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    117 E Bijou St Colorado Springs, CO 80903

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    For Sale
    $895,000

    Redeveloped retail/office condo in prime downtown location.

    Building Details

    Year built
    1920

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    Listing Contact
    Simon Penner
    Simon Penner
    Source: Miramontcre

    Listing Agency: Miramont Commercial Real Estate Listing Agent: Simon Penner

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Overview

    Downtown Retail/Office Condo Opportunity

    Located at 117 E Bijou Street in Colorado Springs, this retail condo unit, built in 1920 and fully redeveloped in 2017, presents a prime investment or owner-user opportunity. Situated on Bijou Street between Nevada and Tejon, it is across from Story Coffee and Acacia Park. The surrounding area offers numerous amenities, including restaurants, shops, the YMCA, and municipal buildings, all within walking distance. Currently occupied by a gym, the property's FBZ-T1 zoning allows for retail or office uses. The unit is identified as Condominium Unit 3 in the Bijou Condos 1ST SUP and AMD TO THE CONDO MAP OF THE BIJOU CONDS REC 217043651 IN ACCORDANCE WITH THE CONDOMINIUM DECLARATION RECORDED 4/17/2017 RECEPTION NO. 217600999, OF EL PASO COUNTY RECORDS. The property features newer construction inside and floor-to-ceiling windows and is located across from Acacia Park.
    Location Intelligence

    Current Use by Public Records

    Cycology Studio Gym & Fitness Center Acacia Park Lofts Real Estate Agency CycLyfe Gym & Fitness Center

    Suggested Use

    Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Law Firm Building Supply Daycare Center Gym & Fitness Center

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

    Similar Places Nearby

    Nichole Rae Coaching, Ability1st Wellness Center, Hearts-4-Minds Therapy, Mogotraining L.L.C., Absolute Body Balance

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.822392
    Latitude
    38.836245

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    FAQs

    What type of property is this?
    Fitness center & gym - Redeveloped retail/office condo in prime downtown location.
    Where is this fitness center & gym located?
    The property is located at 117 E Bijou St Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: - Prime downtown location on Bijou Street, across from Acacia Park; - Fully redeveloped in 2017, offering newer construction inside; - FBZ-T1 zoning allows for retail or office uses
    (719) 229-1585
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    117 E Bijou St Colorado Springs, CO 80903
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    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
    117 E Bijou St Colorado Springs, CO 80903
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    Listing Contact
    Simon Penner
    Simon Penner
    (719) 229-1585
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