Two-Story Warehouse with
For Sale
$725,000
319 Bonfoy Ave, Colorado Springs, CO 80909
Two-story cinder block warehouse includes 16-foot ceilings, office/workspace upstairs, and secure fenced rear yard access.
Property Size3,290 SF
Days on Market59
Property Features for 319 Bonfoy Ave
General Information
Standard status
Active
Size
3,290 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$7,863
Building Details
Building Size
3,290 SF
Year Built
1987
Stories
2
Listing Agency:
Berkshire Hathaway HomeServices Synergy Realty Group
(719) 418-5001
Listed By:
Charles D'Alessio · License #40034206
(719) 418-5001
Source:
Elliman
Added: Jul 3
Changed: Aug 23
Last Checked: Aug 29 at 11:28AM
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 two-story cinder block warehouse offers a flexible layout with a front portion suited for retail, showroom, office, or other customer-facing operations. The main warehouse includes approximately 16-foot ceilings, multiple work and storage areas, abundant electrical capacity, five HVAC/ventilation systems, and 220-volt power. The former 10-foot rear overhead door has been infilled but could potentially be restored. Two service doors provide convenient access to a secure, fenced rear yard. The gated front entry is supported by two pedestrian entrances.
The upper level features additional open workspace, private office space, and two restrooms with occupancy sensors. Recent updates include electrical improvements, HVAC upgrades, and a mini-split system for enhanced comfort and efficiency. Three off-street parking spaces are available, along with additional on-street parking.
A fully fenced rear yard is topped with razor wire for added security, and the building is supported by both interior workspace and secure outdoor access suitable for a range of industrial and commercial uses.
The upper level features additional open workspace, private office space, and two restrooms with occupancy sensors. Recent updates include electrical improvements, HVAC upgrades, and a mini-split system for enhanced comfort and efficiency. Three off-street parking spaces are available, along with additional on-street parking.
A fully fenced rear yard is topped with razor wire for added security, and the building is supported by both interior workspace and secure outdoor access suitable for a range of industrial and commercial uses.
Key Highlights
- 1987 two‑story cinder block warehouse with flexible front space for retail, showroom, office, or customer‑facing use
- Main warehouse features approx. 16‑foot ceilings, multiple work/storage areas, and abundant electrical capacity with 220‑volt power
- Five HVAC/ventilation systems plus recent HVAC upgrades and mini‑split system for comfort and efficiency
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
$36,252
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
5.00%
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%
$725,040
$725.0K
Cap Rate 7%
$517,886
$517.9K
Cap Rate 9%
$402,800
$402.8K
Market Conditions
NOI Build-Up for 3,290 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
$44.6K $13.56/SF
− Vacancy
−$2.0K −$0.60/SF
EGI
$42.6K $12.96/SF
− OpEx
−$6.4K −$1.94/SF
NOI
$36.3K $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%
$725,040
Cap Rate 7%
$517,886
Cap Rate 9%
$402,800
Alternative Uses
Best Use
Warehouse
$517.9K
$453.2K – $604.2K
NOI $36,252 @ 7.0% cap · market cap 5.00%
Second Best
Office B
$462.7K
$404.8K – $539.8K
NOI $32,386 @ 7.0% cap · market cap 4.47%
Theoretical Best
Specialty Retail
$649.7K
$568.5K – $758.0K
NOI $45,481 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,303
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
Market
Vacancy Rate% for Office in Colorado Springs, CO
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story cinder block warehouse includes 16-foot ceilings, office/workspace upstairs, and secure fenced rear yard access.
Where is this flex space located?
The property is located at 319 Bonfoy Ave Colorado Springs, CO.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 1987 two‑story cinder block warehouse with flexible front space for retail, showroom, office, or customer‑facing use; Main warehouse features approx. 16‑foot ceilings, multiple work/storage areas, and abundant electrical capacity with 220‑volt power; Five HVAC/ventilation systems plus recent HVAC upgrades and mini‑split system for comfort and efficiency
