Multi-Building Shopping
For Sale
$3,154,385
2616 W Colorado Avenue, Colorado Springs, CO 80904
Commercial, Colorado Springs, CO
Property Size16,413 SF
Lot Size0.69 Acres
Price / SF$192.19
Days on Market88
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
Listed By:
Chuck Armstrong · License #FA01049625
(719) 231-3545
Added: Jun 9
Changed: Aug 28
Last Checked: Sep 4 at 6:06AM
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 shopping center at 2616 W Colorado Avenue in Colorado Springs comprises five buildings totaling 16,413 square feet on a 30,000-square-foot site. Construction dates are 1951, 1951, 1975, 1981, and 1982. The property is zoned Colorado Springs Commercial MX-M and offers mostly open floor plans, with private bathrooms in most units.
The center includes 43 off-street parking spaces and is near a City Lot. Existing anchors include Jake & Telly's Greek restaurant and Yellow Mountain Tea House, adding established commercial activity within the property. The multi-building configuration supports a range of retail, restaurant, and other commercial space arrangements within the center.
The center includes 43 off-street parking spaces and is near a City Lot. Existing anchors include Jake & Telly's Greek restaurant and Yellow Mountain Tea House, adding established commercial activity within the property. The multi-building configuration supports a range of retail, restaurant, and other commercial space arrangements within the center.
Key Highlights
- 16,413 square feet across 5 buildings
- 30,000‑square‑foot site per assessor
- Zoned Colorado Springs Commercial MX‑M
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
$226,893
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
7.19%
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%
$4,537,860
$4.5M
Cap Rate 7%
$3,241,329
$3.2M
Cap Rate 9%
$2,521,033
$2.5M
Market Conditions
NOI Build-Up for 16,413 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
$315.1K $19.20/SF
− Vacancy
−$12.6K −$0.77/SF
EGI
$302.5K $18.43/SF
− OpEx
−$75.6K −$4.61/SF
NOI
$226.9K $13.82/SF
Area
Colorado Springs, CO
Vacancy
4.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$4,537,860
Cap Rate 7%
$3,241,329
Cap Rate 9%
$2,521,033
Alternative Uses
Best Use
Specialty Retail
$3.24M
$2.84M – $3.78M
NOI $226,893 @ 7.0% cap · market cap 7.19%
Second Best
Retail
$2.82M
$2.47M – $3.29M
NOI $197,498 @ 7.0% cap · market cap 6.26%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,347
Businesses Nearby
113k
Monthly Visits Nearby
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Shopping center - Five-building commercial center with open layouts, private bathrooms, established restaurant anchors, and dedicated off-street parking.
Where is this shopping center 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: 16,413 square feet across 5 buildings; 30,000‑square‑foot site per assessor; Zoned Colorado Springs Commercial MX‑M
