Fort Collins Medical Office
For Sale
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383 W Drake Rd, Fort Collins, CO 80526
Medical office condominium in Fort Collins' Drake Office Park.
Property Size3,397 SF
Price / SF$176.33
Days on Market1834
Property Features for 383 W Drake Rd
General Information
Standard status
Active
Size
3,397 SF
Class
B
Total Parking Spaces
60
Property subtype
Office
Zoning
E
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1983
Stories
2
Units
1
Tenancy
Multi
Listing Agency:
CBRE
Listed By:
Lauren Larsen · License #FA.100094202
(970) 305-8176
Source:
Crexi
Added: Aug 30, 2021
Changed: Sep 5
Last Checked: Sep 2 at 3:38PM
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
Investment Insights
Based on property information with market context.
This dental/medical office condominium is located in mid-town Fort Collins within the Drake Office Park. The available unit, totaling 3397 square feet, features a large reception area, private offices, several private exam rooms, a large clinic with windows, an in-house dental lab, and a private kitchenette. Restrooms are located within the space.
Key Highlights
- Below market seller financing or 1 year free rent (for qualified buyer/tenant)
- Turnkey dental/medical office condominium
- Multiple private exam rooms and private offices
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
$47,668
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
7.96%
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%
$953,360
$953.4K
Cap Rate 7%
$680,971
$681.0K
Cap Rate 9%
$529,644
$529.6K
Market Conditions
NOI Build-Up for 3,397 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
$74.6K $21.96/SF
− Vacancy
−$11.0K −$3.25/SF
EGI
$63.6K $18.71/SF
− OpEx
−$15.9K −$4.68/SF
NOI
$47.7K $14.03/SF
Area
Fort Collins, CO
Vacancy
14.80%
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%
$953,360
Cap Rate 7%
$680,971
Cap Rate 9%
$529,644
Alternative Uses
Best Use
Office B
$681.0K
$595.9K – $794.5K
NOI $47,668 @ 7.0% cap · market cap 7.96%
Second Best
Healthcare Medical
$675.1K
$590.7K – $787.6K
NOI $47,254 @ 7.0% cap · market cap 7.89%
Theoretical Best
Office A
$884.6K
$774.0K – $1.03M
NOI $61,921 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,798
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80526, CO
45,624
Population
19,463
Households
2.3
Avg Household Size
35
Median Age
57%
College-Educated
98%
High-School Grad
32.0 sq mi
ZIP Area
1,426
Density / Sq Mi
$89,098
Median Household Income
$42,496
Median Earnings
$1,641
Median Rent
$520,500
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?
Medical Office Space - Medical office condominium in Fort Collins' Drake Office Park.
Where is this medical office space located?
The property is located at 383 W Drake Rd Fort Collins, CO.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Below market seller financing or 1 year free rent (for qualified buyer/tenant); Turnkey dental/medical office condominium; Multiple private exam rooms and private offices
