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    617 6Th St Greeley, CO 80631

    Sponsored
    For Sale
    $4,000,000

    Multi-tenant warehouse, cold storage. High ROI.

    Property size:
    36,897 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    415
    This exceptional Greeley, CO industrial property presents a compelling investment opportunity. The portfolio comprises three buildings totaling 36,897 square feet of net rentable space on a 73,616 square foot lot, zoned I-M. The buildings, constructed between 1892 and 1982 with renovations in 1982, feature a mix of warehouse and refrigerated cold storage space. Building features include 6 loading docks, 4 dock-high doors, and ceiling heights reaching 23 feet. Currently, two tenants occupy the space under a net lease agreement with annual 3% rent bumps. Tenant 1 leases 8,784 square feet on a month-to-month basis, while Tenant 2 occupies 20,147.14 square feet until February 28, 2026, then 18,334 square feet. Approximately 7,965.86 square feet is available for owner-occupancy, offering significant flexibility. The property boasts 25 parking spaces and benefits from a strong pro-forma cap rate of 7.18% and NOI of $287,333. The asking price is $4,000,000, representing a price per square foot of $108.41 and a price per unit of $1,333,333.33. The property is ideally suited for a 1031 exchange. The current lease term is 1.3 years, commencing November 1, 2024. The property includes 1,000 AMP 3-phase power. Three water wells are permitted on the site, although two are abandoned and one is inactive.

    Property Features for 617 6Th St

    General Information

    Property type
    Refrigerated & Cold Storages
    Square Feet
    36,897 SF
    Class
    C

    Building Details

    Year Renovated
    1982
    Buildings
    3
    Stories
    1
    Units
    3

    We can help!

    Listing Contact
    Lissa Johnson
    Lissa Johnson

    Learn more

    Property Insight Report

    HighLights

    • Free‑standing commercial building with office, cold storage, and warehouse space totaling 35,714 SF.
    • Building 1: 2,640 SF commercial office space with 5,560 SF of dock‑high warehouse space, featuring two drive‑in 14' overhead doors.
    • Building 2: 10,450 SF warehouse including approximately 3,600 SF of cold storage and dock‑high loading.
    • Building 3: 17,064 SF warehouse with six drive‑thru bays and 14' overhead doors.
    • Ceiling heights range from 10' to 23'.
    • Property features 4 dock‑high and 14 drive‑in overhead doors, plus 7 drive‑thru bays, one with a loading dock.
    Property Profile Location Intelligence

    Current Use by Public Records

    Martin Produce Co Produce Market

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greeley
    County
    Weld
    State
    Colorado
    Longitude
    -104.6882851
    Latitude
    40.4276812

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    FAQs

    What type of property is this?
    Refrigerated / Cold Storage - Multi-tenant warehouse, cold storage. High ROI.
    Where is this refrigerated / cold storage located?
    The property is located at 617 6Th St Greeley, CO.
    What is the asking price?
    The asking price for this property is $4,000,000.
    What are key features of this property?
    This property features: Free-standing commercial building with office, cold storage, and warehouse space totaling 35,714 SF.; Building 1: 2,640 SF commercial office space with 5,560 SF of dock-high warehouse space, featuring two drive-in 14' overhead doors.; Building 2: 10,450 SF warehouse including approximately 3,600 SF of cold storage and dock-high loading.
    Request Owner's contact information
    617 6Th St Greeley, CO 80631
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    Greeley, CO 80631
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    617 6Th St Greeley, CO 80631
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    We can help!
    Listing Contact
    Lissa Johnson
    Lissa Johnson
    Real Estate License ID: CO - FA40021430
    Learn more
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