Multi-Building Retail Center with
2616 W Colorado Avenue Colorado Springs, CO 80904
2616 W Colorado Avenue, Colorado Springs, CO, 80904
$3,154,385
For Sale
$3,154,385
COMMERCIAL - Colorado Springs, CO
Property Size16,413 SF
Lot Size0.69 Acres
Price / SF$192.19
Days on Market43
Property Features for 2616 W Colorado Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Retail
- Standard status
- Active
- Lot size
- 0.69 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 36547
Building Details
- Year built
- 1982
Listing Agency
McGraw Pikes Peak Group
(719) 634-0500
411 S Tejon St, Ste A, Colorado Springs, CO
Listed by
Chuck Armstrong
(719) 634-0500
Added: Jun 9 Checked: Jul 21 at 1:06 am
MLS# 8155017
Copyright © 2026 elevateMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale retail property consists of five separate buildings totaling 16,413 square feet, built across multiple periods (1951, 1975, 1981, and 1982). The tenant spaces are mostly open in configuration, and many units include a private bathroom. The site provides 43 off-street parking spaces, with additional parking available nearby in a City lot. The property is zoned Colorado Springs Commercial MX-M.
The center is located in the heart of Old Colorado City, positioned about a half block west of the 26th Street intersection and roughly three blocks north of US Highway 24. The area is described as having high traffic and tourism.
With multiple buildings and mostly open interior layouts, this property can fit a range of storefront and food-oriented concepts that benefit from direct street-level retail presence. The center is currently anchored by Jake & Telly's Greek restaurant and Yellow Mountain Tea House, supporting an active mix within the overall retail configuration. Off-street parking helps accommodate tenant and customer access across the five-building site.
The center is located in the heart of Old Colorado City, positioned about a half block west of the 26th Street intersection and roughly three blocks north of US Highway 24. The area is described as having high traffic and tourism.
With multiple buildings and mostly open interior layouts, this property can fit a range of storefront and food-oriented concepts that benefit from direct street-level retail presence. The center is currently anchored by Jake & Telly's Greek restaurant and Yellow Mountain Tea House, supporting an active mix within the overall retail configuration. Off-street parking helps accommodate tenant and customer access across the five-building site.
Key Highlights
- 5‑building commercial property built 1951, 1975, 1981, and 1982 with 16,413 total SF
- 30,000 SF site with MX‑M zoning (Colorado Springs Commercial MX‑M)
- Mostly open floor plans; most units include a private bathroom
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $295.4k | $18.00 |
| − Vacancy | −$13.3k | −$0.81 |
| EGI | $282.1k | $17.19 |
| − OpEx | −$84.6k | −$5.16 |
| NOI | $197.5k | $12.03 |
16,413 SF · lease $18.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.82M
$2.47M – $3.29M
NOI $197,498 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.24M
$2.84M – $3.78M
NOI $226,893 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Yellow Mountain Tea ...
Restaurant
Merlin's Realm
(Bike/Boat/Book/etc) Store
Yeden CBD
Department Store
Whimsy Well
Gym & Fitness Center
Watergirls Wellness
Physician
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Five-building retail center offering mostly open layouts, private bathrooms in many units, and 43 off-street parking spaces.
Where is this retail space located?
The property is located at 2616 W Colorado Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $3,154,385.
What are key features of this property?
This property features: 5‑building commercial property built 1951, 1975, 1981, and 1982 with 16,413 total SF; 30,000 SF site with MX‑M zoning (Colorado Springs Commercial MX‑M); Mostly open floor plans; most units include a private bathroom
