Building Details

Building Size 2,237 SF

Buildings 1

Construction brick

Listing Agency: Hoff & Leigh Show Phone

Listed By: Luke Neely Show Phone

Source: Hoffleigh

Added: Oct 13 Changed: Oct 15 Last Checked: Oct 15 at 2:10AM

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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

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Investment Insights

Based on property information with market context.

This freestanding brick office building contains 2,237 square feet on a 0.196-acre lot and is zoned OR. Seven skylights bring natural light indoors, while three exterior entrances offer access at multiple points. A storage shed and fenced side and rear yard are also included. The building has an architectural shingle roof, and mature shade trees sit among the rock landscaping.

The paved parking area has direct access from Palmer Park Boulevard, where the property’s signage is visible. Academy Boulevard, Union Boulevard, and Palmer Park are nearby.

Key Highlights

• 2,237‑square‑foot office building on a 0.196‑acre lot
• OR zoning
• Seven skylights and three separate exterior entrances

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,020

Cap Rate

6.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$440,400 $440.4K

Cap Rate 7%

$314,571 $314.6K

Cap Rate 9%

$244,667 $244.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,237 SF

Gross rent

$33.6K $15.00/SF

− Vacancy

−$4.2K −$1.88/SF

EGI

$29.4K $13.13/SF

− OpEx

−$7.3K −$3.28/SF

NOI

$22.0K $9.84/SF

Area

Colorado Springs, CO

Vacancy

12.50%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$440,400

Cap Rate 7%

$314,571

Cap Rate 9%

$244,667

Alternative Uses

Best Use

Office B

$314.6K

$275.3K – $367.0K (±1% cap)

NOI $22,020 @ 7.0% cap · market cap 6.31%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$441.8K

$386.6K – $515.4K (±1% cap)

NOI $30,924 @ 7.0% cap · market cap 8.86%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Daycare Center Restaurant Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

759

Businesses Nearby

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

7.9% 2019

8.1% 2020

9.3% 2021

8.5% 2022

10.6% 2023

9.5% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - A private paved parking area connects directly to Palmer Park Boulevard, with three exterior entrances serving the building.

Where is this office building located?

The property is located at 2598 Palmer Park Boulevard Colorado Springs, CO.

What is the asking price?

The asking price for this property is $349,000.

What are key features of this property?

This property features: 2,237‑square‑foot office building on a 0.196‑acre lot; OR zoning; Seven skylights and three separate exterior entrances