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Property profile & analytics
OFF-MARKET
Estimated value
$5,155,000
Industrial properties
5405 Spine Rd Boulder, CO 80301-3315
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US13-0046770
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1982
Construction
TILT-UP CONCRETE
Total area
14,643 SF
Lot
0.99 ac (43,037 SF)
Zoning code
3110
APN
1463-02-0-01-013
UPID
US13-0046770
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
-
Watershed School High School
-
Aero Grow International Inc Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.31M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.54M
Blend (final)
Blend
$5.16M
Owner & transaction history
Princerio LLC · 2 yrs held
Princerio LLC
since 2023
Last sale
$4.8M
6 recorded transactions
Zoning & alternative use
3110 · Boulder, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$7.1M
+26.0%
Auto repair, garage
$6.8M
+20.6%
Office building
$6.5M
+14.6%
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 Boulder submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Boulder 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
$5,265,000
ML approach
$5,305,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$5,655,000
Current use
RESTAURANT
$7,120,000
Change: +26% · Conversion: Difficult
AUTO REPAIR, GARAGE
$6,815,000
Change: +21% · Conversion: Easy
OFFICE BUILDING
$6,475,000
Change: +15% · Conversion: Difficult
COMMERCIAL (GENERAL)
$5,735,000
Change: +1% · Conversion: Difficult
Blend value · Realmo final
$5.16M
Range $4.64M – $5.67M · ±10% · vs last sale $4.83M (Aug 28 2023)
Last sale anchor
$4.83M
Aug 28 2023
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
$352 / 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
$77,600
Tax year 2023
Assessed value
$898,575
Assessed 2023
Previous assessed
$594,500
+51.1% YoY
Effective rate
8.64%
On assessed value
Assessed land
$217,062
Assessed improvement
$681,513
Land market value
$778,000
Improvement market value
$2,442,700
Total market value
$3,220,700
Applied tax rate
10.0000
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
1982
Construction
TILT-UP CONCRETE
Heating
YES
Cooling
YES
Stories
1
Total area
14,643 SF
Lot
0.99 ac (43,037 SF)
Zoning code
3110
APN
1463-02-0-01-013
UPID
US13-0046770
Jurisdiction
BOULDER
Zoning & alternative use
3110 · Boulder, CO
Zoning 3110 · permitted uses
3110 · Boulder, CO
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Boulder. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$5.7M
RESTAURANT
Est. value
$7.1M
AUTO REPAIR, GARAGE
Est. value
$6.8M
OFFICE BUILDING
Est. value
$6.5M
COMMERCIAL (GENERAL)
Est. value
$5.7M
INDUSTRIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
COMMERCIAL (GENERAL)
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
1982
Construction
TILT-UP CONCRETE
Heating
YES
Cooling
Yes
Stories
1
Lot
0.99 ac
Current owner
From public records · entity-resolved
Princerio LLC
Entity
Mailing address
5405 SPINE RD, BOULDER, CO 80301-3315
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 28, 2023
—
Princerio LLC
Spinebarrel LLC
Special Warranty Deed
—
Aug 28, 2023
$4,832,340
The Watershed School INC
Spinebarrel LLC
Special Warranty Deed
$8,460,000 · Midwestone Bank
Aug 30, 2019
—
Spinebarrel LLC
—
Deed
related
$2,300,000 · First National Bank Of Omaha
Feb 2, 2004
$1,750,000
Spinebarrel LLC
Humphrey,donald J
Grant Deed
$1,225,000 · North American Savings Bank
—
—
Spinebarrel LLC
—
Deed Of Trust
related
$1,875,000 · Mile High Bank NA
—
—
Donald J Humphrey
—
Deed Of Trust
related
$150,820 · Colorado Business Bank NA
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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