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Property profile & analytics
FOR LEASE
Strip malls
902 W Drake Rd Fort Collins, CO 80526
Entity Owned
4-yr Hold
Free & Clear
Property ID
US13-0859690
For Lease
1 / 3
$18 SF/Yr
902 W Drake Rd, Fort Collins, CO 80526
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1999
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
16,032 SF
Lot
0.86 ac (37,462 SF)
APN
97233-59-016
UPID
US13-0859690
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
-
Drake Cycles (Bike/Boat/Book/etc) Store
-
Beacon Construction Construction Company General Contractor
-
Pho Duy Restaurant
-
Turmeric Indian Grocery Grocery & Convenience Store Food Market
-
Saffron Scoops N Bites Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.50M
CAP Approach
CAP
$4.24M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.41M
Owner & transaction history
902 West Drake LLC · 4 yrs held
902 West Drake LLC
since 2022
Last sale
$3.4M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.7M
+213.1%
Restaurant
$2.6M
+202.3%
Office building
$2.5M
+193.3%
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 Fort Collins submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Fort Collins 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
$3,325,000
ML approach
$3,495,000
CAP Approach
CAP Return
Estimation
6%
$4,595,000
6.5%
$4,240,000
7%
$3,935,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,665,000
Change: +213% · Conversion: Easy
RESTAURANT
$2,570,000
Change: +202% · Conversion: Difficult
OFFICE BUILDING
$2,495,000
Change: +193% · Conversion: Moderate
MEDICAL BUILDING
$2,490,000
Change: +193% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$2,230,000
Change: +162% · Conversion: Difficult
Blend value · Realmo final
$3.41M
Range $3.06M – $3.75M · ±10% · vs last sale $3.40M (Jan 7 2022)
Last sale anchor
$3.40M
Jan 7 2022
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
$212 / 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
$87,234
Tax year 2023
Assessed value
$963,890
Assessed 2023
Previous assessed
$667,000
+44.5% YoY
Effective rate
9.05%
On assessed value
Assessed land
$104,737
Assessed improvement
$859,153
Land market value
$375,400
Improvement market value
$3,079,400
Total market value
$3,454,800
Applied tax rate
1,100.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1999
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
1
Total area
16,032 SF
Lot
0.86 ac (37,462 SF)
APN
97233-59-016
UPID
US13-0859690
Jurisdiction
LARIMER
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$2.7M
RESTAURANT
Est. value
$2.6M
OFFICE BUILDING
Est. value
$2.5M
MEDICAL BUILDING
Est. value
$2.5M
INDUSTRIAL (GENERAL)
Est. value
$2.2M
COMMERCIAL (GENERAL)
RESTAURANT
OFFICE BUILDING
MEDICAL BUILDING
INDUSTRIAL (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
1999
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
0.86 ac
Current owner
From public records · entity-resolved
902 West Drake LLC
Entity
Free & Clear · 4 yrs held
Mailing address
902 W DRAKE RD UNIT #7, FORT COLLINS, CO 80526-5561
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 7, 2022
$3,400,000
902 West Drake LLC
Drake Retail Real Estate LLC
Warranty Deed
—
Oct 16, 2014
$2,100,000
Drake Retail Real Estate LLC
Everitt Building P LLC
Special Warranty Deed
$1,680,000 · First National Bank Of Omaha
Mar 9, 2009
—
Everitt Building K LLC
—
Deed Of Trust
related
$2,500,000 · Capital West National Bank
—
—
Everitt Building P LLC
—
Loan Modification
related
—
—
—
Everitt Building M LLC
—
Deed Of Trust
related
—
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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