Downtown Retail Storefront
For Sale
Contact for pricing
10 E Pikes Peak Ave, Colorado Springs, CO 80903
Retail and office building with flexible FBZ zoning, strong street visibility, and potential for restaurant and other commercial uses.
Property Size5,224 SF
Price / SF$153.14
Days on Market24
Property Features for 10 E Pikes Peak Ave
General Information
Standard status
Active
Size
5,224 SF
Property subtype
RETAIL
Zoning
FBZ
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Building Details
Buildings
1
Listing Agency:
Olive Real Estate Partners, Inc.
(719) 244-5182
Listed By:
Jeremy Shirley · License #Co FA.100067771
(719) 244-5182
Source:
Moodyscre
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 21 at 3:04PM
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 Olive Real Estate Partners, Inc.
Investment Insights
Based on property information with market context.
10 E Pikes Peak Avenue is a 5,224-square-foot retail and office building in Downtown Colorado Springs. The property has historically supported retail and office uses, while flexible FBZ zoning allows restaurant and many other uses. The building can also be converted into a multi-tenant property. Prior ownership completed asbestos abatement.
The property fronts busy Pikes Peak Avenue with strong visibility and easy access to major highways. It is within walking distance of restaurants, hotels, the courthouse, and offices, and is located in both an Opportunity Zone and Enterprise Zone. Conceptual plans submitted to the Regional Building Department propose adding 1,307 square feet, for a total building size of 6,531 square feet.
The property fronts busy Pikes Peak Avenue with strong visibility and easy access to major highways. It is within walking distance of restaurants, hotels, the courthouse, and offices, and is located in both an Opportunity Zone and Enterprise Zone. Conceptual plans submitted to the Regional Building Department propose adding 1,307 square feet, for a total building size of 6,531 square feet.
Key Highlights
- 5,224 SF retail and office building at 10 E Pikes Peak Avenue
- Conceptual plans propose adding 1,307 SF for a total of 6,531 SF
- Flexible FBZ zoning allows restaurant and many other uses
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
$62,860
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
7.86%
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%
$1,257,200
$1.3M
Cap Rate 7%
$898,000
$898.0K
Cap Rate 9%
$698,444
$698.4K
Market Conditions
NOI Build-Up for 5,224 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
$94.0K $18.00/SF
− Vacancy
−$4.2K −$0.81/SF
EGI
$89.8K $17.19/SF
− OpEx
−$26.9K −$5.16/SF
NOI
$62.9K $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%
$1,257,200
Cap Rate 7%
$898,000
Cap Rate 9%
$698,444
Alternative Uses
Best Use
Retail
$898.0K
$785.8K – $1.05M
NOI $62,860 @ 7.0% cap · market cap 7.86%
Second Best
Office B
$734.6K
$642.8K – $857.1K
NOI $51,424 @ 7.0% cap · market cap 6.43%
Theoretical Best
Specialty Retail
$1.03M
$902.7K – $1.20M
NOI $72,217 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,819
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80903, CO
15,944
Population
8,340
Households
1.9
Avg Household Size
34
Median Age
39%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
2,953
Density / Sq Mi
$59,292
Median Household Income
$35,251
Median Earnings
$1,221
Median Rent
$420,000
Median Home Value
Market
Vacancy Rate% for Office 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?
Storefront property - Retail and office building with flexible FBZ zoning, strong street visibility, and potential for restaurant and other commercial uses.
Where is this storefront property located?
The property is located at 10 E Pikes Peak Ave Colorado Springs, CO.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 5,224 SF retail and office building at 10 E Pikes Peak Avenue; Conceptual plans propose adding 1,307 SF for a total of 6,531 SF; Flexible FBZ zoning allows restaurant and many other uses
