High-Visibility Retail with Residential
For Sale
$2,050,000
Tree Farm Drive, Basalt, CO 81621
COMMERCIAL - Basalt, CO
Property Size5,515 SF
Lot Size0.46 Acres
Price / SF$371.71
Days on Market1071
Property Features for Tree Farm Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
The Edge is located in the Tree Farm Development. From Hwy 82, turn north on Willits Drive and then west on Tree Farm Drive. Located on western edge of Kodiak Lake.
Subdivision
Basalt
Standard status
Active
APN
246502215001
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Tree Farm PUD: Lot: C-1
Tax Annual Amount
41250
Legal Description
Tree Farm PUD: Lot: C-1
Utilities
Water source
Public
Building Details
Number of units
7
Listing Agency:
ENGEL & VOLKERS
(970) 925-8400
Listed By:
Harrison Sachs · License #FA.01186135
(970) 948-5042
Added: Sep 1, 2023
Changed: Aug 4
Last Checked: Aug 6 at 9:06PM
MLS# 180889
Copyright © 2026 Aspen Glenwood MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Parcel and approved development rights in the Tree Farm PUD, offered for sale as Lot C-1. The property includes plans and is permit ready for a mixed-use development with approximately 5,515 sq ft of high-visibility retail space and 10 Eagle County deed-restricted housing units above the retail.
The retail component can be split into multiple spaces. The development also includes 35 parking spaces. Located along Tree Farm Drive in Basalt, Colorado, the offering is positioned within the Tree Farm lakeside development that includes luxury residential, the Hoffman Hotel, and restaurant/retail and apartments.
Zoning is listed as Commercial. Retail and the residential units are contemplated as part of the same approved project under the Tree Farm PUD.
The retail component can be split into multiple spaces. The development also includes 35 parking spaces. Located along Tree Farm Drive in Basalt, Colorado, the offering is positioned within the Tree Farm lakeside development that includes luxury residential, the Hoffman Hotel, and restaurant/retail and apartments.
Zoning is listed as Commercial. Retail and the residential units are contemplated as part of the same approved project under the Tree Farm PUD.
Key Highlights
- Approved plans and permit ready for pick‑up for 5,515 sq ft of high visibility retail space and 10 Eagle County deed restricted housing units.
- Located in the Tree Farm PUD, a lakeside development with luxury residential, The Hoffman Hotel, restaurant/retail and apartments.
- Retail space can be split into multiple spaces.
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
$82,815
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
4.04%
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%
$1,656,300
$1.7M
Cap Rate 7%
$1,183,071
$1.2M
Cap Rate 9%
$920,167
$920.2K
Market Conditions
NOI Build-Up for 5,515 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
$116.5K $21.12/SF
− Vacancy
−$6.1K −$1.10/SF
EGI
$110.4K $20.02/SF
− OpEx
−$27.6K −$5.01/SF
NOI
$82.8K $15.02/SF
Area
Eagle County, CO
Vacancy
5.20%
Lease Rate
$21.12 /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%
$1,656,300
Cap Rate 7%
$1,183,071
Cap Rate 9%
$920,167
Alternative Uses
Best Use
Specialty Retail
$1.18M
$1.04M – $1.38M
NOI $82,815 @ 7.0% cap · market cap 4.04%
Second Best
Retail
$1.10M
$966.2K – $1.29M
NOI $77,294 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,888 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 81621, CO
6,034
Population
3,145
Households
1.9
Avg Household Size
41
Median Age
59%
College-Educated
96%
High-School Grad
258.7 sq mi
ZIP Area
23
Density / Sq Mi
$103,721
Median Household Income
$58,008
Median Earnings
$2,220
Median Rent
$1,138,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Approved plans for high-visibility retail plus 10 deed-restricted one-bedroom housing units with 35 parking spaces.
Where is this retail space located?
The property is located at Tree Farm Drive Basalt, CO.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Approved plans and permit ready for pick‑up for **5,515 sq ft of high visibility retail space and 10 Eagle County deed restricted housing units.**; Located in the Tree Farm PUD, a lakeside development with luxury residential, The Hoffman Hotel, restaurant/retail and apartments.; Retail space can be split into multiple spaces.
