Mixed-Use Retail/Warehouse
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For Sale
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301 Manitou Avenue, Manitou Springs, CO 80829
Combines commercial space, five residential units, and an existing Sevelli's lease.
Property Size10,000 SF
Price / SF$350
Days on Market4
Property Features for 301 Manitou Avenue
General Information
Standard status
Active
Size
10,000 SF
Property subtype
RETAIL
Listing Agency:
Front Range Commercial LLC
(719) 520-9500
Listed By:
Jay Carlson · License #ER.000271191
Source:
Moodyscre
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 2:25PM
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 Front Range Commercial LLC
Investment Insights
Based on property information with market context.
Located at 301 Manitou Avenue in Manitou Springs, this mixed-use property combines a 10,000-square-foot retail and warehouse building with residential accommodations. The property includes five residential units totaling 3,000 square feet, creating a combination of commercial and residential space within one asset.
Sevelli's has an existing lease in place, adding an established commercial tenancy to the property. The address is 301 Manitou Avenue, Manitou Springs, CO 80829.
Sevelli's has an existing lease in place, adding an established commercial tenancy to the property. The address is 301 Manitou Avenue, Manitou Springs, CO 80829.
Key Highlights
- 10,000sf retail and warehouse building
- Five residential units totaling 3000sf
- Sevelli's lease in place
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
$142,992
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
4.09%
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%
$2,859,840
$2.9M
Cap Rate 7%
$2,042,743
$2.0M
Cap Rate 9%
$1,588,800
$1.6M
Market Conditions
NOI Build-Up for 10,000 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
$214.8K $21.48/SF
− Vacancy
−$10.5K −$1.05/SF
EGI
$204.3K $20.43/SF
− OpEx
−$61.3K −$6.13/SF
NOI
$143.0K $14.30/SF
Area
El Paso County, CO
Vacancy
4.90%
Lease Rate
$21.48 /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%
$2,859,840
Cap Rate 7%
$2,042,743
Cap Rate 9%
$1,588,800
Alternative Uses
Best Use
Apartment 5plus
$118.58M
$103.76M – $138.34M
NOI $8,300,532 @ 7.0% cap · market cap 237.16%
Second Best
Retail
$2.04M
$1.79M – $2.38M
NOI $142,992 @ 7.0% cap · market cap 4.09%
Theoretical Best
Multifamily LT 5
$133.35M
$116.68M – $155.57M
NOI $9,334,299 @ 7.0% cap · market cap 266.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
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Business Placement
Demographics for 80829, CO
5,343
Population
2,920
Households
1.8
Avg Household Size
48
Median Age
53%
College-Educated
97%
High-School Grad
20.1 sq mi
ZIP Area
266
Density / Sq Mi
$85,341
Median Household Income
$51,231
Median Earnings
$1,175
Median Rent
$567,000
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 Industrial in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines commercial space, five residential units, and an existing Sevelli's lease.
Where is this mixed-use property located?
The property is located at 301 Manitou Avenue Manitou Springs, CO.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 10,000sf retail and warehouse building; Five residential units totaling 3000sf; Sevelli's lease in place
