Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23 Mel Rey Rd Glenwood Springs, CO 81601-2545

    • Commercial real estate
    • 2,120 SF
    • 0.24 lot acres
    OFF-MARKET
    Value Estimations
    $585,000
    Show details
    Cap Rate Potential
    6.4%
    Commercial real estate
    Location Intelligence
    Property ID
    US13-1202193
    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

    • Commercial real estate

    Property Details for 23 Mel Rey Rd

    Year built
    1965
    Construction
    METAL FRAME
    Lot size
    0.24 lot acres
    Property size
    2,120 SF
    Property type
    Commercial real estate
    APN
    218506104005
    APU
    218506104005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $606,000
      Market price range: $208k - $607k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $750,000
      Current use
      OFFICE BUILDING
      $640,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Glenwood Springs
    County
    Garfield
    State
    Colorado
    Longitude
    -107.362
    Latitude
    39.5619
    CBSA code
    24060
    CBSA name
    GLENWOOD SPRINGS, 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
    $17,102
    $114,300
    $122,600
    $236,900
    -
    $409,680
    $439,420
    $849,100

    Comparable in this City

    • Value Estimation by Request
      0.96 Acres

      405 Meadows Dr

      Land • 0.96 Acres
      405 Meadows Dr, Glenwood Springs, CO 81601
      View Details
    • Value Estimation by Request

      2520 Grand Ave, Unit F

      COMMERCIAL CONDOMINUIM
      2520 Grand Ave, Glenwood Springs, CO 81601-4182
      View Details
    • Value Estimation by Request
      0.00 Acres

      1607 Grand Ave, Unit J

      COMMERCIAL CONDOMINUIM • 0.00 Acres
      1607 Grand Ave, Glenwood Springs, CO 81601-3873
      View Details
    • Value Estimation by Request

      Glenwood Springs, CO 81601

      COMMERCIAL CONDOMINUIM
      Glenwood Springs, CO 81601
      View Details
    • Value Estimation by Request

      Glenwood Springs, CO 81601

      COMMERCIAL CONDOMINUIM
      Glenwood Springs, CO 81601
      View Details
    • Value Estimation by Request
      0.01 Acres

      15 Gilstrap Ct

      COMMERCIAL CONDOMINUIM • 0.01 Acres
      15 Gilstrap Ct, Glenwood Springs, CO 81601
      View Details

    Similar Nearby for Sale

    • $5,900,000
      182.00 Acres

      Plus Lazy K Ranch: 182 Acres

      Prime Colorado Ranch: Ag, Commercial Potential
      3961 County Road 114, Glenwood Springs, CO 81601
      View Details
    • $295,000
      0.34 Acres

      Pinyon Mesa Land Opportunity

      Residential land in desirable Pinyon Mesa subdivision, Glenwood Springs.
      117 Paintbrush Way, Glenwood Springs, CO 81601
      View Details
    • $5,500,000
      15,920 SF

      Historic Glenwood Springs Landmark Building

      Four-story landmark building with development lot in prime location.
      801 Grand Ave, Glenwood Springs, CO 81601
      View Details
    • $6,995,000
      29,519 SF

      Freestanding Retail Showroom Building

      Retail/showroom building with I-70 access and high visibility.
      2302 Devereux Rd, Glenwood Springs, CO 81601
      View Details
    • $270,000
      1.01 Acres

      Residential Lot in Glenwood Highlands

      Acre residential lot with utilities in Glenwood Springs, Colorado.
      611 Highlands Dr, Glenwood Springs, CO 81601
      View Details
    • $40,000
      0.28 Acres

      Residential Land in Glenwood Springs

      Residential land for sale in Glenwood Springs, Colorado.
      Various, Glenwood Springs, CO 81601
      View Details

    Similar Nearby for Lease

    • $29 SF/Yr
      1,446 SF

      Glenwood Springs Commercial Space

      Prime Medical/Executive Office, 1446 sq ft
      40 Market St, Glenwood Springs, CO 81601
      View Details
    • $29 SF/Yr
      10,000 SF

      Glenwood Springs Salon Space Available

      Turnkey Salon Suite, High-Traffic Location
      35 Market St, Glenwood Springs, CO 81601
      View Details
    • Contact for pricing
      230,000 SF

      Glenwood Springs Mall Retail Spaces

      High-traffic retail spaces available now.
      51027 Highway 6, Glenwood Springs, CO 81601
      View Details
    • $20 SF/Yr
      138,956 SF

      Versatile Commercial Space in Glenwood

      Warehouse and office space with easy access to I-70.
      266 Center Dr, Glenwood Springs, CO 81601
      View Details
    • $23 SF/Yr

      Retail Space Near Highway 82

      Retail space with high traffic count and ample parking.
      7780-7840 101-102, Glenwood Springs, CO 81601
      View Details
    • $19 SF/Yr

      New Commercial Space, Customizable Interior

      Brand-new commercial space for lease, customizable to your business needs.
      110 Storm King Rd, West Glenwood, CO 81601
      View Details

    Property Visit Statistics

    • Visits by month
      28.8k
    • Visitors by month
      21.8k
    • Avg Time on site
      10 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23 Mel Rey Rd
    Glenwood Springs, CO 81601-2545
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.