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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2120 Miller Dr Longmont, CO 80501-6789

    • Manufacturing properties
    • 27,360 SF
    • 2.52 lot acres
    OFF-MARKET
    Last Sale
    Oct 26, 2023
    $9,584,200
    Value Estimations
    $7,520,000
    Show details
    Cap Rate Potential
    4%
    Manufacturing properties
    Location Intelligence
    Property ID
    US13-0377340
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Scythe Robotics / Agricultural Machinery Manufacturer / Manufacturer
    • Myers Garage Doors / Garage Door Supplier
    • Veritex Manufacturing Services / Manufacturer

    Property Details for 2120 Miller Dr

    Year built
    1986
    Construction
    CONCRETE BLOCKS
    Lot size
    2.52 lot acres
    Property size
    27,360 SF
    Zone code
    3115
    Property type
    Manufacturing properties
    APN
    1315-16-2-06-003
    APU
    131516206003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,325,000
      ML approach
      $8,555,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,525,000
      6.5%
      $5,100,000
      7%
      $4,740,000

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $6,710,000
      Current use
      RESTAURANT
      $13,305,000
      Change: +98% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $10,735,000
      Change: +60% Conversion: Easy
      OFFICE BUILDING
      $8,600,000
      Change: +28% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $7,540,000
      Change: +12% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Longmont
    County
    Boulder
    State
    Colorado
    Longitude
    -105.129
    Latitude
    40.1401
    CBSA code
    14500
    CBSA name
    BOULDER, CO METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $43,738
    $194,937
    $383,101
    $578,038
    -
    $1,011,000
    $2,359,000
    $3,370,000

    Comparable in this City

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      578 SF

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      View Details
    • Value Estimation
      $710,000
      42,500 SF

      1198 Boston Ave

      MANUFACTURING (LIGHT) • 42,500 SF
      1198 Boston Ave, Longmont, CO 80501-5856
      View Details
    • Value Estimation
      $1,350,000
      5,434 SF

      733 Bowen St

      MANUFACTURING (LIGHT) • 5,434 SF
      733 Bowen St, Longmont, CO 80501-6302
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    • Value Estimation
      $2,130,000
      13,650 SF

      950 Sherman St, Unit A

      MANUFACTURING (LIGHT) • 13,650 SF
      950 Sherman St, Longmont, CO 80501-6538
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    • Value Estimation
      $535,000
      8,880 SF

      1822 Sunset Pl

      MANUFACTURING (LIGHT) • 8,880 SF
      1822 Sunset Pl, Longmont, CO 80501-6676
      View Details
    • Value Estimation
      $2,195,000
      6,000 SF

      500 Weaver Park Rd

      MANUFACTURING (LIGHT) • 6,000 SF
      500 Weaver Park Rd, Longmont, CO 80501-6017
      View Details

    Similar Nearby for Sale

    • $3,500,000
      23,043 SF

      Fully Leased Industrial/Flex Compound

      Industrial/Flex compound on 1.83 acres with easy I-25 access.
      8475 Frontage Rd, Longmont, CO 80501
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    • $2,500,000
      7,200 SF

      Modern Industrial Building with Yard

      7,200 SF industrial building with secure outdoor storage.
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    • $2,700,000
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      11,680 SF Flex Office, Multi-Tenant
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    • $1,100,000
      54,801 SF

      Longmont Industrial Redevelopment

      54,801 SF Warehouse, Flex & Distribution
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    • $630,000
      0.99 Acres

      Longmont Commercial Land - $630K

      Prime 0.99-acre lot, mixed-use zoning.
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      View Details
    • $4,250,000
      14,900 SF

      High-Visibility Longmont Retail Space

      Prime corner lot, 14,900 sq ft, lease or sale.
      600 Main St, Longmont, CO 80501
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    Similar Nearby for Lease

    • $13 SF/Yr
      13,947 SF

      Longmont Industrial Building for Lease

      13,947 SF industrial space ideal for BioTech companies.
      2021 Miller Dr, Longmont, CO 80501
      View Details
    • $11 SF/Yr
      2,140 SF

      Longmont Warehouse with Drive-In Access

      Flexible warehouse space with drive-in access in central Longmont.
      1336 Sherman Dr, Longmont, CO 80501
      View Details
    • $12 SF/Yr
      5,498 SF

      Warehouse with Gantry Crane

      Warehouse/production area with crane, offices, and fenced yard.
      733 S Bowen St, Longmont, CO 80501
      View Details
    • $8 SF/Yr
      90,611 SF

      Longmont Industrial Sublease Opportunity

      Versatile industrial space for sublease in Longmont, Colorado.
      120 9Th Ave, Longmont, CO 80501
      View Details
    • $12 SF/Yr
      11,680 SF

      Longmont Office Space for Lease

      Flex & Medical Office Suites Available
      1110 Boston Ave, Longmont, CO 80501
      View Details
    • $13 SF/Yr
      4,944 SF

      Longmont Flex Space Available

      Large flex space with offices, warehouse, and convenient amenities.
      1821 Lefthand Cir, Longmont, CO 80501
      View Details
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    Longmont, CO 80501-6789
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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