Renovated Office
For Sale
Contact for pricing
2960 N Academy Dr, Colorado Springs, CO 80917
First-floor and most of the second-floor offices have been renovated with large windows and updated HVAC.
Property Size7,356 SF
Price / SF$135.26
Days on Market225
Property Features for 2960 N Academy Dr
General Information
Standard status
Active
Size
7,356 SF
Property subtype
OFFICE
Amenities
renovated restrooms
monument signage
Listing Agency:
Miramont Commercial Real Estate
(719) 229-1585
Listed By:
Timothy Agee
(719) 200-2735
Source:
Moodyscre
Added: Feb 2
Changed: Sep 9
Last Checked: Sep 14 at 11:20AM
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 Miramont Commercial Real Estate
Investment Insights
Based on property information with market context.
This office building offers renovated office space with large windows, including a first-floor suite and most of the second floor. The lower level includes furniture available to the buyer. Restrooms have been renovated throughout the building (4). HVAC units were replaced in 2024, and parking lot improvements were completed in 2025.
The second floor is fully leased, providing stable rental income. The property is positioned for prime building visibility with convenient access off a major thoroughfare, and monument signage is available along North Academy.
With both updated mechanicals and recent site improvements, this property is designed for day-to-day operational efficiency and tenant-ready presentation.
The second floor is fully leased, providing stable rental income. The property is positioned for prime building visibility with convenient access off a major thoroughfare, and monument signage is available along North Academy.
With both updated mechanicals and recent site improvements, this property is designed for day-to-day operational efficiency and tenant-ready presentation.
Key Highlights
- First‑floor suite and majority of second floor renovated with spacious offices and large windows
- Second floor fully leased, generating stable rental income
- All HVAC units replaced in 2024
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
$72,411
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
7.28%
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%
$1,448,220
$1.4M
Cap Rate 7%
$1,034,443
$1.0M
Cap Rate 9%
$804,567
$804.6K
Market Conditions
NOI Build-Up for 7,356 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
$110.3K $15.00/SF
− Vacancy
−$13.8K −$1.88/SF
EGI
$96.5K $13.13/SF
− OpEx
−$24.1K −$3.28/SF
NOI
$72.4K $9.84/SF
Area
Colorado Springs, CO
Vacancy
12.50%
Lease Rate
$15.00 /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%
$1,448,220
Cap Rate 7%
$1,034,443
Cap Rate 9%
$804,567
Alternative Uses
Best Use
Office B
$1.03M
$905.1K – $1.21M
NOI $72,411 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,689 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Colorado Springs, CO
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Frequently Asked Questions
What type of property is this?
Office building - First-floor and most of the second-floor offices have been renovated with large windows and updated HVAC.
Where is this office building located?
The property is located at 2960 N Academy Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: First‑floor suite and majority of second floor renovated with spacious offices and large windows; Second floor fully leased, generating stable rental income; All HVAC units replaced in 2024
