Corner Lot Service
For Sale
Contact for pricing
404 S Circle Dr, Colorado Springs, CO 80910
Corner lot service center with a cinder block building, three bays, offices, and a fully fenced back lot.
Property Size2,600 SF
Price / SF$234.62
Days on Market1386
Property Features for 404 S Circle Dr
General Information
Standard status
Active
Size
2,600 SF
Property subtype
RETAIL
Additional Details
Fenced Yard
Yes
Clear Height
12 ft
Service Bays
3
Building Details
Construction
cinder block
Listing Agency:
BHHS - Synergy Realty Group | Colorado Springs
(719) 418-5000
Listed By:
Charles D’Alessio
(719) 660-5223
Source:
Moodyscre
Added: Nov 29, 2022
Changed: Sep 11
Last Checked: Sep 15 at 10:37AM
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 BHHS - Synergy Realty Group | Colorado Springs
Investment Insights
Based on property information with market context.
This corner lot service center includes a cinder block building with a lobby and service area, three service bays, an office, and storage. The bays have 10-foot doors, and the building offers approximately 12-foot high ceilings. The property includes heat, and the back lot is fully fenced.
The site is positioned for drive-in service operations with a large fenced outdoor area, complementing the interior service bays.
Inside, the layout centers on the lobby and service area, supported by three bays and back-of-house office and storage space, making the building well-suited for ongoing automotive service use.
The site is positioned for drive-in service operations with a large fenced outdoor area, complementing the interior service bays.
Inside, the layout centers on the lobby and service area, supported by three bays and back-of-house office and storage space, making the building well-suited for ongoing automotive service use.
Key Highlights
- Corner lot at Airport and Circle Drive on just over half an acre
- Long‑standing service center with a cinder block building
- About 2,600 SF includes lobby and service area, office, and storage area
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
$31,286
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
5.13%
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%
$625,720
$625.7K
Cap Rate 7%
$446,943
$446.9K
Cap Rate 9%
$347,622
$347.6K
Market Conditions
NOI Build-Up for 2,600 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
$46.8K $18.00/SF
− Vacancy
−$2.1K −$0.81/SF
EGI
$44.7K $17.19/SF
− OpEx
−$13.4K −$5.16/SF
NOI
$31.3K $12.03/SF
Area
Colorado Springs, CO
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$625,720
Cap Rate 7%
$446,943
Cap Rate 9%
$347,622
Alternative Uses
Best Use
Retail
$446.9K
$391.1K – $521.4K
NOI $31,286 @ 7.0% cap · market cap 5.13%
Second Best
Industrial
$337.0K
$294.9K – $393.2K
NOI $23,593 @ 7.0% cap · market cap 3.87%
Theoretical Best
Specialty Retail
$513.5K
$449.3K – $599.0K
NOI $35,942 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12 ft
Clear height
3
Service bays
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
953
Businesses Nearby
45k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 51%
Shops & Services 49%
Save-A-Lot
Groceries
22,931 visits/mo
0.1 miles
Maverik Adventures First Stop
Shops & Services
14,231 visits/mo
0.1 miles
Family Dollar
Shops & Services
7,688 visits/mo
0.1 miles
Demographics for 80910, CO
30,991
Population
13,940
Households
2.2
Avg Household Size
32
Median Age
25%
College-Educated
89%
High-School Grad
6.1 sq mi
ZIP Area
5,080
Density / Sq Mi
$56,681
Median Household Income
$37,110
Median Earnings
$1,299
Median Rent
$276,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Colorado Springs, CO
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Frequently Asked Questions
What type of property is this?
Auto shop - Corner lot service center with a cinder block building, three bays, offices, and a fully fenced back lot.
Where is this auto shop located?
The property is located at 404 S Circle Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Corner lot at Airport and Circle Drive on just over half an acre; Long‑standing service center with a cinder block building; About 2,600 SF includes lobby and service area, office, and storage area
