Leased Retail Building with Redevelopment
For Sale
$4,700,000
1855 Shield Drive, Steamboat Springs, CO 80487
13,090 SF leased retail building on 1.76 acres.
Property Size13,090 SF
Lot Size1.76 Acres
Price / SF$359.05
Days on Market770
Property Features for 1855 Shield Drive
General Information
Standard status
Active
Size
13,090 SF
Lot size
1.76 Acres
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$18,223
Amenities
3
39 Parking Spaces.
Community Maintenance, Paved Road.
Building Details
Year Built
1996
Listing Agency:
The Agency Steamboat Springs
(970) 457-6880
Listed By:
Christopher Sias
Source:
Xome
Added: Jul 23, 2024
Changed: Aug 25
Last Checked: Aug 31 at 12:38PM
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 The Agency Steamboat Springs
Investment Insights
Based on property information with market context.
The property at 1855 Shield Drive is a fully leased investment opportunity with significant redevelopment potential. The 13,090 square foot retail building is situated on 1.76 acres and is zoned industrial, which permits big box retail. Approximately 84% of the space is occupied by iFurnish under a NNN lease, with Interiors with Altitude occupying the remaining portion. The property features a covered loading area with a roll-up door at the rear. Surface parking is available for thirty-nine vehicles. The metal roof was replaced in late 2025.
The property is located on the west side of Steamboat in a growth area. The surrounding area includes the mixed-use Basecamp project, which features apartments, townhomes, and commercial space, as well as Curve Plaza with restaurants and retail, Ace Hardware, and various other commercial and residential developments. The annual average daily traffic count on the east side of the nearby intersection of US 40 and CO 129 is 24,000. The industrial zoning allows a variety of uses by right, and rezoning may be possible in conjunction with redevelopment.
The property is located on the west side of Steamboat in a growth area. The surrounding area includes the mixed-use Basecamp project, which features apartments, townhomes, and commercial space, as well as Curve Plaza with restaurants and retail, Ace Hardware, and various other commercial and residential developments. The annual average daily traffic count on the east side of the nearby intersection of US 40 and CO 129 is 24,000. The industrial zoning allows a variety of uses by right, and rezoning may be possible in conjunction with redevelopment.
Key Highlights
- 100% leased investment property providing immediate income.
- Significant redevelopment potential due to industrial zoning with big box retail allowed.
- Located in a growth area of Steamboat with high traffic counts (24,000 AADT).
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
$222,661
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
4.74%
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%
$4,453,220
$4.5M
Cap Rate 7%
$3,180,871
$3.2M
Cap Rate 9%
$2,474,011
$2.5M
Market Conditions
NOI Build-Up for 13,090 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
$353.4K $27.00/SF
− Vacancy
−$35.3K −$2.70/SF
EGI
$318.1K $24.30/SF
− OpEx
−$95.4K −$7.29/SF
NOI
$222.7K $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%
$4,453,220
Cap Rate 7%
$3,180,871
Cap Rate 9%
$2,474,011
Alternative Uses
Best Use
Retail
$3.18M
$2.78M – $3.71M
NOI $222,661 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.24M
$4.58M – $6.11M
NOI $366,480 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
517
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?
Retail space - 13,090 SF leased retail building on 1.76 acres.
Where is this retail space located?
The property is located at 1855 Shield Drive Steamboat Springs, CO.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: 100% leased investment property providing immediate income.; Significant redevelopment potential due to industrial zoning with big box retail allowed.; Located in a growth area of Steamboat with high traffic counts (24,000 AADT).
