Well-Maintained Retail Strip
For Sale
Contact for pricing
17-21 North Circle Drive, Colorado Springs, CO 80909
Retail strip center with three tenants and combined annual rent of $82,560.
Property Size5,920 SF
Lot Size0.49 Acres
Price / SF$143.58
Days on Market54
Property Features for 17-21 North Circle Drive
General Information
Standard status
Active
Size
5,920 SF
Lot size
0.49 Acres
Property subtype
Retail
Zoning
MX-M-CU
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$35,396
Building Details
Year Built
1977
Tenancy
Multi
Listing Agency:
Hoff & Leigh Colorado Springs
(719) 630-2277
Listed By:
Tim Leigh · License #CO EA314631
Source:
Crexi
Added: Jul 8
Changed: Aug 25
Last Checked: Aug 29 at 6:14PM
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 Hoff & Leigh Colorado Springs
Investment Insights
Based on property information with market context.
This property is a 5,920-square-foot retail strip center described by the El Paso County Tax Assessor. The center is well maintained and has three tenants generating $6,880 per month, totaling $82,560 in combined annual rent. The property’s reported operating expenses include taxes, insurance, utilities, and maintenance (including snow removal, trash service, and misc.), along with property management estimated at 10%. The resulting reported net operating income is $35,525.
The site consists of a 21,257-square-foot lot and is zoned MX-M-CU, which allows for a variety of uses, with the property primarily zoned for retail. The asking price is $850,000, reflecting $143.58 per square foot based on the assessor-stated building size.
The site consists of a 21,257-square-foot lot and is zoned MX-M-CU, which allows for a variety of uses, with the property primarily zoned for retail. The asking price is $850,000, reflecting $143.58 per square foot based on the assessor-stated building size.
Key Highlights
- 5,920 SF retail strip center described by the El Paso County Tax Assessor
- Three tenants with combined rent of $6,880 per month ($82,560 annual)
- Net operating income of $35,525 based on provided annual taxes, insurance, utilities, and maintenance/property management
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
$71,235
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
8.38%
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%
$1,424,700
$1.4M
Cap Rate 7%
$1,017,643
$1.0M
Cap Rate 9%
$791,500
$791.5K
Market Conditions
NOI Build-Up for 5,920 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
$106.6K $18.00/SF
− Vacancy
−$4.8K −$0.81/SF
EGI
$101.8K $17.19/SF
− OpEx
−$30.5K −$5.16/SF
NOI
$71.2K $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%
$1,424,700
Cap Rate 7%
$1,017,643
Cap Rate 9%
$791,500
Alternative Uses
Best Use
Retail
$1.02M
$890.4K – $1.19M
NOI $71,235 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.17M
$1.02M – $1.36M
NOI $81,838 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,259
Businesses Nearby
201k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 55%
Shops & Services 25%
Dining 16%
Electronics 3%
Walmart
Superstores
110,386 visits/mo
0.3 miles
Dollar Tree
Shops & Services
16,652 visits/mo
0.4 miles
Wendy's
Dining
12,657 visits/mo
0.4 miles
Wells Fargo
Shops & Services
9,471 visits/mo
0.4 miles
Loaf 'N Jug
Shops & Services
9,259 visits/mo
0.2 miles
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 Retail in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Retail strip center with three tenants and combined annual rent of $82,560.
Where is this strip mall located?
The property is located at 17-21 North Circle Drive Colorado Springs, CO.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 5,920 SF retail strip center described by the El Paso County Tax Assessor; Three tenants with combined rent of $6,880 per month ($82,560 annual); Net operating income of $35,525 based on provided annual taxes, insurance, utilities, and maintenance/property management
