Retail and Residential
For Sale
Contact for pricing
104 N Tejon Street, Colorado Springs, CO 80903
3,410 Sq. Ft. condominium with retail and residential units.
Property Size3,410 SF
Price / SF$373.90
Days on Market183
Property Features for 104 N Tejon Street
General Information
Standard status
Active
Size
3,410 SF
Property subtype
Mixed Use
Listing Agency:
Fountain Colony LLC
Listed By:
Gary Feffer · License #CO 000967125
Source:
Crexi
Added: Feb 5
Changed: Jul 6
Last Checked: Aug 7 at 1:23AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fountain Colony LLC
Investment Insights
Based on property information with market context.
This is a retail and residential condominium offering 3,410 square feet on the main level. It features a finished basement with elevator access. The condominium includes two retail units and six residential units above. The property is delivered unencumbered, presenting an owner/user opportunity.
Key Highlights
- 3,410 Sq. Ft. Main Level Retail and Residential Condominium
- Delivered Unencumbered Owner/User Opportunity
- Finished Basement with Elevator Access
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,391
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$827,820
$827.8K
Cap Rate 7%
$591,300
$591.3K
Cap Rate 9%
$459,900
$459.9K
Market Conditions
NOI Build-Up for 3,410 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$79.4K $23.28/SF
− Vacancy
−$4.1K −$1.21/SF
EGI
$75.3K $22.07/SF
− OpEx
−$33.9K −$9.93/SF
NOI
$41.4K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$827,820
Cap Rate 7%
$591,300
Cap Rate 9%
$459,900
Alternative Uses
Best Use
Apartment 5plus
$591.3K
$517.4K – $689.9K
NOI $41,391 @ 7.0% cap · market cap 3.25%
Second Best
Retail
$586.2K
$512.9K – $683.9K
NOI $41,033 @ 7.0% cap · market cap 3.22%
Theoretical Best
Specialty Retail
$673.4K
$589.3K – $785.7K
NOI $47,140 @ 7.0% cap · market cap 3.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,815
Businesses Nearby
124k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Hotels & Casinos 17%
Shops & Services 16%
Electronics 1%
McDonald's
Dining
25,596 visits/mo
0.3 miles
Dutch Bros. Coffee
Dining
16,776 visits/mo
0.3 miles
SpringHill Suites by Marriott Colorado Springs Downtown
Hotels & Casinos
11,361 visits/mo
0.5 miles
Taco Bell
Dining
10,363 visits/mo
0.3 miles
Carl's Jr.
Dining
9,767 visits/mo
0.3 miles
Demographics for 80903, CO
15,944
Population
8,340
Households
1.9
Avg Household Size
34
Median Age
39%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
2,953
Density / Sq Mi
$59,292
Median Household Income
$35,251
Median Earnings
$1,221
Median Rent
$420,000
Median Home Value
Market
Vacancy Rate% for Retail in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 3,410 Sq. Ft. condominium with retail and residential units.
Where is this mixed-use property located?
The property is located at 104 N Tejon Street Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 3,410 Sq. Ft. Main Level Retail and Residential Condominium; Delivered Unencumbered Owner/User Opportunity; Finished Basement with Elevator Access
