 6–8 inches thick with steel rebar.
Building A contains 12,960 SF, Building B contains 5,600 SF, and Building C contains 6,000 SF, for a total of 24,560 SF. Current tenants reimburse the landlord for property taxes.
The property is located next to I-25, with direct connections to both I-80 and I-70. The owner has recently completed the concrete parking lot, described as 6–8 inches thick with steel rebar.
Building A contains 12,960 SF, Building B contains 5,600 SF, and Building C contains 6,000 SF, for a total of 24,560 SF. Current tenants reimburse the landlord for property taxes.
Key Highlights
- Three office/warehouse buildings (Buildings A, B, and C) totaling 24,560 SF
- Built 2016–2018 with metal construction across all buildings
- New composite roof installed as of 2022, warrantied for 20 years
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
$347,305
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
8.79%
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%
$6,946,100
$6.9M
Cap Rate 7%
$4,961,500
$5.0M
Cap Rate 9%
$3,858,944
$3.9M
Market Conditions
NOI Build-Up for 24,500 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
$496.9K $20.28/SF
− Vacancy
−$33.8K −$1.38/SF
EGI
$463.1K $18.90/SF
− OpEx
−$115.8K −$4.73/SF
NOI
$347.3K $14.18/SF
Area
Larimer County, CO
Vacancy
6.80%
Lease Rate
$20.28 /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%
$6,946,100
Cap Rate 7%
$4,961,500
Cap Rate 9%
$3,858,944
Alternative Uses
Best Use
Office B
$4.96M
$4.34M – $5.79M
NOI $347,305 @ 7.0% cap · market cap 8.79%
Second Best
Warehouse
$3.77M
$3.30M – $4.40M
NOI $263,812 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$6.58M
$5.75M – $7.67M
NOI $460,333 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Well-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Flex space - Three metal office/warehouse buildings built 2016–2018, each with office and restroom space and radiant overhead heating.
Where is this flex space located?
The property is located at 8925 Pieper Rd 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: Three office/warehouse buildings (Buildings A, B, and C) totaling 24,560 SF; Built 2016–2018 with metal construction across all buildings; New composite roof installed as of 2022, warrantied for 20 years
