Freestanding Three-Tenant Retail
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For Sale
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950 Elgin Avenue, Longmont, CO 80501
Fully leased commercial building with retail, studio, and restaurant uses.
Property Size7,295 SF
Price / SF$225.09
Days on Market5
Property Features for 950 Elgin Avenue
General Information
Standard status
Active
Size
7,295 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Building Details
Tenancy
Multi
Listing Agency:
Prime Commercial Real Estate
Listed By:
Nelson Miner · License #CO FA.001311382
Source:
Crexi
Added: Aug 29
Changed: Sep 1
Last Checked: Sep 1 at 10:00PM
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 Prime Commercial Real Estate
Investment Insights
Based on property information with market context.
Located at 950 Elgin Avenue, this freestanding retail property contains 7,295 SF and is occupied by three tenants. The current tenant mix includes a retail gaming store, martial arts studio, and restaurant, providing varied commercial uses within one building.
The property sits adjacent to the Safeway Center on Ken Pratt Boulevard with convenient access to the surrounding road network. Reported traffic volume is 36,897 vehicles per day on Ken Pratt Boulevard and 11,535 vehicles per day on South Pratt Parkway. The surrounding 3-mile area includes 34,963 daytime employees.
The property sits adjacent to the Safeway Center on Ken Pratt Boulevard with convenient access to the surrounding road network. Reported traffic volume is 36,897 vehicles per day on Ken Pratt Boulevard and 11,535 vehicles per day on South Pratt Parkway. The surrounding 3-mile area includes 34,963 daytime employees.
Key Highlights
- 7,295 SF freestanding retail building
- Fully leased to three tenants
- Tenant mix includes retail gaming, martial arts, and restaurant uses
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
$88,339
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
5.38%
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%
$1,766,780
$1.8M
Cap Rate 7%
$1,261,986
$1.3M
Cap Rate 9%
$981,544
$981.5K
Market Conditions
NOI Build-Up for 7,295 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
$131.3K $18.00/SF
− Vacancy
−$13.5K −$1.85/SF
EGI
$117.8K $16.15/SF
− OpEx
−$29.4K −$4.04/SF
NOI
$88.3K $12.11/SF
Area
Weld County, CO
Vacancy
10.30%
Lease Rate
$18.00 /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%
$1,766,780
Cap Rate 7%
$1,261,986
Cap Rate 9%
$981,544
Alternative Uses
Best Use
Specialty Retail
$1.26M
$1.10M – $1.47M
NOI $88,339 @ 7.0% cap · market cap 5.38%
Second Best
Retail
$1.18M
$1.03M – $1.37M
NOI $82,450 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office B
$1.33M
$1.16M – $1.55M
NOI $93,066 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,363
Businesses Nearby
Explore this area
Business Placement
Demographics for 80501, CO
42,822
Population
19,173
Households
2.2
Avg Household Size
38
Median Age
39%
College-Educated
89%
High-School Grad
12.6 sq mi
ZIP Area
3,399
Density / Sq Mi
$77,705
Median Household Income
$42,599
Median Earnings
$1,586
Median Rent
$461,400
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?
Retail space - Fully leased commercial building with retail, studio, and restaurant uses.
Where is this retail space located?
The property is located at 950 Elgin Avenue Longmont, CO.
What is the asking price?
The asking price for this property is $1,642,000.
What are key features of this property?
This property features: 7,295 SF freestanding retail building; Fully leased to three tenants; Tenant mix includes retail gaming, martial arts, and restaurant uses
