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Property profile & analytics
OFF-MARKET
Estimated value
$20,085,000
Manufacturing properties
5120 Race Ct Denver, CO 80216-2135
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US13-0871465
Property profile
Verified
Property type
Manufacturing properties
Use group
FOOD PROCESSING
Year built
1972
Construction
CONCRETE
Total area
125,844 SF
Lot
7.61 ac (331,597 SF)
Zoning code
I-B
APN
02144-00-050-000
UPID
US13-0871465
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Otis Spunkmeyer Inc Bakery Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$16.45M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$20.09M
Owner & transaction history
Areit Western Food Center LLC · 1 yrs held
Areit Western Food Center LLC
since 2024
7 recorded transactions
Zoning & alternative use
I-B · Denver, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$32.2M
+39.8%
Apartment house (5+ units)
$30.5M
+32.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Denver submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Denver submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$17,815,000
6.5%
$16,445,000
7%
$15,270,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$23,030,000
Current use
OFFICE BUILDING
$32,205,000
Change: +40% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$30,515,000
Change: +32% · Conversion: Difficult
Blend value · Realmo final
$20.09M
Range $18.08M – $22.09M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$160 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$567,250
Tax year 2023
Assessed value
$7,320,680
Assessed 2023
Previous assessed
$3,032,530
+141.4% YoY
Effective rate
7.75%
On assessed value
Assessed land
$1,179,580
Assessed improvement
$6,141,100
Land market value
$4,227,900
Improvement market value
$22,011,100
Total market value
$26,239,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
FOOD PROCESSING
Status
Off-Market
Year built
1972
Construction
CONCRETE
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Units
2
Total area
125,844 SF
Lot
7.61 ac (331,597 SF)
Zoning code
I-B
APN
02144-00-050-000
UPID
US13-0871465
Jurisdiction
DENVER
Zoning & alternative use
I-B · Denver, CO
Zoning I-B · permitted uses
I-B · Denver, CO
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Denver. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$23.0M
OFFICE BUILDING
Est. value
$32.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$30.5M
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1972
Construction
CONCRETE
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
2
Lot
7.61 ac
Current owner
From public records · entity-resolved
Areit Western Food Center LLC
Entity
Mailing address
518 17TH ST STE #1700, DENVER, CO 80202-4130
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 26, 2024
—
Areit Western Food Center LLC
Adrex Diversified I LLC
Special Warranty Deed
—
Jan 19, 2022
$39,250,000
Adrex Diversified I Dst
Freg Race Court Associates LLC
Special Warranty Deed
—
Apr 1, 2019
—
Freg Race Court Associates LLC
5120 Race Court LLC
Quit Claim Deed
—
Jul 5, 2016
$12,500,000
5120 Race Court LLC
Versacold USA INC
Special Warranty Deed
$9,375,000 · Wells Fargo Bank NA
Jan 31, 2007
—
Atlas Cold Storage America LLC
—
Deed Of Trust
related
$200,000,000 · Eimskipafelag Islands Ehf
Jan 22, 2007
—
Atlas Cold Storage America LLC
—
Deed Of Trust
related
$275,000,000 · Royal Bank Of Canada
Oct 29, 2002
—
Atlas Cold Storage America LLC
Cs Integrated LLC
Grant Deed
$306,500 · Denver City (co)
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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