606 Grant St - Office FOR SALE


Fort Morgan, CO 80701
$550,000 USD
303-847-1295
606 Grant St, Fort Morgan, CO for Sale
$550,000 USD
Office - FOR SALE
1/8
null | Request Cap Rate

606 Grant St
Fort Morgan, CO 80701


HIGHLIGHTS

  • 100% leased to two established tenants in Fort Morgan's commercial core
  • In place rents average $9.10/SF gross, below market rents of $10.00 to $12.00/SF NNN
  • Clear path to NOI growth through renewals, rent mark to market, and NNN conversion
  • Built 1995, on site parking, 0.37 acre site
  • Investment or owner/user opportunity

OVERVIEW

Kinsey & Company is pleased to present 606-614 Grant Street, a 4,964 SF multi-tenant office building in the heart of Fort Morgan, the county seat and commercial hub of Morgan County. Built in 1995 and situated on 0.37 acres with an on site parking lot, the property is leased to two established tenants: GOAL Academy, a statewide public charter school and the largest high school in Colorado, and Edward Jones, a Fortune 500 financial services firm that has occupied its suite at the property since 2002. The value-add thesis rests on a meaningful gap between in place and market economics. Both tenants occupy legacy gross leases at rents averaging $9.10/SF, compared to the $10.00 to $12.00/SF NNN achievable in the market. Because the landlord currently bears all operating costs with no tenant reimbursement, the effective spread is wider than the headline rent difference suggests. Both tenants are long tenured at below market terms, and restructuring to NNN represents a real change to their cost basis. The near term rollover on both leases gives a new owner natural leverage and repeated opportunities to reset terms, and GOAL Academy's escalating in place income through June 2028 means the repositioning does not have to happen all at once. Fort Morgan sits directly on Interstate 76 approximately 80 miles northeast of Denver, anchoring a county of roughly 30,300 residents. The local economy is driven by agriculture and food processing, with major employers including Cargill, Leprino Foods, Western Sugar Cooperative, and Dairy Farmers of America. The property occupies a central location in the city's established commercial corridor near Walgreens, AutoZone, Family Dollar, and 7-Eleven. The offering suits an investor seeking a value add opportunity in a stable tertiary market, or an owner user looking to occupy space in Fort Morgan's commercial core as leases roll.

FOR SALE DETAILS

PRICE

$550,000 USD

PRICE/SF

$87 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1995

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.37 AC

LAND SF

16,226 SF

ZONING

B1

APN/PARCEL ID

R005487

ASK ABOUT THIS PROPERTY

Brady KinseyKinsey & Company Commercial Real Estate, LLCMore Info
303-847-1295

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Brady KinseyKinsey & Company Commercial Real Estate, LLCMore Info
303-847-1295

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.