Free-Standing Industrial Building with
For Sale
Contact for pricing
123 N Union Blvd, Colorado Springs, CO 80909
Free-standing industrial building with large front display windows, mezzanine space, and a fenced back yard.
Property Size6,400 SF
Price / SF$152.34
Days on Market314
Property Features for 123 N Union Blvd
General Information
Standard status
Active
Size
6,400 SF
Property subtype
OFFICE
Additional Details
Business Included
No
Fenced Yard
Yes
Listing Agency:
Hoff & Leigh
(719) 630-2277
Listed By:
Tim Leigh · License #EA314631
(719) 337-9551
Source:
Moodyscre
Added: Nov 5, 2025
Changed: Sep 3
Last Checked: Sep 14 at 11:55AM
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 free-standing industrial building offers a combination of front office/showroom area, warehouse space, and mezzanine. Approximately 2,400 SF is dedicated to a front area with large display windows, complemented by about 2,000 SF of warehouse space and an additional 2,000 SF mezzanine. The property also includes a fenced yard in the back of the building, providing enclosed outdoor space for operational needs.
The roof was newly installed in 2023 and is accompanied by a 10-year transferable warranty. A Phase 1 inspection report is also noted as available.
The building is offered for sale delivered in shell condition, and there is also for-lease space described at approximately 3,000 SF (plus utilities).
The roof was newly installed in 2023 and is accompanied by a 10-year transferable warranty. A Phase 1 inspection report is also noted as available.
The building is offered for sale delivered in shell condition, and there is also for-lease space described at approximately 3,000 SF (plus utilities).
Key Highlights
- 6,400 SF free‑standing industrial building with a fenced yard
- Front area has large display windows (approximately 2,400 SF)
- Warehouse space totals approximately 2,000 SF, plus a 2,000 SF mezzanine
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
$70,521
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
7.23%
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%
$1,410,420
$1.4M
Cap Rate 7%
$1,007,443
$1.0M
Cap Rate 9%
$783,567
$783.6K
Market Conditions
NOI Build-Up for 6,400 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
$86.8K $13.56/SF
− Vacancy
−$3.8K −$0.60/SF
EGI
$83.0K $12.96/SF
− OpEx
−$12.4K −$1.94/SF
NOI
$70.5K $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%
$1,410,420
Cap Rate 7%
$1,007,443
Cap Rate 9%
$783,567
Alternative Uses
Best Use
Warehouse
$1.01M
$881.5K – $1.18M
NOI $70,521 @ 7.0% cap · market cap 7.23%
Second Best
Flex RnD
$880.7K
$770.6K – $1.03M
NOI $61,651 @ 7.0% cap · market cap 6.32%
Theoretical Best
Specialty Retail
$1.26M
$1.11M – $1.47M
NOI $88,474 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,598
Businesses Nearby
Under-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Colorado Springs, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Susanna's Comfort Cuisine Food Trailer — 1130 E Willamette Ave, Colorado Springs, CO 80903
Frequently Asked Questions
What type of property is this?
Flex space - Free-standing industrial building with large front display windows, mezzanine space, and a fenced back yard.
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: 6,400 SF free‑standing industrial building with a fenced yard; Front area has large display windows (approximately 2,400 SF); Warehouse space totals approximately 2,000 SF, plus a 2,000 SF mezzanine
