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    Property profile & analytics

    617 6Th St Greeley, CO 80631

    • Warehouses
    • 16,128 SF
    • 1.69 lot acres
    For Sale
    View listing
    $4,000,000
    Last Sale
    Aug 05, 2022
    $3,350,000
    Value Estimations
    Cap Rate Potential
    5.5%
    Warehouses
    Location Intelligence
    Property ID
    US13-0912691
    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

    • Martin Produce Co / Produce Market

    Property Details for 617 6Th St

    Year built
    1966
    Lot size
    1.69 lot acres
    Property size
    16,128 SF
    Property type
    Warehouses
    APN
    R8048600
    APU
    R8048600

    Description

    This exceptional Greeley, CO industrial property presents a compelling investment opportunity. The portfolio comprises three buildings totaling 36,897 square feet of net rentable space on a 73,616 square foot lot, zoned I-M. The buildings, constructed between 1892 and 1982 with renovations in 1982, feature a mix of warehouse and refrigerated cold storage space. Building features include 6 loading docks, 4 dock-high doors, and ceiling heights reaching 23 feet. Currently, two tenants occupy the space under a net lease agreement with annual 3% rent bumps. Tenant 1 leases 8,784 square feet on a month-to-month basis, while Tenant 2 occupies 20,147.14 square feet until February 28, 2026, then 18,334 square feet. Approximately 7,965.86 square feet is available for owner-occupancy, offering significant flexibility. The property boasts 25 parking spaces and benefits from a strong pro-forma cap rate of 7.18% and NOI of $287,333. The asking price is $4,000,000, representing a price per square foot of $108.41 and a price per unit of $1,333,333.33. The property is ideally suited for a 1031 exchange. The current lease term is 1.3 years, commencing November 1, 2024. The property includes 1,000 AMP 3-phase power. Three water wells are permitted on the site, although two are abandoned and one is inactive.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,255,000
      ML approach
      $3,070,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,000,000
      6.5%
      $2,770,000
      7%
      $2,570,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,267,000
      Market price range: $969k - $3.27M
      AI Estimate
      $1,974,000
      Market price range: $599k - $1.97M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $2,310,000
      Current use
      RESTAURANT
      $3,085,000
      Change: +33% Conversion: Difficult
      OFFICE BUILDING
      $2,960,000
      Change: +28% Conversion: Difficult
      MEDICAL BUILDING
      $2,690,000
      Change: +16% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,545,000
      Change: +10% Conversion: Difficult
      RETAIL STORES
      $2,475,000
      Change: +7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Greeley
    County
    Weld
    State
    Colorado
    Longitude
    -104.688
    Latitude
    40.4279
    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
    $80,396
    $107,880
    $784,810
    $892,690
    -
    $386,652
    $2,812,924
    $3,199,576

    Comparable in this City

    • Value Estimation
      $255,000
      1,428 SF

      601 12th 14th St

      WAREHOUSE, STORAGE • 1,428 SF
      601 12th 14th St, Greeley, CO 80631-4139
      View Details
    • Value Estimation
      $295,000
      4,000 SF

      1621 1st Ave

      WAREHOUSE, STORAGE • 4,000 SF
      1621 1st Ave, Greeley, CO 80631-5928
      View Details
    • Value Estimation
      $430,000
      10,508 SF

      1138 11th Ave

      WAREHOUSE, STORAGE • 10,508 SF
      1138 11th Ave, Greeley, CO 80631-9501
      View Details
    • Value Estimation
      $2,200,000
      9,738 SF

      306 16th St

      WAREHOUSE, STORAGE • 9,738 SF
      306 16th St, Greeley, CO 80631-5907
      View Details
    • Value Estimation
      $2,590,000
      13,737 SF

      115 6th Ave

      WAREHOUSE, STORAGE • 13,737 SF
      115 6th Ave, Greeley, CO 80631
      View Details
    • Value Estimation
      $250,000
      3,061 SF

      1316 7th Ave

      WAREHOUSE, STORAGE • 3,061 SF
      1316 7th Ave, Greeley, CO 80631-4132
      View Details

    Similar Nearby for Sale

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    • $2,190,000
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    Similar Nearby for Lease

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      Greeley Warehouse with Fenced Yard

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      Greeley Warehouse with Drive-Thru Bays

      8,786 SF warehouse with drive-thru bays and radiant heat.
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      Warehouse with Fenced Yard

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      Greeley Warehouse with Yard

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      Warehouse with Office and Yard

      Warehouse with office space, drive-in doors, and fenced yard.
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      View Details
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    Greeley, CO 80631
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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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