Small Retail Strip
For Sale
$1,215,000
3634 Jeannine Drive, Colorado Springs, CO 80917
5-unit strip center on C5/CR zoned land with retail frontages and rear overhead doors.
Property Size8,100 SF
Lot Size0.57 Acres
Price / SF$150
Days on Market362
Property Features for 3634 Jeannine Drive
General Information
Standard status
Active
Size
8,100 SF
Lot size
0.57 Acres
Property subtype
Retail
Zoning
C5 CR
Additional Details
Drive-In Doors
5
Building Details
Tenancy
Multi
Listing Agency:
Hoff & Leigh Colorado Springs
(719) 337-9551
Listed By:
Tim Leigh · License #ER.100022369
(719) 337-9551
Source:
Hoffleigh
Added: Aug 11, 2025
Changed: Jul 10
Last Checked: Aug 7 at 12:40AM
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 Hoff & Leigh Colorado Springs
Investment Insights
Based on property information with market context.
The Jeannine Center is a small retail strip center offering five rental units within an 8,100 SF building on 25,000 SF of C5/CR zoned land. Each unit features a retail-style front area and a rear overhead door, supporting flexible back-of-house access for retail tenants. The property reports a new roof, and four of the five RTUs were recently replaced. No other expected capital improvements are currently anticipated.
The center is located near Academy & Austin Bluffs at 3634 Jeannine Drive in Colorado Springs. The property configuration is designed around multiple storefront units, which can be appealing for operators looking for individual retail spaces within a compact neighborhood shopping format.
This property may fit buyers seeking a multi-tenant retail asset with unit-level storefronts and convenient rear overhead door access. The current occupancy is described as a steady mix of small, “mom & pop” businesses with consistent rent payment history. For additional details and confidential financial information, the listing notes that a private showing can be arranged by contacting Tim Leigh or Holly Trinidad.
The center is located near Academy & Austin Bluffs at 3634 Jeannine Drive in Colorado Springs. The property configuration is designed around multiple storefront units, which can be appealing for operators looking for individual retail spaces within a compact neighborhood shopping format.
This property may fit buyers seeking a multi-tenant retail asset with unit-level storefronts and convenient rear overhead door access. The current occupancy is described as a steady mix of small, “mom & pop” businesses with consistent rent payment history. For additional details and confidential financial information, the listing notes that a private showing can be arranged by contacting Tim Leigh or Holly Trinidad.
Key Highlights
- 5‑unit strip center totaling 8,100 SF on 25,000 SF of C5/CR zoned land
- C5/CR zoned property with retail‑style front areas and rear overhead doors for each unit
- New roof; four of the five RTUs were just replaced
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
$97,467
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
8.02%
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%
$1,949,340
$1.9M
Cap Rate 7%
$1,392,386
$1.4M
Cap Rate 9%
$1,082,967
$1.1M
Market Conditions
NOI Build-Up for 8,100 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
$145.8K $18.00/SF
− Vacancy
−$6.6K −$0.81/SF
EGI
$139.2K $17.19/SF
− OpEx
−$41.8K −$5.16/SF
NOI
$97.5K $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%
$1,949,340
Cap Rate 7%
$1,392,386
Cap Rate 9%
$1,082,967
Alternative Uses
Best Use
Retail
$1.39M
$1.22M – $1.62M
NOI $97,467 @ 7.0% cap · market cap 8.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.60M
$1.40M – $1.87M
NOI $111,974 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,621
Businesses Nearby
193k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 31%
Dining 25%
Shops & Services 22%
Apparel 9%
King Soopers
Groceries
60,695 visits/mo
0.5 miles
Ross Dress for Less
Apparel
17,676 visits/mo
0.5 miles
Shell
Shops & Services
16,234 visits/mo
0.4 miles
Ace Hardware at Austin Bluffs
Home Improvements & Furnishings
15,537 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
9,703 visits/mo
0.4 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
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?
Strip mall - 5-unit strip center on C5/CR zoned land with retail frontages and rear overhead doors.
Where is this strip mall located?
The property is located at 3634 Jeannine Drive Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,215,000.
What are key features of this property?
This property features: 5‑unit strip center totaling 8,100 SF on 25,000 SF of C5/CR zoned land; C5/CR zoned property with retail‑style front areas and rear overhead doors for each unit; New roof; four of the five RTUs were just replaced
