Restored Mixed-Use
New
For Sale
$1,300,000
2629 W Colorado Ave, Colorado Springs, CO 80904
Flexible commercial space with exposed brick, a rooftop patio, and two dedicated parking spaces.
Property Size3,100 SF
Price / SF$419.35
Days on Market4
Property Features for 2629 W Colorado Ave
General Information
Standard status
Active
Size
3,100 SF
Total Parking Spaces
2
Property subtype
Office, Retail
Zoning
MX-L HS
Additional Details
Highway Access
Yes
Amenities
exposed brick
rooftop patio
modern conference room with overhead door
podcast studio
Building Details
Building Size
3,100 SF
Buildings
1
Listing Agency:
Hoff & Leigh Colorado Springs
(719) 630-2277
Listed By:
Holly Trinidad · License #ER.100022369
(719) 337-0999
Source:
Hoffleigh
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 2 at 1:09PM
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 Colorado Springs
Investment Insights
Based on property information with market context.
This approximately 3,100 SF mixed-use property occupies a restored commercial building with exposed brick and a rooftop patio. Interior features include a conference room with an overhead door and a podcast studio, along with two dedicated parking spaces behind the building. The configuration supports a range of uses identified in the property information, including retail, office, restaurant, entertainment, hospitality, and multifamily applications.
The property is located at 2629 W Colorado Ave in Old Colorado City, within a National Register historic commercial district. Galleries, boutiques, and restaurants surround the building, with street visibility and pedestrian activity along West Colorado Avenue. Highway 24 and downtown Colorado Springs are accessible from the property.
The property is located at 2629 W Colorado Ave in Old Colorado City, within a National Register historic commercial district. Galleries, boutiques, and restaurants surround the building, with street visibility and pedestrian activity along West Colorado Avenue. Highway 24 and downtown Colorado Springs are accessible from the property.
Key Highlights
- Approximately 3,100 SF of mixed‑use commercial space
- Restored building with exposed brick and rooftop patio
- Conference room includes an overhead door; podcast studio also on site
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
$37,302
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
2.87%
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%
$746,040
$746.0K
Cap Rate 7%
$532,886
$532.9K
Cap Rate 9%
$414,467
$414.5K
Market Conditions
NOI Build-Up for 3,100 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
$55.8K $18.00/SF
− Vacancy
−$2.5K −$0.81/SF
EGI
$53.3K $17.19/SF
− OpEx
−$16.0K −$5.16/SF
NOI
$37.3K $12.03/SF
Area
Colorado Springs, CO
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$746,040
Cap Rate 7%
$532,886
Cap Rate 9%
$414,467
Alternative Uses
Best Use
Retail
$532.9K
$466.3K – $621.7K
NOI $37,302 @ 7.0% cap · market cap 2.87%
Second Best
Mixed Use
$494.2K
$432.5K – $576.6K
NOI $34,596 @ 7.0% cap · market cap 2.66%
Theoretical Best
Specialty Retail
$612.2K
$535.7K – $714.2K
NOI $42,854 @ 7.0% cap · market cap 3.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,347
Businesses Nearby
Explore this area
Business Placement
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 Office in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial space with exposed brick, a rooftop patio, and two dedicated parking spaces.
Where is this mixed-use property located?
The property is located at 2629 W Colorado Ave Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Approximately 3,100 SF of mixed‑use commercial space; Restored building with exposed brick and rooftop patio; Conference room includes an overhead door; podcast studio also on site
