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    Multi-Building Retail Center with Parking Title is generated by Realmo AI

    2616 W Colorado Avenue, Colorado Springs, CO 80904

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    Picture of Retail space at 2616 W Colorado Avenue, Colorado Springs, CO
    For Sale
    $3,154,385

    COMMERCIAL - Colorado Springs, CO

    Type:Retail
    Property size:
    16,413 SF
    Lot size:
    0.69 Acres
    Price / SF:
    $192/SF
    Added:
    Jun 4, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 4 at 11:06 pm

    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

    We can help!

    Listing Contact
    Chuck Armstrong
    Chuck Armstrong

    Listing agent Chuck Armstrong

    Listing office McGraw Pikes Peak Group 411 S Tejon St, Ste A, Colorado Springs, CO

    Listing date Jun 4, 2026

    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.

    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
    • 43 off‑street parking spaces plus near a city lot
    • Currently anchored by Jake & Telly's Greek restaurant and Yellow Mountain Tea House

    Overview

    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.

    Local Financial Insights For Specialty 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 $315.1k $19.20
    − Vacancy −$12.6k −$0.77
    EGI $302.5k $18.43
    − OpEx −$75.6k −$4.61
    NOI $226.9k $13.82
    16,413 SF · lease $19.20/SF/yr · vacancy 4.00% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $3.24M
    $2.84M – $3.78M (±1% cap)
    NOI $226,893 @ 7.0% cap · market cap 7.19%
    Second Best
    Retail
    $2.82M
    $2.47M – $3.29M (±1% cap)
    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 local authorities.
    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

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.86452
    Latitude
    38.848781

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    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
    (719) 634-0500
    We can help!
    Listing Contact
    Chuck Armstrong
    Chuck Armstrong
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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