Stand-Alone Auto Shop For
For Sale
$680,000
323 Iowa Avenue, Colorado Springs, CO 80909
Centrally located auto shop with fenced lot and high ceilings.
Property Size3,024 SF
Price / SF$224.87
Days on Market140
Property Features for 323 Iowa Avenue
General Information
Standard status
Active
Size
3,024 SF
Property subtype
Industrial
Listing Agency:
CBRE - Colorado Springs
(719) 321-7977
Listed By:
Andy Oyler
(719) 321-7977
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 6:28AM
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 CBRE - Colorado Springs
Investment Insights
Based on property information with market context.
This stand-alone auto shop is centrally located and features a large, fenced lot. The building includes a paint booth and high ceilings, offering a flexible space. The property is situated just north of Highway 24 and east of downtown.
Key Highlights
- Centrally located auto shop, ready for business.
- Stand‑alone auto shop with a large fenced lot.
- Features a paint booth.
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
$36,388
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
5.35%
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%
$727,760
$727.8K
Cap Rate 7%
$519,829
$519.8K
Cap Rate 9%
$404,311
$404.3K
Market Conditions
NOI Build-Up for 3,024 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
$54.4K $18.00/SF
− Vacancy
−$2.4K −$0.81/SF
EGI
$52.0K $17.19/SF
− OpEx
−$15.6K −$5.16/SF
NOI
$36.4K $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%
$727,760
Cap Rate 7%
$519,829
Cap Rate 9%
$404,311
Alternative Uses
Best Use
Retail
$519.8K
$454.9K – $606.5K
NOI $36,388 @ 7.0% cap · market cap 5.35%
Second Best
Industrial
$392.0K
$343.0K – $457.4K
NOI $27,441 @ 7.0% cap · market cap 4.04%
Theoretical Best
Specialty Retail
$597.2K
$522.6K – $696.7K
NOI $41,804 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,412
Businesses Nearby
102k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Shops & Services 34%
Dutch Bros. Coffee
Dining
16,897 visits/mo
0.2 miles
Burger King
Dining
15,207 visits/mo
0.3 miles
Starbucks
Dining
15,191 visits/mo
0.3 miles
Maverik Adventures First Stop
Shops & Services
13,282 visits/mo
0.2 miles
Taco Bell
Dining
12,355 visits/mo
0.3 miles
Demographics for 80909, CO
37,302
Population
16,572
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
7.9 sq mi
ZIP Area
4,722
Density / Sq Mi
$61,777
Median Household Income
$36,894
Median Earnings
$1,227
Median Rent
$352,400
Median Home Value
Market
Vacancy Rate% for Retail in Colorado Springs, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Centrally located auto shop with fenced lot and high ceilings.
Where is this auto shop located?
The property is located at 323 Iowa Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Centrally located auto shop, ready for business.; Stand‑alone auto shop with a large fenced lot.; Features a paint booth.
