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    229 Midland Ave, Unit D2 Basalt, CO 81621
    Property profile & analytics

    229 Midland Ave, Unit D2 Basalt, CO 81621

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    • Office properties & Spaces
    • 4,255 SF
    • 0.20 lot acres
    For Sale
    $1,595,000
    View Listing →
    Downtown Basalt Office Space For Sale
    $1,595,000
    2,038 SF

    Downtown Basalt Office Space

    Office space in historic downtown Basalt on the Frying Pan River.

    229 Midland Avenue Unit D2, Basalt, CO 81621
    View Listing
    Property ID
    US13-0405786
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Waterlaw: Patrick, Miller, Noto / Law Firm
    • Studio Leeds Architecture / Architect
    • River CoWorks / Real Estate Agency

    Property Details for 229 Midland Ave

    Year built
    2002
    Lot size
    0.20 lot acres
    Property size
    4,255 SF
    Property type
    Office properties & Spaces
    APN
    2467 074 49 071
    APU
    246707449071

    Description

    This exceptional 2,038 square foot commercial space, located at 229 Midland Avenue Unit D2 in Basalt, Colorado, presents a unique investment opportunity. Situated in the heart of downtown Basalt, directly on the Frying Pan River, this property boasts an architectural design that seamlessly blends aesthetics and functionality. The building's prime location offers unparalleled visibility and accessibility, making it ideal for a variety of businesses. The spacious interior provides an inspiring work environment, perfect for teams and clients alike. This upstairs office space is strategically positioned to capitalize on the vibrant downtown Basalt atmosphere and its rich history. The property's historical appreciation, combined with potential for strong cap rate returns, makes it an attractive proposition for investors seeking a blended return strategy. This is a rare opportunity to acquire a truly exceptional commercial property in a highly desirable location. The property is offered at $1,595,000 and sits on a 0-acre lot. The property type is classified as General Commercial. This is a chance to own a piece of Basalt's thriving commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $880,000
      6.5%
      $815,000
      7%
      $755,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,702,000
      Market price range: $604k - $1.70M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,510,000
      Current use
      RETAIL STORES
      $1,885,000
      Change: +25% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Basalt
    County
    Eagle
    State
    Colorado
    Longitude
    -107.032
    Latitude
    39.3687
    CBSA code
    20780
    CBSA name
    EDWARDS, CO MICROPOLITAN 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
    $57,102
    $0.00
    $683,780
    $683,780
    -
    $0.00
    $2,450,830
    $2,450,830

    Comparable in this City

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    • Value Estimation by Request
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      104 Midland Ave, Unit 205

      OFFICE (GENERAL) • 446 SF
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      40 Sunset Dr Ste, Unit 3

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      28 Widget St, Unit 406

      OFFICE (GENERAL) • 1,241 SF
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      View Details

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      Downtown Basalt Office Space

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    View Listing
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    Basalt, CO 81621
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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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