Medical Office with Ample
For Sale
$2,350,000
1605 N Union Boulevard, Colorado Springs, CO 80909
Spacious medical office with 17 exam rooms and ample parking.
Property Size14,274 SF
Price / SF$164.64
Days on Market206
Property Features for 1605 N Union Boulevard
General Information
Standard status
Active
Size
14,274 SF
Building Details
Year Built
1999
Listing Agency:
Berkshire Hathaway HomeServices Synergy Realty Group
Listed By:
Charles D'Alessio · License #40034206
(719) 660-5223
Source:
Teamuniteddenver
Added: Mar 27
Changed: Oct 14
Last Checked: Oct 7 at 3:07PM
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
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Investment Insights
Based on property information with market context.
This medical office property features 17 examination rooms, each equipped with wash stations. The layout includes two X-ray rooms and five ADA-compliant restrooms. There are also nine office spaces, two nurse/reception areas, and three storage areas. The facility is further equipped with two wash/supply areas, two spacious lobby/waiting areas, and a mop sink closet. An elevator provides accessibility throughout the building. The property includes a large unfinished basement with access to the boiler room, featuring a sprinkler system, an exit door, and a sump pump. Electrical installations meet code requirements, and there are four water heaters, along with backflow prevention systems. Ample parking facilities are available. The property size is 14274 square feet.
Key Highlights
- 17 Examination Rooms with Wash Stations: Ideal for a large medical practice.
- Ample Parking Facilities: Convenient for patients and staff.
- ADA‑Compliant Restrooms and Elevator: Ensures accessibility for all.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$160,737
Cap Rate
6.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,214,740
$3.2M
Cap Rate 7%
$2,296,243
$2.3M
Cap Rate 9%
$1,785,967
$1.8M
Market Conditions
NOI Build-Up for 14,274 SF
Gross rent
$291.2K $20.40/SF
− Vacancy
−$23.3K −$1.63/SF
EGI
$267.9K $18.77/SF
− OpEx
−$107.2K −$7.51/SF
NOI
$160.7K $11.26/SF
Area
Colorado Springs, CO
Vacancy
8.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,214,740
Cap Rate 7%
$2,296,243
Cap Rate 9%
$1,785,967
Alternative Uses
Best Use
Healthcare Medical
$2.30M
$2.01M – $2.68M
NOI $160,737 @ 7.0% cap · market cap 6.84%
Second Best
Office B
$2.01M
$1.76M – $2.34M
NOI $140,510 @ 7.0% cap · market cap 5.98%
Theoretical Best
Specialty Retail
$2.82M
$2.47M – $3.29M
NOI $197,324 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Balanced
Demand for This Use
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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
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Market
Vacancy Rate% for Office in Colorado Springs, CO
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Spacious medical office with 17 exam rooms and ample parking.
Where is this medical office space located?
The property is located at 1605 N Union Boulevard Colorado Springs, CO.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 17 Examination Rooms with Wash Stations: Ideal for a large medical practice.; Ample Parking Facilities: Convenient for patients and staff.; ADA‑Compliant Restrooms and Elevator: Ensures accessibility for all.
