Historic Downtown Office
For Sale
$2,449,000
Na-928 Lincoln Ave, Steamboat Springs, CO 80487
Multi-suite office property with a residential component, historic architectural details, and independent climate control by floor.
Property Size5,500 SF
Price / SF$445.27
Days on Market225
Property Features for Na-928 Lincoln Ave
General Information
Standard status
Active
Size
5,500 SF
Additional Details
Office Units
9
Taxes and HOA fees
Annual Taxes
$14,429
Building Details
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Steamboat Realty and Management
(970) 879-2532
Listed By:
Bart Kounovsky · License #FA100071436
(970) 879-2532
Source:
Exprealty
Added: Jan 8
Changed: Aug 21
Last Checked: Aug 21 at 12:14PM
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 Steamboat Realty and Management
Investment Insights
Based on property information with market context.
The Lorenz Building is a historic office property in downtown Steamboat Springs, configured across two levels with nine office suites and a 660-square-foot residential unit on the second floor. Exposed brick, upper-level ceilings, and stained-glass windows contribute distinctive architectural character. The building encompasses over 5,500 square feet, and a roof renovation was completed in 2025.
Each floor has two rooftop forced-air heating and cooling systems, supporting separate climate control. The second floor is accessible from both Lincoln Avenue and the rear parking lot. Its existing access and layout may support residential conversion, subject to City approvals. The property is adjacent to the remodeled Steamboat Springs Veterans Center and is located at Na-928 Lincoln Ave.
Each floor has two rooftop forced-air heating and cooling systems, supporting separate climate control. The second floor is accessible from both Lincoln Avenue and the rear parking lot. Its existing access and layout may support residential conversion, subject to City approvals. The property is adjacent to the remodeled Steamboat Springs Veterans Center and is located at Na-928 Lincoln Ave.
Key Highlights
- Over 5,500 square feet configured as two floors of office space
- Nine office suites plus a 660‑square‑foot residential unit
- Exposed brick, high ceilings on the upper level, and stained‑glass windows
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
$96,938
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
3.96%
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%
$1,938,760
$1.9M
Cap Rate 7%
$1,384,829
$1.4M
Cap Rate 9%
$1,077,089
$1.1M
Market Conditions
NOI Build-Up for 5,500 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
$165.0K $30.00/SF
− Vacancy
−$9.9K −$1.80/SF
EGI
$155.1K $28.20/SF
− OpEx
−$58.2K −$10.58/SF
NOI
$96.9K $17.63/SF
Area
Routt County, CO
Vacancy
6.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,938,760
Cap Rate 7%
$1,384,829
Cap Rate 9%
$1,077,089
Alternative Uses
Best Use
Mixed Use
$1.38M
$1.21M – $1.62M
NOI $96,938 @ 7.0% cap · market cap 3.96%
Second Best
Office B
$1.32M
$1.15M – $1.53M
NOI $92,070 @ 7.0% cap · market cap 3.76%
Theoretical Best
Warehouse
$2.20M
$1.92M – $2.57M
NOI $153,983 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
571
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-suite office property with a residential component, historic architectural details, and independent climate control by floor.
Where is this office building located?
The property is located at Na-928 Lincoln Ave Steamboat Springs, CO.
What is the asking price?
The asking price for this property is $2,449,000.
What are key features of this property?
This property features: Over 5,500 square feet configured as two floors of office space; Nine office suites plus a 660‑square‑foot residential unit; Exposed brick, high ceilings on the upper level, and stained‑glass windows
