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    Black Forest Land with Pond Title is generated by Realmo AI

    2 Steppler, Colorado Springs, CO 80908

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    For Sale
    $775,000

    40 acres with spring-fed pond in Black Forest.

    Type:Land or Vacant Lot
    Lot size:
    40.00 Acres
    Added:
    Feb 11, 2026
    Days on Market:
    113
    Last Refresh:
    Apr 5 at 9:47 pm

    Property Features for 2 Steppler

    General Information

    Standard status
    Active
    Lot size
    40.00 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    MICHAEL TURNER

    Listing agent MICHAEL TURNER License #FA100047743

    Listing office LIV SOTHEBY'S INTERNATIONAL REALTY

    Listing date Feb 11, 2026

    Source Corcoran

    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 LIV SOTHEBY'S INTERNATIONAL REALTY

    HighLights

    • Rare 40‑acre property with a 2‑acre spring‑fed pond in the desirable Black Forest area.
    • Development potential: Zoned RR‑5, allowing for potential subdivision into smaller parcels (up to 16 with rezone and county approval).
    • Water rights available in all 4 aquifers for adjudication and augmentation.
    • Phenomenal Pikes Peak views and lush rolling green meadows.
    • Located in award‑winning School District 38, with easy access to Colorado Springs and Denver.
    • No covenants or HOA, zoned for horses, cattle, and outbuildings, with low agricultural taxes.

    Overview

    This 40-acre property in the Black Forest area features a rare 2-acre spring-fed pond. The land, characterized by lush rolling green meadows, offers views of Pikes Peak. It is zoned RR-5, allowing for potential subdivision into 8 parcels of 5 acres each, or potentially 16 parcels of 2.5 acres each with county approval on a rezone and subdivision. Water rights in all 4 aquifers are available for adjudication and augmentation. The property is located in School District 38, near Flying Horse North Golf Course and Kings Deer Golf Course. It is approximately 20 minutes from Colorado Springs and 45 minutes from Denver, with convenient access to Highway 83 and I-25. The location is near the communities of Flying Horse North, High Forest Ranch, Settler Ranch, and Kings Deer. The property is zoned for horses, cattle, and outbuildings, with no covenants or HOA. It is situated off a paved county-maintained road and is home to wildlife including antelope, deer, fox, and elk. The property could suit many uses, including a close-in ranch, land development into smaller parcels, or an equestrian estate.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Hotel & Motel Gym & Fitness Center Department Store Discount Store Clothing & Fashion Store Bed & Breakfast (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.74
    Latitude
    39.0761

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    FAQs

    What type of property is this?
    Land - 40 acres with spring-fed pond in Black Forest.
    Where is this land located?
    The property is located at 2 Steppler Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $775,000.
    What are key features of this property?
    This property features: Rare 40‑acre property with a **2‑acre spring‑fed pond** in the desirable Black Forest area.; Development potential: Zoned RR‑5, allowing for potential subdivision into smaller parcels (up to 16 with rezone and county approval).; Water rights available in all 4 aquifers for adjudication and augmentation.
    (719) 578-8800
    We can help!
    Listing Contact
    MICHAEL TURNER
    Real Estate License ID: FA100047743
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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