Colorado Avenue Retail Condo For
For Sale
Contact for pricing
2411 W Colorado Ave, Colorado Springs, CO 80904
3,299 SF street-level retail condo in Old Colorado City.
Property Size3,299 SF
Price / SF$257.65
Days on Market663
Property Features for 2411 W Colorado Ave
General Information
Standard status
Active
Size
3,299 SF
Property subtype
Retail
Zoning
C6 CU
Investment Type
Owner/User
Building Details
Year Built
1906
Year Renovated
2022
Buildings
1
Stories
1
Units
2
Tenancy
Single
Listing Agency:
Olive Real Estate Group
(719) 955-1634
Listed By:
Steve Hunsinger · License #CO FA.000865945
Source:
Crexi
Added: Oct 29, 2024
Changed: Aug 8
Last Checked: Aug 22 at 3:33AM
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 Olive Real Estate Group
Investment Insights
Based on property information with market context.
Located in the heart of Old Colorado City, 2411 W Colorado Avenue is a 3,299 SF street-level storefront retail condo available for sale. The property benefits from direct visibility and access to Colorado Avenue. The space is nicely finished and has street-level access. The unit is on the main floor. This presents a great opportunity for an owner-user to secure a space in historic Old Colorado City. The property experiences heavy daytime retail foot traffic. Street parking is available. Condo association fees are $1,611 per month, which includes utilities, building insurance, roof reserve, and other shared responsibilities. The condo owner owns and services the HVAC system. For an owner-occupant that qualifies for a 10% down SBA loan, the potential occupancy cost is $18.28 psf NNN.
Key Highlights
- Prime location in the heart of Old Colorado City with direct visibility and access to Colorado Avenue.
- 3,299 SF street level storefront retail condo.
- Nicely finished space with street level 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
$39,697
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
4.67%
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%
$793,940
$793.9K
Cap Rate 7%
$567,100
$567.1K
Cap Rate 9%
$441,078
$441.1K
Market Conditions
NOI Build-Up for 3,299 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
$59.4K $18.00/SF
− Vacancy
−$2.7K −$0.81/SF
EGI
$56.7K $17.19/SF
− OpEx
−$17.0K −$5.16/SF
NOI
$39.7K $12.03/SF
Area
Colorado Springs, CO
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$793,940
Cap Rate 7%
$567,100
Cap Rate 9%
$441,078
Alternative Uses
Best Use
Retail
$567.1K
$496.2K – $661.6K
NOI $39,697 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$651.5K
$570.1K – $760.1K
NOI $45,605 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,448
Businesses Nearby
26k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 25%
Apparel 21%
Hotels & Casinos 1%
Rocky Mountain Chocolate Factory
Dining
6,520 visits/mo
0.1 miles
Goodwill
Apparel
5,564 visits/mo
0.1 miles
Circle K
Shops & Services
4,671 visits/mo
0.3 miles
Conoco
Shops & Services
4,563 visits/mo
0.3 miles
O'Reilly Auto Parts
Shops & Services
3,161 visits/mo
0.3 miles
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
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?
Storefront property - 3,299 SF street-level retail condo in Old Colorado City.
Where is this storefront property located?
The property is located at 2411 W Colorado Ave Colorado Springs, CO.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Prime location in the heart of Old Colorado City with direct visibility and access to Colorado Avenue.; 3,299 SF street level storefront retail condo.; Nicely finished space with street level access.
