Retail Strip Center with Three
For Sale
$850,000
17 North Circle Drive, Colorado Springs, CO 80909
Well-maintained retail strip center totaling 5,920 square feet with three tenants in place.
Property Size5,920 SF
Lot Size0.49 Acres
Price / SF$143.58
Days on Market52
Property Features for 17 North Circle Drive
General Information
Standard status
Active
Size
5,920 SF
Lot size
0.49 Acres
Property subtype
Retail
Zoning
MX-M-CU
Building Details
Building Size
5,920 SF
Tenancy
Multi
Listing Agency:
Hoff & Leigh
(719) 337-9551
Listed By:
Tim Leigh · License #FA.040000557
(719) 337-9551
Source:
Hoffleigh
Added: Jul 8
Changed: Aug 16
Last Checked: Aug 28 at 6:49AM
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
Investment Insights
Based on property information with market context.
The property is a retail strip center totaling 5,920 square feet, described by the El Paso County Tax Assessor. It is currently occupied by three tenants who pay combined rent of $6,880 per month. The property is reported to have been well maintained.
The site is on a 21,257 square foot lot and is zoned MX-M-CU. Based on the information provided, the zoning supports a variety of uses, with the property primarily zoned for retail.
For current operating expenses, the listing reports taxes of $14,487 and insurance of $13,397, along with utilities of $6,095 and maintenance costs of $4,800 (including snow removal and trash service, plus misc.). Property management is reported as 10% of collected rent, and the listing calculates net operating income of $35,525.
The site is on a 21,257 square foot lot and is zoned MX-M-CU. Based on the information provided, the zoning supports a variety of uses, with the property primarily zoned for retail.
For current operating expenses, the listing reports taxes of $14,487 and insurance of $13,397, along with utilities of $6,095 and maintenance costs of $4,800 (including snow removal and trash service, plus misc.). Property management is reported as 10% of collected rent, and the listing calculates net operating income of $35,525.
Key Highlights
- 5,920 SF retail strip center (El Paso County Tax Assessor) with three tenants
- Combined annual rent: $82,560 ($6,880/month)
- Net Operating Income (NOI): $35,525 based on provided expense figures
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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 - Well-maintained retail strip center totaling 5,920 square feet with three tenants in place.
Where is this strip mall located?
The property is located at 17 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 (El Paso County Tax Assessor) with three tenants; Combined annual rent: $82,560 ($6,880/month); Net Operating Income (NOI): $35,525 based on provided expense figures
