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

    2304 Hbr Ln Evans, CO 80620-9270

    • Warehouses
    • 18,455 SF
    • 2.64 lot acres
    OFF-MARKET
    Last Sale
    Jun 06, 2022
    $4,241,300
    Value Estimations
    $4,225,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1617041
    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

    • Warehouses

    Property Details for 2304 Hbr Ln

    Year built
    2020
    Lot size
    2.64 lot acres
    Property size
    18,455 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    R0611301
    APU
    R0611301

    Description

    This exceptional self-storage portfolio comprises two state-of-the-art facilities in high-growth Colorado markets: Evans and Brighton. The portfolio totals 122,980 rentable square feet, encompassing 1,058 units built in 2019 and 2020. The ModBox Brighton location, situated on County Road 2, offers 78,880 rentable square feet across 696 units, boasting convenient access to major roadways and serving a rapidly expanding suburban area north of Denver. Currently operating at 77% physical and 85% economic occupancy, this facility presents significant potential for increased occupancy. The ModBox Evans facility, located on Harbor Lane, features 44,100 rentable square feet and 362 units, offering a mix of climate-controlled and non-climate-controlled storage options to cater to diverse customer needs. Benefiting from its proximity to Greeley, Evans boasts a robust demographic base exceeding 138,000 people within a 5-mile radius and promising population growth projections for the next decade. This portfolio offers a compelling investment opportunity, with the potential for enhanced operational efficiencies, strategic marketing initiatives, and revenue management strategies to further boost both physical and economic occupancy rates. Properties may be purchased individually or as a combined portfolio. This institutional-quality portfolio within the Denver MSA presents a stable cash flow and attractive value-add potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,235,000
      ML approach
      $4,090,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,321,000
      Market price range: $1.66M - $4.32M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $3,015,000
      Current use
      AUTO REPAIR, GARAGE
      $6,650,000
      Change: +121% Conversion: Easy
      RESTAURANT
      $3,530,000
      Change: +17% Conversion: Difficult
      OFFICE BUILDING
      $3,385,000
      Change: +12% Conversion: Difficult
      RETAIL STORES
      $3,165,000
      Change: +5% Conversion: Moderate
      MEDICAL BUILDING
      $3,080,000
      Change: +2% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,665,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Evans
    County
    Weld
    State
    Colorado
    Longitude
    -104.719
    Latitude
    40.3767
    CBSA code
    24540
    CBSA name
    GREELEY, 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
    $89,393
    $141,170
    $871,100
    $1,012,270
    -
    $505,991
    $3,122,236
    $3,628,227

    Comparable in this City

    • Value Estimation
      $735,000
      7,600 SF

      3255 35th Ave

      MINI-WAREHOUSE, STORAGE • 7,600 SF
      3255 35th Ave, Evans, CO 80620
      View Details
    • Value Estimation
      $520,000
      5,460 SF

      3951 Carson Ave

      MINI-WAREHOUSE, STORAGE • 5,460 SF
      3951 Carson Ave, Evans, CO 80620-2425
      View Details
    • Value Estimation
      $600,000
      7,100 SF

      3951 Carson Ave

      MINI-WAREHOUSE, STORAGE • 7,100 SF
      3951 Carson Ave, Evans, CO 80620-2425
      View Details
    • Value Estimation by Request
      3,600 SF

      3901 Central St

      MINI-WAREHOUSE, STORAGE • 3,600 SF
      3901 Central St, Evans, CO 80620-2922
      View Details
    • Value Estimation
      $505,000
      4,999 SF

      1405 32nd St

      MINI-WAREHOUSE, STORAGE • 4,999 SF
      1405 32nd St, Evans, CO 80620-1406
      View Details
    • Value Estimation
      $530,000
      5,360 SF

      1515 32nd St

      MINI-WAREHOUSE, STORAGE • 5,360 SF
      1515 32nd St, Evans, CO 80620
      View Details

    Similar Nearby for Sale

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      Evans Industrial Property For Sale

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    • $2,288,900
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      Evans, CO Industrial Land for Sale

      25-Acre Industrial Lot, Prime Location
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      350,000 SF

      Greeley Warehouse Distribution Center

      350,000 SF warehouse/distribution center in High Point Business Park.
      2100 115Th Ave, Greeley, CO 80620
      View Details
    • $14 SF/Yr
      30,174 SF

      Evans Industrial Flex Space for Lease

      Modern flex space, ample parking, high ceilings.
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    • $12 SF/Yr
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      Evans, CO Distribution Space For Lease

      Flexible Industrial Space in Growing Evans
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      View Details
    • $12 SF/Yr
      4,673 SF

      Evans Specialty Property for Rent

      Specialty property available for rent in Evans, Colorado.
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    • Contact for pricing

      Evans Land Lease Opportunity

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    • $13 SF/Yr
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      Restaurant/Bar Space Available for Lease

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      View Details
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    2304 Hbr Ln
    Evans, CO 80620-9270
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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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