C6 Zoned Flex Industrial
For Sale
$750,000
22 Iowa Avenue, Colorado Springs, CO 80909
Tenant-occupied C6 flex buildings with showrooms, warehouse/garage space, and fenced access via double gates and an alley.
Property Size6,004 SF
Days on Market27
Property Features for 22 Iowa Avenue
General Information
Standard status
Active
Size
6,004 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
MX-L
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Drive-In Doors
3
Three-Phase Power
No
Taxes and HOA fees
Annual Taxes
$5,785
Amenities
full kitchen
kitchenette
basements
floor drain
Building Details
Building Size
6,004 SF
Year Built
1977
Units
2
Tenancy
Single
Listing Agency:
RE/MAX Real Estate Group Inc
(719) 331-5307
Listed By:
David Kaercher
(719) 331-5307
Source:
Coloradopartners
Added: Jul 28
Changed: Aug 23
Last Checked: Aug 23 at 4:28AM
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 RE/MAX Real Estate Group Inc
Investment Insights
Based on property information with market context.
This listing offers two tenant-occupied flex industrial buildings sold together under one lease. Building 20 includes a 1,240 SF house/office/showroom with three separate rooms, a full kitchen, and a detached 720 SF garage with AC, finished interior, and a large overhead drive-through door. Building 22 offers a 2,944 SF showroom with a connected warehouse/garage, including a half bath in the showroom, two separate office/storage rooms, and a small kitchenette area.
Both buildings include a single-phase 400 AMP service panel and two overhead drive-through garage doors for garage access. Each warehouse building has a floor drain, and both houses have basements for additional storage. The front of 22 is fully paved with parking for about 6 vehicles, while 20 has a chain-link fence. The property is fully fenced with double-gate access through the front and additional alley access with enough clearance for most work vehicles.
Built in 1977, the enclosed area between the garages is topped with gravel, providing extra parking, storage, and workspace.
Both buildings include a single-phase 400 AMP service panel and two overhead drive-through garage doors for garage access. Each warehouse building has a floor drain, and both houses have basements for additional storage. The front of 22 is fully paved with parking for about 6 vehicles, while 20 has a chain-link fence. The property is fully fenced with double-gate access through the front and additional alley access with enough clearance for most work vehicles.
Built in 1977, the enclosed area between the garages is topped with gravel, providing extra parking, storage, and workspace.
Key Highlights
- Two tenant‑occupied flex industrial buildings sold together under one lease
- Building 20: 1,240 SF house/office/showroom plus detached 720 SF garage with AC
- Building 22: 2,944 SF showroom with connected warehouse/garage plus half bath
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
$66,157
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
8.82%
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%
$1,323,140
$1.3M
Cap Rate 7%
$945,100
$945.1K
Cap Rate 9%
$735,078
$735.1K
Market Conditions
NOI Build-Up for 6,004 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
$81.4K $13.56/SF
− Vacancy
−$3.6K −$0.60/SF
EGI
$77.8K $12.96/SF
− OpEx
−$11.7K −$1.94/SF
NOI
$66.2K $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%
$1,323,140
Cap Rate 7%
$945,100
Cap Rate 9%
$735,078
Alternative Uses
Best Use
Warehouse
$945.1K
$827.0K – $1.10M
NOI $66,157 @ 7.0% cap · market cap 8.82%
Second Best
Flex RnD
$826.2K
$723.0K – $964.0K
NOI $57,837 @ 7.0% cap · market cap 7.71%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.38M
NOI $82,999 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Single-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,701
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Tenant-occupied C6 flex buildings with showrooms, warehouse/garage space, and fenced access via double gates and an alley.
Where is this flex space located?
The property is located at 22 Iowa Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two tenant‑occupied flex industrial buildings sold together under one lease; Building 20: 1,240 SF house/office/showroom plus detached 720 SF garage with AC; Building 22: 2,944 SF showroom with connected warehouse/garage plus half bath
