Leased Office/Warehouse Near
For Sale
$3,500,000
4795 Northpark Dr, Colorado Springs, CO 80918
Fully leased office/warehouse with I-25 access and income.
Property Size23,190 SF
Lot Size1.52 Acres
Price / SF$150.93
Days on Market156
Property Features for 4795 Northpark Dr
General Information
Standard status
Active
Size
23,190 SF
Lot size
1.52 Acres
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$30,723
Building Details
Building Size
23,190 SF
Year Built
1968
Stories
1
Listing Agency:
TREND COMMERCIAL LLC
(719) 632-1500
Listed By:
Richard Kelly · License #100024995
(719) 632-1500
Source:
Elliman
Added: Mar 10
Changed: Aug 9
Last Checked: Aug 9 at 9:33PM
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 TREND COMMERCIAL LLC
Investment Insights
Based on property information with market context.
This multi-tenant, Class B+ office/warehouse property is located in the Garden of the Gods area, one block from I-25. The building has a total size of 23,190 square feet and features 18' clear height in the warehouse areas. The property is fully leased. Suite 4703 comprises 7,502 square feet with a 50% office and 50% warehouse configuration. Suite 4755 offers 15,688 square feet, with 10% office and 90% warehouse space. The property includes both dock and ramp doors. A new roof was installed in 2022. The property has been 99% occupied for over 20 years and includes a large breakroom and restrooms on both floors. The Net Operating Income (NOI) for 2024 is projected to be $220,000, with a cap rate of 6%.
Key Highlights
- Fully Leased with $220,000 NOI (2024) and a solid 6% Cap Rate
- Great Access to I‑25
- Complete New Roof in 2022
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
$307,680
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
8.79%
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%
$6,153,600
$6.2M
Cap Rate 7%
$4,395,429
$4.4M
Cap Rate 9%
$3,418,667
$3.4M
Market Conditions
NOI Build-Up for 23,190 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
$500.9K $21.60/SF
− Vacancy
−$27.5K −$1.19/SF
EGI
$473.4K $20.41/SF
− OpEx
−$165.7K −$7.14/SF
NOI
$307.7K $13.27/SF
Area
ZIP 80918
Vacancy
5.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$6,153,600
Cap Rate 7%
$4,395,429
Cap Rate 9%
$3,418,667
Alternative Uses
Best Use
Office B
$4.89M
$4.28M – $5.70M
NOI $342,218 @ 7.0% cap · market cap 9.78%
Second Best
Flex RnD
$4.40M
$3.85M – $5.13M
NOI $307,680 @ 7.0% cap · market cap 8.79%
Theoretical Best
Office A
$5.93M
$5.19M – $6.92M
NOI $414,900 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80918, CO
47,453
Population
20,447
Households
2.3
Avg Household Size
37
Median Age
38%
College-Educated
95%
High-School Grad
12.0 sq mi
ZIP Area
3,954
Density / Sq Mi
$82,743
Median Household Income
$42,596
Median Earnings
$1,572
Median Rent
$414,400
Median Home Value
Market
Vacancy Rate% for Office in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Fully leased office/warehouse with I-25 access and income.
Where is this flex space located?
The property is located at 4795 Northpark Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Fully Leased with $220,000 NOI (2024) and a solid 6% Cap Rate; Great Access to I‑25; Complete New Roof in 2022
