Medical Office with Ample
For Sale
$2,425,000
1605 N Union Boulevard, Colorado Springs, CO 80909
Spacious medical office featuring 17 exam rooms and ample parking.
Property Size13,273 SF
Lot Size0.52 Acres
Price / SF$182.70
Days on Market870
Property Features for 1605 N Union Boulevard
General Information
Standard status
Active
Size
13,273 SF
Lot size
0.52 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$16,016
Building Details
Year Built
1999
Listing Agency:
Berkshire Hathaway HomeServices Synergy Realty Group
(719) 660-5223
Listed By:
Charles D'Alessio · License #40034206
(719) 660-5223
Source:
Exitrealty
Added: Apr 13, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:20AM
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 Berkshire Hathaway HomeServices Synergy Realty Group
Investment Insights
Based on property information with market context.
This medical office property offers 17 examination rooms, each equipped with wash stations. The facility also includes two X-ray rooms and five ADA-compliant restrooms. There are nine office spaces, two nurse/reception areas, and three storage areas. Additional features include two wash/supply areas, two spacious lobby/waiting areas, and a mop sink closet. An elevator provides convenient accessibility throughout the building. The property also has a large unfinished basement with access to the boiler room, featuring a sprinkler system, an exit door, and a sump pump. All electrical installations meet code requirements, and there are four water heaters, along with backflow prevention systems. Ample parking is available. The property size is 13273 square feet and is located at 1605 N Union Boulevard, Colorado Springs, CO 80909.
Key Highlights
- 17 Examination Rooms with Wash Stations
- Ample Parking Facilities
- ADA‑Compliant Restrooms (5)
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
$149,465
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
6.16%
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%
$2,989,300
$3.0M
Cap Rate 7%
$2,135,214
$2.1M
Cap Rate 9%
$1,660,722
$1.7M
Market Conditions
NOI Build-Up for 13,273 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
$270.8K $20.40/SF
− Vacancy
−$21.7K −$1.63/SF
EGI
$249.1K $18.77/SF
− OpEx
−$99.6K −$7.51/SF
NOI
$149.5K $11.26/SF
Area
Colorado Springs, CO
Vacancy
8.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
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%
$2,989,300
Cap Rate 7%
$2,135,214
Cap Rate 9%
$1,660,722
Alternative Uses
Best Use
Healthcare Medical
$2.14M
$1.87M – $2.49M
NOI $149,465 @ 7.0% cap · market cap 6.16%
Second Best
Office B
$1.87M
$1.63M – $2.18M
NOI $130,656 @ 7.0% cap · market cap 5.39%
Theoretical Best
Specialty Retail
$2.62M
$2.29M – $3.06M
NOI $183,486 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80909, CO
37,302
Population
16,572
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
7.9 sq mi
ZIP Area
4,722
Density / Sq Mi
$61,777
Median Household Income
$36,894
Median Earnings
$1,227
Median Rent
$352,400
Median Home Value
Market
Vacancy Rate% for Office in Colorado Springs, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Spacious medical office featuring 17 exam rooms and ample parking.
Where is this medical office space located?
The property is located at 1605 N Union Boulevard Colorado Springs, CO.
What is the asking price?
The asking price for this property is $2,425,000.
What are key features of this property?
This property features: 17 Examination Rooms with Wash Stations; Ample Parking Facilities; ADA‑Compliant Restrooms (5)
