Add Listing
    For Sale
    • 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

    15941 Highway 115 Penrose, CO 81240

    View on Map
    For Sale
    $170,000

    LAND - Penrose, CO

    Lot size:
    8.14 Acres
    Added:
    Jul 21, 2025
    Days on Market:
    255
    Last Refresh:
    Apr 1 at 4:06 am

    Property Features for 15941 Highway 115

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    69079032
    Lot size
    8.14 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    SUBD: KRAWCZYK LOT 2 KRAWCZYK SUB
    TaxAnnualAmount
    17

    We can help!

    Listing Contact
    Chris M. Montoya
    Chris M. Montoya

    Listing agent Chris M. Montoya License #FA100010554

    Listing office Keller Williams Performance Realty 901 Main Street, Canon City, CO

    Listing date Jul 21, 2025

    MLS# 5319515 Listing URL

    Copyright © 2025 Royal Gorge Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    8.14 Acres with Water Rights

    This 8.14-acre parcel in Penrose, Colorado, offers views of the surrounding countryside and Pikes Peak. The level, usable land is suitable for building a home, starting a hobby farm, or investing in Colorado land. The property provides space for a custom home, barns, and gardens. Included ditch shares provide irrigation rights. The property is located in a small-town community and is a short drive to Canon City, Florence, and Pueblo. This property is ideal for growing crops, supporting livestock, or maintaining landscaping.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Suggested Use

    Pharmacy Department Store Food Market Electrical Service (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Penrose
    County
    Fremont
    State
    Colorado
    Longitude
    -105.025423
    Latitude
    38.440562

    Nearby Similar for Sale

    • $1,250,000
      8,660 SF

      Historic Penrose Commercial Building

      Unique commercial building with historic significance and development potential.
      708 Fremont St, Penrose, CO 81240
      View Details
    • $1,250,000

      Historic Building with Unique Features

      Historic South Colorado building with unique features and development potential.
      708 Fremont Street, Penrose, CO 81240
      View Details
    • $1,250,000

      Historic Building with Unique Features

      Historic South Colorado building with landmark billboard and rocking chair.
      708 Fremont Street, Penrose, CO 81240
      View Details
    • $209,000

      Penrose Land with Highway Access

      2.72 acres with shop, utilities, and highway access.
      1390 K Street, Penrose, CO 81240
      View Details
    • $100,000

      Highway Frontage Commercial Land Opportunity

      1.5-acre commercial site with high visibility and accessibility.
      100 Broadway, Penrose, CO 81240
      View Details
    • $125,000

      4.7 Acres Irrigated Land Parcel

      4.7 acres of irrigated land near Highway 50.
      1442 K Street, Penrose, CO 81240
      View Details
    • $245,000

      28 Acres with Artesian Well

      Fenced land with hot mineral well near Highway 50.
      2 8th Street, Penrose, CO 81240
      View Details
    • $50,000

      10-Acre Land Parcel in Penrose

      10-acre land parcel with creek access and mountain views.
      14th Street, Penrose, CO 81240
      View Details
    • $205,000

      Fenced 5-Acre Lot with Irrigation

      5-acre lot in Penrose with irrigation and water tap.
      958 L Street, Penrose, CO 81240
      View Details
    • $107,000

      Penrose, Colorado Build-Ready Land

      3.19-acre parcel ready for construction with mountain views.
      35 Top Rail Trail, Penrose, CO 81240
      View Details
    • $177,900

      35-Acre Mountain Subdivision Land Parcel

      35-acre mountain subdivision parcel with views of Arkansas River Valley.
      County Road 67, Penrose, CO 81240
      View Details
    • $100,000

      Penrose Land with Mountain Views

      2.78 acre lot with mountain views, no HOA.
      83 Top Rail Trail, Penrose, CO 81240
      View Details

    FAQs

    What type of property is this?
    Agricultural land / Farmland - Land in Penrose, Colorado with irrigation rights and mountain views.
    Where is this agricultural land / farmland located?
    The property is located at 15941 Highway 115 Penrose, CO.
    What is the asking price?
    The asking price for this property is $170,000.
    What are key features of this property?
    This property features: Expansive 8.14‑acre parcel with VIEWS of the countryside and Pikes Peak.; Includes valuable ditch shares providing irrigation rights.; Level, usable land suitable for building a custom home, barns, and gardens.
    (719) 429-6633
    We can help!
    Listing Contact
    Chris M. Montoya
    Chris M. Montoya
    Real Estate License ID: FA100010554
    Learn More
    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.
    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.
    Sign Up Successful!
    You now have access to more from Realmo!