Free-Standing Industrial Building with
For Sale
Contact for pricing
123 N Union Blvd, Colorado Springs, CO
6,400 SF industrial building with fenced yard for sale/lease.
Property Size3,000 SF
Lot Size0.19 Acres
Price / SF$325
Days on Market285
Property Features for 123 N Union Blvd
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.19 Acres
Property subtype
FLEX_R_AND_D
Properties For Sale
at 123 N Union Blvd Contact us- Size
- 2,113 SF
- Type
- OFFICE
- Lease Type
- PLUS_UTILITIES
- Availability
- AVAILABLE, Now
123 N Union Boulevard
FOR LEASE OR SALE: 123 North Union is a 6,468 square feet free-standing industrial...
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Contact us
- Floor
- Bldg
- Size
- 3,000 SF
- Type
- FLEX_R_AND_D
- Lease Type
- PLUS_UTILITIES
- Availability
- AVAILABLE, Now
- Sublease
- No
123 N. Union Boulevard
For Sale/Lease: A 6,400 SF centrally located, free-standing industrial building with...
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Contact us
Listing Agency:
Hoff & Leigh
(719) 337-9551
Listed By:
Tim Leigh · License #ER.100022369
(719) 337-9551
Source:
Moodyscre
Added: Nov 5, 2025
Changed: Aug 8
Last Checked: May 20 at 8:10PM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
This centrally located, free-standing industrial building offers 6,400 square feet of space and includes a fenced yard. The building features approximately 2,400 square feet in the front area, characterized by large display windows, along with 2,000 square feet of warehouse space. Additionally, there is a 2,000-square-foot mezzanine. The building's roof was newly installed in 2023 and includes a 10-year transferrable warranty. A clean Phase 1 inspection report is available. Approximately 3,000 square feet is available for lease at $3,500 per month plus utilities. The property is suitable for various industrial and flex space uses.
Key Highlights
- Centrally located, free‑standing 6,400 SF industrial building.
- New roof installed in 2023 with a 10‑year transferrable warranty.
- Includes a fenced yard.
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
$33,057
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
3.39%
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%
$661,140
$661.1K
Cap Rate 7%
$472,243
$472.2K
Cap Rate 9%
$367,300
$367.3K
Market Conditions
NOI Build-Up for 3,000 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
$40.7K $13.56/SF
− Vacancy
−$1.8K −$0.60/SF
EGI
$38.9K $12.96/SF
− OpEx
−$5.8K −$1.94/SF
NOI
$33.1K $11.02/SF
Area
Colorado Springs, CO
Vacancy
4.40%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
15.00%
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%
$661,140
Cap Rate 7%
$472,243
Cap Rate 9%
$367,300
Alternative Uses
Best Use
Warehouse
$472.2K
$413.2K – $551.0K
NOI $33,057 @ 7.0% cap · market cap 3.39%
Second Best
Flex RnD
$412.8K
$361.2K – $481.7K
NOI $28,899 @ 7.0% cap · market cap 2.96%
Theoretical Best
Specialty Retail
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,598
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial 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?
Flex space - 6,400 SF industrial building with fenced yard for sale/lease.
Where is this flex space located?
The property is located at 123 N Union Blvd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Centrally located, free‑standing 6,400 SF industrial building.; New roof installed in 2023 with a 10‑year transferrable warranty.; Includes a fenced yard.
