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

    2366 Robins Way Montrose, CO 81401-5412

    • Apartment buildings
    • 5,292 SF
    • 4.96 lot acres
    OFF-MARKET
    Value Estimations
    $395,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1368477
    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

    • Volunteers of America Pavilion Gardens Apartments / Apartment Building / Apartment Complex
    • Montrose VOA Housing Ltd / Retirement Community

    Property Details for 2366 Robins Way

    Year built
    2000
    Construction
    WOOD
    Lot size
    4.96 lot acres
    Property size
    5,292 SF
    Property type
    Apartment buildings
    APN
    3767-353-04-002
    APU
    376735304002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $380,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $406,000
      Market price range: $215k - $407k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $315,000
      Current use
      RETAIL STORES
      $540,000
      Change: +71% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $525,000
      Change: +67% Conversion: Difficult
      WAREHOUSE, STORAGE
      $420,000
      Change: +34% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Montrose
    County
    Montrose
    State
    Colorado
    Longitude
    -107.849
    Latitude
    38.4641
    CBSA code
    33940
    CBSA name
    MONTROSE, 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
    $17,820
    $50,830
    $215,400
    $266,230
    -
    $747,560
    $3,167,720
    $3,915,280

    Comparable in this City

    • Value Estimation
      $335,000
      5,023 SF

      448 Main St

      APARTMENT HOUSE (5+ UNITS) • 5,023 SF
      448 Main St, Montrose, CO 81401-3930
      View Details
    • Value Estimation
      $225,000
      2,880 SF

      12581 6450th Rd

      APARTMENT HOUSE (5+ UNITS) • 2,880 SF
      12581 6450th Rd, Montrose, CO 81401-8838
      View Details
    • Value Estimation
      $330,000
      3,773 SF

      603 Barbara Ct

      APARTMENT HOUSE (5+ UNITS) • 3,773 SF
      603 Barbara Ct, Montrose, CO 81401-5041
      View Details
    • Value Estimation
      $315,000
      7,314 SF

      147 Main St

      APARTMENT HOUSE (5+ UNITS) • 7,314 SF
      147 Main St, Montrose, CO 81401-3646
      View Details
    • Value Estimation
      $365,000
      5,600 SF

      347 Main St

      APARTMENT HOUSE (5+ UNITS) • 5,600 SF
      347 Main St, Montrose, CO 81401-3927
      View Details
    • Value Estimation
      $805,000
      65,988 SF

      1650 Church St

      APARTMENT HOUSE (5+ UNITS) • 65,988 SF
      1650 Church St, Montrose, CO 81401-6462
      View Details

    Similar Nearby for Sale

    • $999,990
      14,140 SF

      Historical Masonic Temple with Updates

      Classic Revival building with commercial kitchen and leased units.
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    • New
      $899,000
      3,498 SF

      Montrose Fourplex Investment Opportunity

      Fully leased fourplex near downtown Montrose with steady income.
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    • $1,099,000
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      Montrose Fourplex: Investment Opportunity

      Well-maintained fourplex in Montrose, Colorado, with long-term development potential.
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    • $1,390,000
      46.73 Acres

      Montrose Land: 46 Acres, Dual Zoning

      Prime Montrose land: development ready, stunning views.
      50/Iron Horse Dr, Montrose, CO 81401
      View Details
    • $149,000
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      Move-In Ready Home with Mountain Views

      Immaculate home with mountain views, open space, and great amenities.
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      Comfortable home with updated kitchen, spacious owner's suite, and carport.
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    Similar Nearby for Lease

    • $9 SF/Yr
      6,000 SF

      Main Street Montrose Office Space

      Historic Downtown Montrose, Creative Office Space
      202 Main St, Montrose, CO 81401
      View Details
    • Contact for pricing
      25,271 SF

      Montrose Retail Space - Prime Location

      Large retail space, sublease opportunity.
      3400 Rio Grande Ave, Montrose, CO 81401
      View Details
    • Contact for pricing
      91,786 SF

      Oxbow Crossing Retail Center

      Montrose Retail Space Available: 1,414 - 4,097 SF
      0 Oxbow Dr, Montrose, CO 81401
      View Details
    • $6,671 /Mo
      2,558 SF

      Remodeled Commercial Building in Montrose

      Remodeled commercial building with flexible spaces in North Montrose location.
      300 N Cascade Ave, Montrose, CO 81401
      View Details
    • $1,550 /Mo
      913 SF

      Montrose Office Space For Rent

      Office space near Main Street with flexible layout options.
      105 S Mesa Ave, Montrose, CO 81401
      View Details
    • $2,888 /Mo
      15,555 SF

      Montrose Commercial Space For Rent

      Versatile suite ideal for retail, service, or office use.
      1021 Mayfly Dr, Montrose, CO 81401
      View Details
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    2366 Robins Way
    Montrose, CO 81401-5412
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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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