Historic Brewery and Tasting
For Sale
$1,695,000
320 South Weber Street, Colorado Springs, CO 80903
Adaptive reuse of a historic chapel accommodates a brewery, cocktail bar, wine bar, and food service under one roof.
Property Size5,654 SF
Price / SF$299.79
Days on Market107
Property Features for 320 South Weber Street
General Information
Standard status
Active
Size
5,654 SF
Property subtype
SpecialPurpose
Building Details
Year Built
1897
Listing Agency:
CBRE - Colorado Springs
(720) 878-6833
Listed By:
Justin Burns · License #FA.100053723
(720) 878-6833
Source:
Cbre
Added: May 16
Changed: Aug 29
Last Checked: Aug 29 at 3:11PM
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 CBRE - Colorado Springs
Investment Insights
Based on property information with market context.
This 5,654-square-foot commercial building dates to 1897, when it was constructed as Payne Chapel AME Church. The property is identified as the first African American church in Colorado Springs and retains its historic identity while supporting a brewery-focused hospitality operation. Local Relic operates a tasting room with a rotating selection of more than 200 beers brewed annually, an extensive bottle offering, and food service from Immerse Cuisine.
The building also accommodates Araucana cocktail bar and Crusade wine bar, creating multiple beverage concepts within the same property. Event activity includes beer and wine tastings, community dinners, brunches, and private gatherings. The combination of historic church architecture, integrated hospitality businesses, and flexible event use gives the property a distinctive commercial profile.
The building also accommodates Araucana cocktail bar and Crusade wine bar, creating multiple beverage concepts within the same property. Event activity includes beer and wine tastings, community dinners, brunches, and private gatherings. The combination of historic church architecture, integrated hospitality businesses, and flexible event use gives the property a distinctive commercial profile.
Key Highlights
- 5,654‑square‑foot commercial building constructed in 1897
- Originally built as Payne Chapel AME Church, identified as Colorado Springs’ first African American church
- Local Relic tasting room features more than 200 beers brewed annually
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
$78,161
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
4.61%
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%
$1,563,220
$1.6M
Cap Rate 7%
$1,116,586
$1.1M
Cap Rate 9%
$868,456
$868.5K
Market Conditions
NOI Build-Up for 5,654 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
$108.6K $19.20/SF
− Vacancy
−$4.3K −$0.77/SF
EGI
$104.2K $18.43/SF
− OpEx
−$26.1K −$4.61/SF
NOI
$78.2K $13.82/SF
Area
Colorado Springs, CO
Vacancy
4.00%
Lease Rate
$19.20 /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%
$1,563,220
Cap Rate 7%
$1,116,586
Cap Rate 9%
$868,456
Alternative Uses
Best Use
Specialty Retail
$1.12M
$977.0K – $1.30M
NOI $78,161 @ 7.0% cap · market cap 4.61%
Second Best
Industrial
$732.9K
$641.3K – $855.1K
NOI $51,306 @ 7.0% cap · market cap 3.03%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,361
Businesses Nearby
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 Industrial in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - Adaptive reuse of a historic chapel accommodates a brewery, cocktail bar, wine bar, and food service under one roof.
Where is this brewery located?
The property is located at 320 South Weber Street Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 5,654‑square‑foot commercial building constructed in 1897; Originally built as Payne Chapel AME Church, identified as Colorado Springs’ first African American church; Local Relic tasting room features more than 200 beers brewed annually
