Downtown Steamboat Springs Gas
For Sale
Contact for pricing
942 Lincoln Ave, Steamboat Springs, CO 80487
Gas station and service center in Steamboat Springs downtown.
Property Size17,500 SF
Lot Size0.40 Acres
Price / SF$192.86
Days on Market502
Property Features for 942 Lincoln Ave
General Information
Standard status
Active
Size
17,500 SF
Lot size
0.40 Acres
Property subtype
Land
Zoning
Commercial Old Town
Listing Agency:
Fortius Commercial Advisors
(970) 846-0713
Listed By:
Erich Schmidt · License #CO FA100046892
Source:
Crexi
Added: Mar 27, 2025
Changed: Aug 8
Last Checked: May 12 at 9:05PM
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 Fortius Commercial Advisors
Investment Insights
Based on property information with market context.
Located at 942 Lincoln Avenue in the heart of Downtown Steamboat Springs, this property, known as "Downtown Conoco," occupies a 17,500 square foot parcel. The site benefits from high visibility, with an annual average daily traffic count of 27,000. Downtown Conoco has been operating since 1977 and features four fuel pumps, three service bays, a small office, and a spacious yard. Situated at the corner of Lincoln Avenue and 10th Street, the property offers convenient access and is surrounded by a variety of restaurants, shops, lodging options, and entertainment venues. It is also located within a ten-minute drive of Steamboat Ski Resort. Adjacent to the property, the City of Steamboat Springs is developing a city hall and fire station project, totaling 15,200 square feet and 18,000 square feet, respectively, along with a new pedestrian plaza on 10th street. Construction commenced in May 2023 and is projected to last 18 months. The property presents an opportunity for redevelopment or continued operation as a gas station and service center. The Commercial Old Town zoning encourages active commercial uses such as retail, service, restaurants, and lodging, while also accommodating office and residential uses. The zoning allows for a maximum building height of 38 feet and a floor area ratio of 200%, equating to 35,000 square feet. There is a 10-foot rear building setback and no maximum lot coverage. The service bays could be converted to a convenience store. Downtown Conoco is one of only two gas stations downtown and ten in all of Steamboat Springs.
Key Highlights
- High‑Traffic Location: Situated on Lincoln Avenue in Downtown Steamboat Springs with 27,000 average daily traffic.
- Redevelopment Potential: Zoned Commercial Old Town, allowing for a maximum building height of 38’ and a floor area ratio of 200% (35,000 SF), with minimal setbacks.
- Existing Business with High Margins: Operating gas station and service center since 1977 with above‑average gross margins.
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
$297,675
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
8.82%
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%
$5,953,500
$6.0M
Cap Rate 7%
$4,252,500
$4.3M
Cap Rate 9%
$3,307,500
$3.3M
Market Conditions
NOI Build-Up for 17,500 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
$472.5K $27.00/SF
− Vacancy
−$47.3K −$2.70/SF
EGI
$425.3K $24.30/SF
− OpEx
−$127.6K −$7.29/SF
NOI
$297.7K $17.01/SF
Area
Routt County, CO
Vacancy
10.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$5,953,500
Cap Rate 7%
$4,252,500
Cap Rate 9%
$3,307,500
Alternative Uses
Best Use
Specialty Retail
$4.76M
$4.16M – $5.55M
NOI $333,113 @ 7.0% cap · market cap 9.87%
Second Best
Retail
$4.25M
$3.72M – $4.96M
NOI $297,675 @ 7.0% cap · market cap 8.82%
Theoretical Best
Warehouse
$7.00M
$6.12M – $8.17M
NOI $489,947 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
Explore this area
Business Placement
Demographics for 80487, CO
18,209
Population
13,231
Households
1.4
Avg Household Size
42
Median Age
57%
College-Educated
97%
High-School Grad
795.8 sq mi
ZIP Area
23
Density / Sq Mi
$106,837
Median Household Income
$50,551
Median Earnings
$1,927
Median Rent
$915,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - Gas station and service center in Steamboat Springs downtown.
Where is this gas station located?
The property is located at 942 Lincoln Ave Steamboat Springs, CO.
What is the asking price?
The asking price for this property is $3,375,000.
What are key features of this property?
This property features: High‑Traffic Location: Situated on Lincoln Avenue in Downtown Steamboat Springs with 27,000 average daily traffic.; Redevelopment Potential: Zoned Commercial Old Town, allowing for a maximum building height of 38’ and a floor area ratio of 200% (35,000 SF), with minimal setbacks.; Existing Business with High Margins: Operating gas station and service center since 1977 with above‑average gross margins.
