606 Grant St Bureau 461 m² 100 % Loué À vendre Fort Morgan, CO 80701 481 921 € (1 044,99 €/m²)

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.