Historic Mixed-Use Landmark For
For Sale
$2,395,000
2532 W Colorado Avenue, Colorado Springs, CO 80904
Historic Old Colorado City mixed-use property with commercial and residential spaces.
Property Size7,014 SF
Lot Size0.08 Acres
Price / SF$341.46
Days on Market292
Property Features for 2532 W Colorado Avenue
General Information
Standard status
Active
Size
7,014 SF
Lot size
0.08 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,741
Building Details
Year Built
1900
Listing Agency:
LIV SOTHEBY'S INTERNATIONAL REALTY
(719) 578-8800
Listed By:
ELIZABETH HERRERA · License #100079323
Source:
Corcoran
Added: Oct 25, 2025
Changed: Aug 8
Last Checked: Aug 12 at 4:16AM
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 LIV SOTHEBY'S INTERNATIONAL REALTY
Investment Insights
Based on property information with market context.
This property is a landmark located in Old Colorado City. The building features three fully leased commercial spaces, providing a consistent income stream. A residential loft at the rear of the property offers views and an interior suitable for entertaining. The loft includes living areas, high ceilings, and finishes. The property offers an opportunity to own a piece of Old Colorado City history.
Key Highlights
- Three fully leased commercial spaces provide a solid and consistent income stream.
- Gorgeous residential loft with breathtaking views and an entertainer's dream interior.
- Prime location in the heart of Old Colorado City.
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
$85,137
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
3.55%
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%
$1,702,740
$1.7M
Cap Rate 7%
$1,216,243
$1.2M
Cap Rate 9%
$945,967
$946.0K
Market Conditions
NOI Build-Up for 7,014 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
$163.3K $23.28/SF
− Vacancy
−$8.5K −$1.21/SF
EGI
$154.8K $22.07/SF
− OpEx
−$69.7K −$9.93/SF
NOI
$85.1K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,702,740
Cap Rate 7%
$1,216,243
Cap Rate 9%
$945,967
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,137 @ 7.0% cap · market cap 3.55%
Second Best
Retail
$1.21M
$1.05M – $1.41M
NOI $84,399 @ 7.0% cap · market cap 3.52%
Theoretical Best
Specialty Retail
$1.39M
$1.21M – $1.62M
NOI $96,962 @ 7.0% cap · market cap 4.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,347
Businesses Nearby
113k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Shops & Services 20%
Apparel 6%
Rudy's Country Store & Bar-B-Q
Dining
34,323 visits/mo
0.4 miles
McDonald's
Dining
18,618 visits/mo
0.4 miles
Taco Bell
Dining
11,829 visits/mo
0.4 miles
Wendy's
Dining
9,943 visits/mo
0.5 miles
Conoco
Shops & Services
6,613 visits/mo
0.4 miles
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
Median Home Value
Market
Vacancy Rate% for Retail in Colorado Springs, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic Old Colorado City mixed-use property with commercial and residential spaces.
Where is this mixed-use property located?
The property is located at 2532 W Colorado Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: Three fully leased commercial spaces provide a solid and consistent income stream.; Gorgeous residential loft with breathtaking views and an entertainer's dream interior.; Prime location in the heart of Old Colorado City.
