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

    County Road 123 Penrose, CO 81240

    Sponsored
    For Sale
    $45,000

    LAND - Penrose, CO

    Lot size:
    2.20 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 26 at 5:06 pm

    Property Features for County Road 123

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    00000000
    Lot size
    2.20 Acres

    Utilities

    Utilities
    Electricity Available

    We can help!

    Listing Contact
    Lance Tomar
    Lance Tomar

    FRONTIER WEST REALTY (719) 275-7404

    Listing agent Lance Tomar (719) 429-6276

    Listing date Feb 26, 2026

    MLS# 9025253 Listing URL

    Copyright © 2026 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.

    Learn more

    Property Insight Report

    Overview

    Land in Penrose, Colorado

    Available for purchase are eighteen lots, ranging in size from 1.98 acres to 2.51 acres. The lots are located approximately 10 minutes from Canon City, Colorado, offering a rural setting with views of the surrounding mountains. The location provides opportunities to view sunrises and sunsets. The land may be suitable for building a new home or shop. Electricity is being installed within 330 feet of all lots.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Penrose
    County
    Fremont
    State
    Colorado
    Longitude
    -105.111352
    Latitude
    38.460381

    Nearby Similar for Sale

    • $1,250,000
      8,660 SF

      Historic Building with Unique Features

      Historic South Colorado building with landmark billboard and rocking chair.
      708 Fremont St, Penrose, CO 81240
      View Details
    • $1,250,000
      8,660 SF

      Historic Building with Landmark Features

      Unique commercial property with high ceilings, wood beams, and brick.
      708 Fremont St, Penrose, CO 81240
      View Details
    • $1,250,000
      9.82 Acres

      Historic Building with Unique Features

      Historic South Colorado building with landmark billboard and rocking chair.
      708 Fremont St, Penrose, CO 81240
      View Details
    • $325,000

      Versatile Commercial Building with Kitchen

      Well-maintained commercial property with a fully equipped kitchen area.
      880 Marilyn Dr, Penrose, CO 81240
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Land for sale, 10 minutes from Canon City.
    Where is this residential land & home lot located?
    The property is located at County Road 123 Penrose, CO.
    What is the asking price?
    The asking price for this property is $45,000.
    What are key features of this property?
    This property features: - 1.98 to 2.51 acre lots available.; - Priced at $45,000 per lot.; - Located 10 minutes from Canon City.
    (719) 429-6276
    Request Owner's contact information
    County Road 123 Penrose, CO 81240
    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.
    County Road 123
    Penrose, CO 81240
    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
    County Road 123 Penrose, CO 81240
    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

    We can help!
    Listing Contact
    Lance Tomar
    Lance Tomar
    Real Estate License ID: EA01324593
    (719) 429-6276 (719) 275-7404 (800) 748-2303
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!