Garage Condo Storage
For Sale
Contact for pricing
2510 Canada Dr, Colorado Springs, CO 80922
Deeded garage condo unit with utility sink, epoxy floors, and independent water, gas, and electric service.
Property Size810 SF
Price / SF$228.40
Days on Market76
Property Features for 2510 Canada Dr
General Information
Standard status
Active
Size
810 SF
Property subtype
INDUSTRIAL
Additional Details
Business Included
No
Utilities to Site
Yes
Amenities
utility sink
epoxy floors
Listing Agency:
Hoff & Leigh
(719) 630-2277
Listed By:
Holly Trinidad · License #ER.100022369
(719) 337-0999
Source:
Moodyscre
Added: Jul 2
Changed: Sep 7
Last Checked: Sep 14 at 10:54AM
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.
This premium garage condo is sold as a deeded unit, giving the owner full use of the private space along with shared access to exterior and common areas. Each unit is ready to customize and includes an on-site utility sink and epoxy floors, along with essential utilities provided with the unit.
Independent utilities are handled by the individual owner, with responsibility for water, gas, and electric. This configuration supports flexible, self-directed use within the confines of a private garage condo setting.
The property is offered for sale and is part of the MyGarage Northcrest garage condo concept.
Independent utilities are handled by the individual owner, with responsibility for water, gas, and electric. This configuration supports flexible, self-directed use within the confines of a private garage condo setting.
The property is offered for sale and is part of the MyGarage Northcrest garage condo concept.
Key Highlights
- Deeded garage condo unit with full use of a private, individually owned space
- Unit includes a utility sink and epoxy floors
- Essential utilities are included with each unit for customization
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
$8,925
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
4.82%
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%
$178,500
$178.5K
Cap Rate 7%
$127,500
$127.5K
Cap Rate 9%
$99,167
$99.2K
Market Conditions
NOI Build-Up for 810 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
$11.0K $13.56/SF
− Vacancy
−$483 −$0.60/SF
EGI
$10.5K $12.96/SF
− OpEx
−$1.6K −$1.94/SF
NOI
$8.9K $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%
$178,500
Cap Rate 7%
$127,500
Cap Rate 9%
$99,167
Alternative Uses
Best Use
Warehouse
$127.5K
$111.6K – $148.8K
NOI $8,925 @ 7.0% cap · market cap 4.82%
Second Best
Self Storage
$109.6K
$95.9K – $127.9K
NOI $7,675 @ 7.0% cap · market cap 4.15%
Theoretical Best
Specialty Retail
$160.0K
$140.0K – $186.6K
NOI $11,197 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 80922, CO
29,392
Population
11,355
Households
2.6
Avg Household Size
34
Median Age
41%
College-Educated
96%
High-School Grad
5.8 sq mi
ZIP Area
5,068
Density / Sq Mi
$107,457
Median Household Income
$51,165
Median Earnings
$1,952
Median Rent
$407,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Colorado Springs, CO
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Frequently Asked Questions
What type of property is this?
Self storage facility - Deeded garage condo unit with utility sink, epoxy floors, and independent water, gas, and electric service.
Where is this self storage facility located?
The property is located at 2510 Canada Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Deeded garage condo unit with full use of a private, individually owned space; Unit includes a utility sink and epoxy floors; Essential utilities are included with each unit for customization
