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    337 1St St Salida, CO 81201

    Sponsored
    For Sale
    $2,363,000

    High-Yield NNN Lease, Strong Tenant

    Property size:
    2,450 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a 2,450-square-foot convenience store and Conoco Gas Station in Salida, Colorado. The property, built in 1976 and situated on a 0.2-acre lot, boasts a prominent location at 337 W 1st St, offering excellent visibility and access. Currently operating under an absolute NNN lease with Alta Convenience and Conoco Gas, the lease features approximately 16.2 years remaining, with four 5-year renewal options. The lease includes attractive rent bumps: 1.5% annual increases until February 2026, followed by 7.5% increases in 2031, 2036, and at the start of each option period. The property generates a substantial NOI of $147,668, resulting in a 6.25% cap rate. The asking price is $2,363,000, translating to $964.49 per square foot. The property includes 10 parking spaces and 2 gas pumps. The tenant, CF Altitude LLC, operates 164 service stations and convenience stores across multiple states and is headquartered in Greenwood Village, Colorado. Fee simple ownership provides potential bonus depreciation benefits. This offering presents a compelling combination of strong tenant occupancy, significant remaining lease term, and built-in rent growth, making it an ideal addition to any investment portfolio.

    Property Features for 337 1St St

    General Information

    Property type
    Automotive properties
    Square Feet
    2,450 SF
    Lot Size
    8,712 SF

    Building Details

    Year Built
    1976

    HighLights

    • $2,363,000 asking price for a 2,450 SF retail property in Salida, CO.
    • Absolute NNN lease with a strong, creditworthy tenant (Alta Convenience/Conoco Gas) with 16.2 years remaining.
    • 6.25% cap rate with a current NOI of $147,668.
    • Lease features 1.5% annual rent increases and 7.5% increases at the start of each of four 5‑year options.
    • Fee simple ownership with potential bonus depreciation benefits.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conoco Gas Station Alta Convenience Convenience Store First Stop Convenience Store ATM Atm

    Suggested Use

    Auto Repair Shop Dental Office Nail Salon Wholesale Shop Daycare Center Barber Shop Convenience Store Department Store Garden Center HVAC Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Salida
    County
    Chaffee
    State
    Colorado
    Longitude
    -105.9939976
    Latitude
    38.5378118

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    FAQs

    What type of property is this?
    Automotive property - High-Yield NNN Lease, Strong Tenant
    Where is this automotive property located?
    The property is located at 337 1St St Salida, CO.
    What is the asking price?
    The asking price for this property is $2,363,000.
    What are key features of this property?
    This property features: $2,363,000 asking price for a 2,450 SF retail property in Salida, CO.; Absolute NNN lease with a strong, creditworthy tenant (Alta Convenience/Conoco Gas) with 16.2 years remaining.; 6.25% cap rate with a current NOI of $147,668.
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    Salida, CO 81201
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    Realmo Value Estimation

    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.

    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.

    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
    337 1St St Salida, CO 81201
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