Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    615 Mitchell Way Erie, CO 80516-5437

    • Retail space
    • 11,295 SF
    • 2.22 lot acres
    OFF-MARKET
    Value Estimations
    $2,145,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1187250
    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

    • Patil Orthodontics - Erie / Orthodontist / Cosmetic Dentist
    • Wettstein Kelly B DDS / Dentist
    • Dr. Andrew Holecek, DDS / Dentist
    • Patil Raj DDS / Dentist
    • She Nails / Nail Salon

    Property Details for 615 Mitchell Way

    Year built
    2009
    Lot size
    2.22 lot acres
    Property size
    11,295 SF
    Property type
    Retail space
    APN
    R5341308
    APU
    R5341308

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,130,000
      6.5%
      $1,965,000
      7%
      $1,825,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,627,000
      Market price range: $1.17M - $2.84M
      AI Estimate
      $1,849,000
      Market price range: $452k - $2.32M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,935,000
      Current use
      INDUSTRIAL (GENERAL)
      $2,200,000
      Change: +14% Conversion: Difficult
      RESTAURANT
      $2,160,000
      Change: +11% Conversion: Easy
      OFFICE BUILDING
      $2,070,000
      Change: +7% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,950,000
      Change: +1% Conversion: Easy
      MEDICAL BUILDING
      $1,885,000
      Change: -3% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,845,000
      Change: -5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Weld
    State
    Colorado
    Longitude
    -105.052
    Latitude
    40.0363
    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
    $109,147
    $445,240
    $621,930
    $1,067,170
    -
    $1,595,853
    $2,229,147
    $3,825,000

    Comparable in this City

    • Value Estimation by Request
      1,399 SF

      145 Wls Stb

      RETAIL STORES (PERSONAL SERVICES) • 1,399 SF
      145 Wls Stb, Erie, CO 80516-5072
      View Details
    • Value Estimation
      $12,120,000
      66,905 SF

      2831 Bonanza Dr

      RETAIL STORES (PERSONAL SERVICES) • 66,905 SF
      2831 Bonanza Dr, Erie, CO 80516-8144
      View Details
    • Value Estimation
      $670,000
      1,488 SF

      584 Briggs St

      RETAIL STORES (PERSONAL SERVICES) • 1,488 SF
      584 Briggs St, Erie, CO 80516-5021
      View Details
    • Value Estimation
      $7,070,000
      12,315 SF

      680 Mitchell Way

      RETAIL STORES (PERSONAL SERVICES) • 12,315 SF
      680 Mitchell Way, Erie, CO 80516-5450
      View Details
    • Value Estimation by Request
      3,253 SF

      502 Briggs St

      RETAIL STORES (PERSONAL SERVICES) • 3,253 SF
      502 Briggs St, Erie, CO 80516
      View Details
    • Value Estimation
      $1,585,000
      11,682 SF

      651 Mitchell Way

      RETAIL STORES (PERSONAL SERVICES) • 11,682 SF
      651 Mitchell Way, Erie, CO 80516-5436
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.82 Acres

      Vista Ridge Shopping Center Opportunity

      Erie, CO Retail Pad Sites: Lease, Build-to-Suit, or Buy
      1891 State Highway 7, Erie, CO 80516
      View Details
    • $1,299,000
      3,558 SF

      Erie CO Commercial Building Investment

      Thriving Bar & Restaurant, High Traffic
      524 Briggs St, Erie, CO 80516
      View Details
    • $1,233,162
      1.57 Acres

      Frederick Commercial Land - Hwy 52

      1.57-acre commercial lot, prime location.
      3470 State Highway 52, Frederick, CO 80516
      View Details
    • $595,000
      2,500 SF

      Erie Commercial Building - Great Potential

      Large shell space, high potential, ideal for customization.
      3000 Airport Dr, Erie, CO 80516
      View Details
    • $5,400,000
      17 SF

      Residential Development Opportunity with Views

      Prime land for residential development with Rocky Mountain views.
      Hickory Dr & Vis Pkwy, Erie, CO 80516
      View Details
    • Contact for pricing

      Land Adjacent to King Soopers

      Pad sites available for lease, build-to-suit, or sale.
      2130 Village Vista Dr, Erie, CO 80516
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      130,680 SF

      Palisade Park Retail Land Pads

      Prime Broomfield County Retail Sites
      0 Nwc State Hwy 7 & Huron St, Broomfield, CO 80516
      View Details
    • Contact for pricing
      19,700 SF

      Highway 7 Retail Opportunity

      19,700 SF retail space with drive-thru and patio potential.
      2999 Bonanza Dr, Erie, CO 80516
      View Details
    • Contact for pricing
      19,700 SF

      Retail Space in Growing Area

      Retail property in a growing residential market, fronting Highway 7.
      50 County Road 3, Erie, CO 80516
      View Details
    • $14 SF/Yr
      14,721 SF

      Frederick Industrial Space - 14,721 SF

      Prime Flex Space: Manufacturing, Warehouse, Office
      3762 Puritan Way, Frederick, CO 80516
      View Details
    • $12 SF/Yr

      Frederick Mixed-Use Campus Suite

      Mixed-use campus suite in Frederick, CO, for lease.
      3540 2Nd St, Erie, CO 80516
      View Details
    • $11 SF/Yr
      6,250 SF

      Industrial Space Near Erie Airport

      6,250 SF industrial space with airport access.
      3000 Airport Dr, Erie, CO 80516
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    615 Mitchell Way
    Erie, CO 80516-5437
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.