Retail Building with
For Sale
Contact for pricing
1809 N Circle Dr, Colorado Springs, CO 80909
Retail building on a 10.72-acre lot featuring an existing drive-through along North Circle Drive in Colorado Springs.
Property Size6,360 SF
Price / SF$314.47
Days on Market145
Property Features for 1809 N Circle Dr
General Information
Standard status
Active
Size
6,360 SF
Class
C
Property subtype
Office, Retail
Zoning
MX-M
Occupancy
50%
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
1986
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Peak Commercial Properties
Listed By:
Jason Castro · License #ER.100092537
(719) 759-9935
Source:
Crexi
Added: Apr 14
Changed: Sep 4
Last Checked: Sep 3 at 3:13AM
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 Peak Commercial Properties
Investment Insights
Based on property information with market context.
1809–1815 N Circle Dr is a retail building configured for commercial use and positioned along North Circle Drive. The property is developed on a 10.72-acre lot and includes an existing drive-through, which supports quick customer access for retail and service-oriented concepts.
The site benefits from strong visibility and consistent high traffic counts along this highly trafficked corridor. The property is also located within an Opportunity Zone.
As a versatile option for owner-users and investors, the asset combines a drive-through feature with ample site area and direct corridor positioning for businesses that value access and exposure.
The site benefits from strong visibility and consistent high traffic counts along this highly trafficked corridor. The property is also located within an Opportunity Zone.
As a versatile option for owner-users and investors, the asset combines a drive-through feature with ample site area and direct corridor positioning for businesses that value access and exposure.
Key Highlights
- Retail/commercial building totaling 6,360 SF, built in 1986
- Situated on a 10.72‑acre lot along N Circle Dr in Colorado Springs
- Includes an existing drive‑through for restaurant, retail, or service‑oriented use
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
$76,530
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
3.83%
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%
$1,530,600
$1.5M
Cap Rate 7%
$1,093,286
$1.1M
Cap Rate 9%
$850,333
$850.3K
Market Conditions
NOI Build-Up for 6,360 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
$114.5K $18.00/SF
− Vacancy
−$5.2K −$0.81/SF
EGI
$109.3K $17.19/SF
− OpEx
−$32.8K −$5.16/SF
NOI
$76.5K $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%
$1,530,600
Cap Rate 7%
$1,093,286
Cap Rate 9%
$850,333
Alternative Uses
Best Use
Retail
$1.09M
$956.6K – $1.28M
NOI $76,530 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.26M
$1.10M – $1.47M
NOI $87,921 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
30k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 32%
Dutch Bros. Coffee
Dining
17,725 visits/mo
0.4 miles
Dollar Tree
Shops & Services
9,681 visits/mo
0.0 miles
SUBWAY
Dining
2,923 visits/mo
0.1 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?
Retail space - Retail building on a 10.72-acre lot featuring an existing drive-through along North Circle Drive in Colorado Springs.
Where is this retail space located?
The property is located at 1809 N Circle Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Retail/commercial building totaling 6,360 SF, built in 1986; Situated on a 10.72‑acre lot along N Circle Dr in Colorado Springs; Includes an existing drive‑through for restaurant, retail, or service‑oriented use
