Medical Office Facility with Therapy
For Sale
$499,000
2210 Lelaray Street, Colorado Springs, CO 80909
Well-maintained commercial space with flexible floor plan, ample parking, and an indoor saltwater therapy pool.
Property Size2,804 SF
Price / SF$177.96
Days on Market512
Property Features for 2210 Lelaray Street
General Information
Standard status
Active
Size
2,804 SF
Property subtype
Medical Office, Office
Zoning
OR
Additional Details
Business Included
Yes
Building Details
Building Size
2,804 SF
Listing Agency:
Hoff & Leigh
(719) 357-7494
Listed By:
Guy Cox · License #FA.100075843
(719) 357-7494
Source:
Hoffleigh
Added: Mar 18, 2025
Changed: Aug 11
Last Checked: Aug 11 at 4:39AM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
2210 Lelaray Street is a versatile medical office facility totaling 2,804 square feet, presented with a flexible floor plan designed to support professional client services. The building is described as a well-maintained space previously used as a specialized pediatric clinic, with indoor therapy-focused amenities intended for a welcoming environment for clients and staff. Property improvements include a new roof and furnace, both completed in 2022. The facility also features a saltwater therapy pool with a brand-new boiler, professionally maintained and noted as ready for use.
The property is located at 2210 Lelaray Street near the intersection of Union Blvd and Constitution Ave, positioned for visibility and convenient access for clients. It is also described as being close to schools and residential areas, aligning with family-oriented service needs. Additional on-site parking is identified as ample.
This offering may suit pediatric care, therapy services, or wellness practices looking for a purpose-ready environment that supports treatment and client programming. The flexible layout can be adapted for a range of professional uses beyond its prior pediatric therapy setting, while the indoor therapy pool provides a distinctive feature for qualified health and wellness tenants or owner-operators.
The property is located at 2210 Lelaray Street near the intersection of Union Blvd and Constitution Ave, positioned for visibility and convenient access for clients. It is also described as being close to schools and residential areas, aligning with family-oriented service needs. Additional on-site parking is identified as ample.
This offering may suit pediatric care, therapy services, or wellness practices looking for a purpose-ready environment that supports treatment and client programming. The flexible layout can be adapted for a range of professional uses beyond its prior pediatric therapy setting, while the indoor therapy pool provides a distinctive feature for qualified health and wellness tenants or owner-operators.
Key Highlights
- 2,804 SF well‑maintained commercial space with a flexible floor plan for a range of professional uses
- Previously used as a specialized pediatric clinic, suited for pediatric care, therapy, and wellness practices
- Indoor saltwater therapy pool with a brand‑new boiler; professionally maintained
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
$31,575
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
6.33%
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%
$631,500
$631.5K
Cap Rate 7%
$451,071
$451.1K
Cap Rate 9%
$350,833
$350.8K
Market Conditions
NOI Build-Up for 2,804 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
$57.2K $20.40/SF
− Vacancy
−$4.6K −$1.63/SF
EGI
$52.6K $18.77/SF
− OpEx
−$21.1K −$7.51/SF
NOI
$31.6K $11.26/SF
Area
Colorado Springs, CO
Vacancy
8.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
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%
$631,500
Cap Rate 7%
$451,071
Cap Rate 9%
$350,833
Alternative Uses
Best Use
Healthcare Medical
$451.1K
$394.7K – $526.3K
NOI $31,575 @ 7.0% cap · market cap 6.33%
Second Best
Office B
$394.3K
$345.0K – $460.0K
NOI $27,602 @ 7.0% cap · market cap 5.53%
Theoretical Best
Specialty Retail
$553.7K
$484.5K – $646.0K
NOI $38,762 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Balanced
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 Office in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Well-maintained commercial space with flexible floor plan, ample parking, and an indoor saltwater therapy pool.
Where is this medical office space located?
The property is located at 2210 Lelaray Street Colorado Springs, CO.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,804 SF well‑maintained commercial space with a flexible floor plan for a range of professional uses; Previously used as a specialized pediatric clinic, suited for pediatric care, therapy, and wellness practices; Indoor saltwater therapy pool with a brand‑new boiler; professionally maintained
