Warehouse with Office and
For Sale
$3,800,000
2110 Busch Avenue, Colorado Springs, CO 80904
23,000 SF flex space with warehouse and office components.
Property Size23,000 SF
Lot Size0.93 Acres
Price / SF$165.22
Days on Market141
Property Features for 2110 Busch Avenue
General Information
Standard status
Active
Size
23,000 SF
Lot size
0.93 Acres
Property subtype
Industrial
Listing Agency:
CBRE - Colorado Springs
(719) 321-7977
Listed By:
Andy Oyler
(719) 321-7977
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 CBRE - Colorado Springs
Investment Insights
Based on property information with market context.
Constructed in 1984, this masonry building offers approximately 23,000 gross square feet of space on a 0.93-acre lot. The property includes 20 parking stalls, supplemented by ample street parking. The layout features roughly 18,000 square feet of warehouse area, divided into three spaces of approximately 9,400 SF, 6,400 SF, and 2,400 SF, alongside 5,000 square feet of office space. The warehouse section is equipped with two dock-high doors, one drive-in door (10’w X 14’h), ceiling heights up to 31 feet, LED lighting, a floor scale, and gas heaters, and is well insulated. The office area comprises large offices, a reception desk, a conference room, and a break area that connects to the warehouse. The property is located just south of Hwy 24 and offers relatively easy access to I-25.
Key Highlights
- Approximately 18,000 SF of warehouse space with high ceilings (up to 31 feet).
- Convenient location with easy access to Hwy 24 and I‑25.
- Includes both dock‑high and drive‑in doors for warehouse access.
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
$253,434
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
6.67%
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%
$5,068,680
$5.1M
Cap Rate 7%
$3,620,486
$3.6M
Cap Rate 9%
$2,815,933
$2.8M
Market Conditions
NOI Build-Up for 23,000 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
$311.9K $13.56/SF
− Vacancy
−$13.7K −$0.60/SF
EGI
$298.2K $12.96/SF
− OpEx
−$44.7K −$1.94/SF
NOI
$253.4K $11.02/SF
Area
Colorado Springs, CO
Vacancy
4.40%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
15.00%
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%
$5,068,680
Cap Rate 7%
$3,620,486
Cap Rate 9%
$2,815,933
Alternative Uses
Best Use
Warehouse
$3.62M
$3.17M – $4.22M
NOI $253,434 @ 7.0% cap · market cap 6.67%
Second Best
Office B
$3.23M
$2.83M – $3.77M
NOI $226,406 @ 7.0% cap · market cap 5.96%
Theoretical Best
Specialty Retail
$4.54M
$3.97M – $5.30M
NOI $317,952 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
Median Home Value
Market
Vacancy Rate% for Office in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 23,000 SF flex space with warehouse and office components.
Where is this flex space located?
The property is located at 2110 Busch Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Approximately 18,000 SF of warehouse space with **high ceilings (up to 31 feet)**.; Convenient location with easy access to Hwy 24 and I‑25.; Includes both dock‑high and drive‑in doors for warehouse access.
