Multi-Tenant Shopping
3506 North Academy Boulevard, Colorado Springs, CO 80917
For Sale
Contact for pricing
Three-building retail property includes a mixed-use building with office space and is currently 84.23% occupied.
Property Size50,356 SF
Price / SF$154.40
Days on Market43
Property Features for 3506 North Academy Boulevard
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Corner Location
Mixed-Use Components
Additional Details
Tenant in Place
Building Details
Buildings
Tenancy
Listing Agency:
CBRE - Denver Downtown
Listed By:
Matthew Henrichs · License CO FA.100007009
Source:
Crexi
Added: Sep 28
Changed: Nov 8
Last Checked: Nov 8 at 6:19PM
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 - Denver Downtown
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Investment Insights
Based on property information with market context.
Carefree Plaza is a 50,356-square-foot shopping center in Colorado Springs, comprising two multi-tenant retail buildings and a third building with retail and office space. The property is 84.23% occupied by a diversified tenant mix and is offered on an as-is, where-is basis.
The center fronts North Academy Boulevard near its signalized intersection with North Carefree Circle. Combined daily traffic on those roads exceeds 65,000 vehicles. Retailers in the surrounding trade area include King Soopers, Walmart Neighborhood Market, Ross, Ace Hardware, Walgreens, and CVS Pharmacy.
The center fronts North Academy Boulevard near its signalized intersection with North Carefree Circle. Combined daily traffic on those roads exceeds 65,000 vehicles. Retailers in the surrounding trade area include King Soopers, Walmart Neighborhood Market, Ross, Ace Hardware, Walgreens, and CVS Pharmacy.
Key Highlights
- 50,356‑square‑foot shopping center across three buildings
- Two multi‑tenant retail buildings plus a mixed‑use retail/office building
- 84.23% occupied with a diversified tenant mix
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$605,934
Cap Rate
7.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,118,680
$12.1M
Cap Rate 7%
$8,656,200
$8.7M
Cap Rate 9%
$6,732,600
$6.7M
Market Conditions
NOI Build-Up for 50,356 SF
Gross rent
$906.4K $18.00/SF
− Vacancy
−$40.8K −$0.81/SF
EGI
$865.6K $17.19/SF
− OpEx
−$259.7K −$5.16/SF
NOI
$605.9K $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 Rate 5%
$12,118,680
Cap Rate 7%
$8,656,200
Cap Rate 9%
$6,732,600
Alternative Uses
Best Use
Retail
$8.66M
$7.57M – $10.10M
NOI $605,934 @ 7.0% cap · market cap 7.79%
Second Best
Mixed Use
$8.03M
$7.02M – $9.37M
NOI $561,973 @ 7.0% cap · market cap 7.23%
Theoretical Best
Specialty Retail
$9.94M
$8.70M – $11.60M
NOI $696,121 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
84.2%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,780
Businesses Nearby
56k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 39%
Beauty & Spa 7%
Electronics 6%
Wendy's
Dining
8,939 visits/mo
0.2 miles
Mexico Restaurant
Dining
8,311 visits/mo
0.5 miles
Conoco
Shops & Services
8,305 visits/mo
0.0 miles
7-Eleven
Shops & Services
6,602 visits/mo
0.0 miles
The Human Bean
Dining
4,765 visits/mo
0.2 miles
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
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Market
Properties on Market for Shopping centers in Colorado Springs
Vacancy Rate% for Retail in Colorado Springs, CO
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Frequently Asked Questions
What type of property is this?
Shopping center - Three-building retail property includes a mixed-use building with office space and is currently 84.23% occupied.
Where is this shopping center located?
The property is located at 3506 North Academy Boulevard Colorado Springs, CO.
What is the asking price?
The asking price for this property is $7,775,000.
What are key features of this property?
This property features: 50,356‑square‑foot shopping center across three buildings; Two multi‑tenant retail buildings plus a mixed‑use retail/office building; 84.23% occupied with a diversified tenant mix
