Class C Medical Office
For Sale
$1,950,000
1304 N Academy Blvd, Colorado Springs, CO 80909
An occupied medical office property with established tenancy and a 1965 construction date.
Property Size22,664 SF
Price / SF$112.32
Days on Market22
Property Features for 1304 N Academy Blvd
General Information
Standard status
Active
Size
22,664 SF
Class
C
Property subtype
Office Medical
Occupancy
100%
Additional Details
Cap Rate
7.02%
Amenities
- 100% Occupied with Short-Term Leases, and Below Market Rents. - Long-Term Tenants Demonstrate Desirability of The Building and Location.
- Mid-Century Modern Design and Feel. - 22,664 Gross Square Feet per El Paso County. - Built in 1965.
- Two Parcels Included in Sale, 1.44 Total Acres. - 61 Parking Spaces / 2.77/1,000 Ratio – Does not include additional Parcel. - Located on The Signalized Intersection of North Academy Blvd & East San
Building Details
Building Size
22,664 SF
Year Built
1965
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Denver
(303) 328-2056
Listed By:
Chadd Nelson · License #License(s): CO: FA.100073491
(303) 328-2056
Source:
Marcusmillichap
Added: Aug 1
Changed: Aug 13
Last Checked: Aug 22 at 3:43AM
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 Marcus & Millichap - Denver
Investment Insights
Based on property information with market context.
This Class C medical office property is located at 1304 N Academy Blvd in Colorado Springs. The building is 100% occupied and was constructed in 1965, offering an established operating profile for medical office ownership or occupancy.
Key Highlights
- 100% occupied medical office property
- Class C medical office building
- Constructed in 1965
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
$170,897
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
8.76%
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%
$3,417,940
$3.4M
Cap Rate 7%
$2,441,386
$2.4M
Cap Rate 9%
$1,898,856
$1.9M
Market Conditions
NOI Build-Up for 17,361 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
$260.4K $15.00/SF
− Vacancy
−$32.6K −$1.88/SF
EGI
$227.9K $13.13/SF
− OpEx
−$57.0K −$3.28/SF
NOI
$170.9K $9.84/SF
Area
Colorado Springs, CO
Vacancy
12.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,417,940
Cap Rate 7%
$2,441,386
Cap Rate 9%
$1,898,856
Alternative Uses
Best Use
Healthcare Medical
$2.79M
$2.44M – $3.26M
NOI $195,499 @ 7.0% cap · market cap 10.03%
Second Best
Office B
$2.44M
$2.14M – $2.85M
NOI $170,897 @ 7.0% cap · market cap 8.76%
Theoretical Best
Specialty Retail
$3.43M
$3.00M – $4.00M
NOI $239,998 @ 7.0% cap · market cap 12.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,099
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hamlett Spay & Neuter Clinic — 3660 Citadel Dr N, Colorado Springs, CO 80909
- Banfield Pet Hospital — 571 N Academy Blvd, Colorado Springs, CO 80909
- Total Care Mobile Veterinary Practice, LLC — 1304 N Academy Blvd #108, Colorado Springs, CO 80909
Frequently Asked Questions
What type of property is this?
Medical Office Space - An occupied medical office property with established tenancy and a 1965 construction date.
Where is this medical office space located?
The property is located at 1304 N Academy Blvd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 100% occupied medical office property; Class C medical office building; Constructed in 1965
