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    21550 Hanover Rd Colorado Springs, CO 80928

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    For Sale
    $1,900,000

    160-acre farm with three homes and extensive infrastructure.

    Property size:
    5,410 SF
    Lot size:
    160.00 Acres

    Property Features for 21550 Hanover Rd

    General Information

    Standard status
    Active
    Size
    5,410 SF
    Lot size
    160.00 Acres

    Building Details

    Year built
    1913

    We can help!

    Listing Contact
    Brian Furer
    Source: Corcoran

    Listing Agency: CENTURY 21 ELEVATED REAL ESTATE Listing Agent: Brian Furer

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Turnkey Colorado Springs Farm

    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 with 1 bed and 1 bath, and a new 2,280 square foot manufactured home (completed January 2025) with 4 beds and 3 baths. 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 is included, such as 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 approximately 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. Two years ago, a tenant farmer attained "Certified Organic Status". Water is provided by a domestic well and water shares through AGRA. The property is located in the Pikes Peak Enterprise Zone, where the new owner can receive substantial tax credits for various economic development activities.
    Location Intelligence

    Current Use by Public Records

    Farms

    Map

    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.42774
    Latitude
    38.582184

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    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 Rd 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, fully functional farm with extensive infrastructure and equipment included.; - Three homes: a 3-bed/2-bath farmhouse, a 1-bed/1-bath cottage, and a new 4-bed/3-bath manufactured home, plus 3 campers.; - Located in the Pikes Peak Enterprise Zone, offering potential tax credits.
    (720) 384-6573
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    21550 Hanover Rd Colorado Springs, CO 80928
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    Colorado Springs, CO 80928
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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.

    More about this property
    21550 Hanover Rd Colorado Springs, CO 80928
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    Listing Contact
    Brian Furer
    (720) 384-6573 (720) 251-0778
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