Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Turnkey Colorado Springs Farm Title is generated by Realmo AI

    21550 Hanover Road, Colorado Springs, CO 80928

    View on Map
    Claim this Listing
    For Sale
    $1,900,000

    160-acre farm with three homes and extensive infrastructure.

    Type:Land or Vacant Lot
    Property size:
    5,410 SF
    Lot size:
    160.00 Acres
    Price / SF:
    $351/SF
    Added:
    Feb 21, 2025
    Days on Market:
    471
    Last Refresh:
    Apr 5 at 9:33 pm

    Property Features for 21550 Hanover Road

    General Information

    Standard status
    Active
    Size
    5,410 SF
    Lot size
    160.00 Acres
    Property subtype
    Land or Vacant Lot

    Building Details

    Year Built
    1913

    We can help!

    Listing Contact
    BRIAN FURER

    Listing agent BRIAN FURER

    Listing office CENTURY 21 ELEVATED REAL ESTATE

    Listing date Feb 21, 2025

    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 CENTURY 21 ELEVATED REAL ESTATE

    HighLights

    • 160‑acre turn‑key farm with three homes, including a new 4 bed/3 bath manufactured home completed January 2025.
    • Located in the Pikes Peak Enterprise Zone, offering substantial tax credits for economic development.
    • Extensive infrastructure including a 20,000 sq ft pole barn and 36,000+ sq ft of greenhouses with LED lighting, multiple barns, and storage buildings.
    • Irrigation system covering 120 acres with center pivot and drip irrigation, fed by two new well pumps.
    • Includes a comprehensive list of farm equipment: tractors, swathers, mowers, cultivators, and more.
    • Potential for organic certification; previous tenant farmer attained 'Certified Organic Status'.

    Overview

    This 160-acre turnkey farm and homestead opportunity is located in Colorado Springs' Pikes Peak Enterprise Zone. The property includes three homes: a 2,620 square foot farmhouse with 3 beds and 2 baths, a 510 square foot cottage home with 1 bed and 1 bath, and a new 2,280 square foot manufactured home with 4 beds and 3 baths, completed in January 2025. Additionally, there are 3 campers for seasonal employees. The farm features a 20,000 square foot pole barn (5 years old), 11 greenhouses totaling over 36,000 square feet completed in 2019 with LED lighting, several other barns, steel buildings, multiple storage sheds, and a steel silo/storage building. Irrigation for 120 acres of crop-producing acreage is provided by a center pivot and drip irrigation system, fed by 2 new well pumps. An extensive list of equipment includes tractors, swathers, mowers, cultivators, drip irrigation row makers & removers, cultipackers, and air compressors. Newer upgraded electrical service is available to many structures, and internet is available in all 3 homes and the pole barn. Six frost-free water hydrants protect the assets. Situated about 40 minutes southeast of Downtown Colorado Springs (17 miles east of Pikes Peak Int’l Raceway), this ready-to-operate farm offers the opportunity to create a profitable and self-sustaining life while remaining close to town. The property is located in Colorado Springs’ Pikes Peak Enterprise Zone, where the new owner can receive substantial tax credits for various economic development activities. Water is provided by a domestic well and water shares through AGRA.
    Property Profile Location Intelligence

    Current Use by Public Records

    Farms

    Map

    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.428
    Latitude
    38.5822

    Nearby Similar for Sale

    • $1,600,000

      Colorado Springs Flex Office/Warehouse

      Functional office and warehouse space in prime Colorado Springs location.
      7302 Cole View, Colorado Springs, CO 80915
      View Details
    • $2,450,000
      4,626 SF

      Turnkey Restaurant Opportunity in Colorado

      Modern restaurant with pet exercise areas and mountain views.
      2207 Bott Ave., COLORADO SPRINGS, CO 80904
      View Details
    • $1,050,000

      Freestanding Industrial Building For Sale

      Move-in ready industrial building with drive-through bays and fenced yard.
      3930 Galley Road, Colorado Springs, CO 80909
      View Details
    • $5,900,000

      Industrial Campus with High-Power Capacity

      Industrial facility in high-demand corridor suitable for various operations.
      4975 N 30th Street, Colorado Springs, CO 80919
      View Details
    • $1,399,900
      5,188 SF

      New Duplex in Creekwalk

      Newly built duplex with modern design and investment potential.
      135 Terrace Drive, Colorado Springs, CO 80906
      View Details
    • $2,295,000

      Turnkey Restaurant Opportunity

      Modern restaurant with pet exercise areas and mountain views.
      2207 Bott Avenue, Colorado Springs, CO 80904
      View Details
    • $989,900
      2,594 SF

      New Duplex Near UCCS

      To be built duplex with modern features near UCCS.
      4266 Orchid Street, Colorado Springs, CO 80917
      View Details
    • $3,290,310

      Colorado Springs Commercial Redevelopment Opportunity

      Prime commercial property with high redevelopment potential in a desirable location.
      1850 Dominion Way, Colorado Springs, CO 80918
      View Details
    • $1,125,000
      1,585 SF

      Colorado Springs Multi-Family Acreage

      Rare opportunity: multi-family property on five acres near Fox Run Park.
      16265 Roller Coaster Road, Colorado Springs, CO 80921
      View Details
    • $575

      Colorado Springs Office Suite

      Centrally located office suites with shared amenities and utilities included.
      3775 E La Salle Street, Colorado Springs, CO 80909
      View Details
    • $664,900
      2,318 SF

      New Duplex in Westside Location

      New 3-bedroom duplex, great investment or live-in opportunity.
      2515 Busch Avenue, Colorado Springs, CO 80904
      View Details
    • $1,800,000
      6,027 SF

      Unique Agricultural Property with Event Venue

      32-acre Colorado property with farmhouse, event venue, water rights.
      14275 S State Highway 115, Colorado Springs, CO 80926
      View Details

    FAQs

    What type of property is this?
    Farm - 160-acre farm with three homes and extensive infrastructure.
    Where is this farm located?
    The property is located at 21550 Hanover Road Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: 160‑acre turn‑key farm with three homes, including a new 4 bed/3 bath manufactured home completed January 2025.; Located in the Pikes Peak Enterprise Zone, offering substantial tax credits for economic development.; Extensive infrastructure including a **20,000 sq ft pole barn** and **36,000+ sq ft of greenhouses with LED lighting**, multiple barns, and storage buildings.
    (720) 384-6573
    We can help!
    Listing Contact
    BRIAN FURER
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    21550 Hanover Road, Colorado Springs, CO 80928
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!