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    Property profile & analytics

    337 1St St Salida, CO 81201

    • Grocery and convenience stores
    • 2,520 SF
    • 0.21 lot acres
    For Sale
    View listing
    $2,363,000
    Last Sale
    Aug 02, 2021
    $1,406,200
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1317889
    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

    • Conoco / Gas Station
    • Alta Convenience / Convenience Store
    • First Stop / Convenience Store / Gas Station
    • ATM / Atm

    Property Details for 337 1St St

    Year built
    1976
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.21 lot acres
    Property size
    2,520 SF
    Property type
    Grocery and convenience stores
    APN
    R368132419218
    APU
    R368132419218

    Description

    This exceptional investment opportunity presents a 2,450-square-foot convenience store and Conoco Gas Station in Salida, Colorado. The property, built in 1976 and situated on a 0.2-acre lot, boasts a prominent location at 337 W 1st St, offering excellent visibility and access. Currently operating under an absolute NNN lease with Alta Convenience and Conoco Gas, the lease features approximately 16.2 years remaining, with four 5-year renewal options. The lease includes attractive rent bumps: 1.5% annual increases until February 2026, followed by 7.5% increases in 2031, 2036, and at the start of each option period. The property generates a substantial NOI of $147,668, resulting in a 6.25% cap rate. The asking price is $2,363,000, translating to $964.49 per square foot. The property includes 10 parking spaces and 2 gas pumps. The tenant, CF Altitude LLC, operates 164 service stations and convenience stores across multiple states and is headquartered in Greenwood Village, Colorado. Fee simple ownership provides potential bonus depreciation benefits. This offering presents a compelling combination of strong tenant occupancy, significant remaining lease term, and built-in rent growth, making it an ideal addition to any investment portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,395,000
      ML approach
      $1,415,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Salida
    County
    Chaffee
    State
    Colorado
    Longitude
    -105.994
    Latitude
    38.5377

    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
    $13,188
    $144,050
    $158,590
    $302,640
    -
    $516,317
    $598,421
    $1,114,738

    Comparable in this City

    • Value Estimation
      $3,860,000
      39,482 SF

      232 G St

      GROCERY, SUPERMARKET • 39,482 SF
      232 G St, Salida, CO 81201-2019
      View Details
    • Value Estimation by Request
      3,612 SF

      448 Rainbow Blvd

      CONVENIENCE STORE • 3,612 SF
      448 Rainbow Blvd, Salida, CO 81201-2704
      View Details
    • Value Estimation
      $1,870,000
      2,400 SF

      310 Rainbow Blvd

      CONVENIENCE STORE • 2,400 SF
      310 Rainbow Blvd, Salida, CO 81201-2234
      View Details
    • Value Estimation
      $615,000
      19,404 SF

      200 F St

      GROCERY, SUPERMARKET • 19,404 SF
      200 F St, Salida, CO 81201-2104
      View Details
    • Value Estimation by Request
      1,238 SF

      124 2nd St

      BARBER, HAIR SALON • 1,238 SF
      124 2nd St, Salida, CO 81201-2004
      View Details
    • Value Estimation
      $625,000
      1,270 SF

      10525 County Rd 120

      RETAIL STORES (PERSONAL SERVICES) • 1,270 SF
      10525 County Rd 120, Poncha Springs, CO 81201-9714
      View Details

    Similar Nearby for Sale

    • $2,363,000
      2,450 SF

      Salida Convenience Store & Gas Station

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      337 1St St, Salida, CO 81201
      View Details
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      Versatile Commercial Space in Salida

      3,031 sq ft commercial space in mixed-use development, Fall 2026.
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    • $1,475,000

      Salida Downtown Corner Commercial Property

      Prime corner commercial property in Salida's historic downtown.
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      Mixed-use property in Salida's historic district with retail and office.
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    Similar Nearby for Lease

    • $5,000 /Mo

      Versatile Lot for Lease

      5-acre lot near downtown Salida, ideal for storage, parking.
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    • $5,000 /Mo

      Versatile 5-Acre Lot for Lease

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      View Details
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    337 1St St
    Salida, CO 81201
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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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