Multifunctional Property Near Citadel
For Sale
$1,499,000
2850 W Serendipity Cir, Colorado Springs, CO 80917
Eight units customizable for clinics, offices, or school spaces.
Property Size9,552 SF
Lot Size1.18 Acres
Days on Market167
Property Features for 2850 W Serendipity Cir
General Information
Standard status
Active
Size
9,552 SF
Lot size
1.18 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,598
Building Details
Building Size
9,552 SF
Year Built
1974
Stories
2
Units
8
Listing Agency:
(720) 412-6588
Listed By:
Kiki Bentley
(720) 412-6588
Source:
Elliman
Added: Mar 10
Changed: Aug 10
Last Checked: Aug 22 at 7:45AM
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 Kiki Bentley
Investment Insights
Based on property information with market context.
This property features a total of eight units, each containing a variety of rooms ranging from one to eight rooms plus a kitchen. These units offer customization potential for various uses, including clinics, office spaces, and school spaces. The property benefits from a convenient location with easy highway access. It is situated a few minutes from the Citadel Mall and local grocery stores. Located off Academy Boulevard, the property occupies a large, multifunctional lot.
Key Highlights
- Multifunctional lot suitable for clinics, offices, schools, etc.
- Customizable units ranging from 1 to 8 rooms + kitchen.
- Convenient location off Academy Blvd.
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
$115,944
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
7.73%
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%
$2,318,880
$2.3M
Cap Rate 7%
$1,656,343
$1.7M
Cap Rate 9%
$1,288,267
$1.3M
Market Conditions
NOI Build-Up for 9,552 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
$222.4K $23.28/SF
− Vacancy
−$11.6K −$1.21/SF
EGI
$210.8K $22.07/SF
− OpEx
−$94.9K −$9.93/SF
NOI
$115.9K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$2,318,880
Cap Rate 7%
$1,656,343
Cap Rate 9%
$1,288,267
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.45M – $1.93M
NOI $115,944 @ 7.0% cap · market cap 7.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.89M
$1.65M – $2.20M
NOI $132,047 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,405
Businesses Nearby
Explore this area
Business Placement
Demographics for 80917, CO
30,513
Population
13,656
Households
2.2
Avg Household Size
37
Median Age
35%
College-Educated
94%
High-School Grad
5.6 sq mi
ZIP Area
5,449
Density / Sq Mi
$72,805
Median Household Income
$39,973
Median Earnings
$1,435
Median Rent
$353,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight units customizable for clinics, offices, or school spaces.
Where is this apartment building located?
The property is located at 2850 W Serendipity Cir Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Multifunctional lot suitable for clinics, offices, schools, etc.; Customizable units ranging from 1 to 8 rooms + kitchen.; Convenient location off Academy Blvd.
