Retail Space at Signalized
New
For Sale
Contact for pricing
350 N Union Blvd, Colorado Springs, CO 80909
Established retail configuration with on-site parking and convenient ingress and egress.
Property Size15,518 SF
Price / SF$257.77
Days on Market5
Property Features for 350 N Union Blvd
General Information
Standard status
Active
Size
15,518 SF
Property subtype
RETAIL
Site & Location
Corner Location
Yes
Traffic Count
60,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Listing Agency:
Cushman & Wakefield | Colorado Springs Commercial
(719) 321-8162
Listed By:
Patrick Kerscher · License #4045627
(719) 321-8162
Source:
Moodyscre
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 23 at 9:49AM
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 Cushman & Wakefield | Colorado Springs Commercial
Investment Insights
Based on property information with market context.
This 15,518-square-foot retail space occupies the former Walgreens location at 350 N Union Boulevard in Colorado Springs. The property includes an established retail configuration, on-site parking, and access from a signalized intersection. Union Boulevard and East Platte Avenue provide direct connectivity between two major commercial arterials.
The surrounding infill trade area includes dense residential neighborhoods, major employers, medical facilities, retailers, restaurants, and everyday services. Traffic exposure is approximately 60,000 vehicles per day, while nearby connections to Platte Avenue/US 24 and the broader arterial network support movement throughout Colorado Springs. The site is suited to retail, medical, service, and other high-traffic commercial uses identified in the property information.
The surrounding infill trade area includes dense residential neighborhoods, major employers, medical facilities, retailers, restaurants, and everyday services. Traffic exposure is approximately 60,000 vehicles per day, while nearby connections to Platte Avenue/US 24 and the broader arterial network support movement throughout Colorado Springs. The site is suited to retail, medical, service, and other high-traffic commercial uses identified in the property information.
Key Highlights
- 15,518‑square‑foot retail space at 350 N Union Boulevard
- Former Walgreens location with an established retail configuration
- Signalized intersection of Union Boulevard and East Platte Avenue
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
$186,728
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
4.67%
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%
$3,734,560
$3.7M
Cap Rate 7%
$2,667,543
$2.7M
Cap Rate 9%
$2,074,756
$2.1M
Market Conditions
NOI Build-Up for 15,518 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
$279.3K $18.00/SF
− Vacancy
−$12.6K −$0.81/SF
EGI
$266.8K $17.19/SF
− OpEx
−$80.0K −$5.16/SF
NOI
$186.7K $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%
$3,734,560
Cap Rate 7%
$2,667,543
Cap Rate 9%
$2,074,756
Alternative Uses
Best Use
Retail
$2.67M
$2.33M – $3.11M
NOI $186,728 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.06M
$2.68M – $3.58M
NOI $214,521 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
60,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,099
Businesses Nearby
97k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 33%
Dutch Bros. Coffee
Dining
16,897 visits/mo
0.1 miles
Burger King
Dining
15,207 visits/mo
0.1 miles
Starbucks
Dining
15,191 visits/mo
0.2 miles
Maverik Adventures First Stop
Shops & Services
13,282 visits/mo
0.1 miles
Taco Bell
Dining
12,355 visits/mo
0.1 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
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Frequently Asked Questions
What type of property is this?
Retail space - Established retail configuration with on-site parking and convenient ingress and egress.
Where is this retail space located?
The property is located at 350 N Union Blvd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 15,518‑square‑foot retail space at 350 N Union Boulevard; Former Walgreens location with an established retail configuration; Signalized intersection of Union Boulevard and East Platte Avenue
