Fully Leased Office Warehouse
For Sale
Contact for pricing
4615-4619 Foreign Trade Zone Blvd, Colorado Springs, CO 80925
85,176 SF office warehouse campus in Colorado Springs.
Property Size85,176 SF
Price / SF$170.18
Days on Market699
Property Features for 4615-4619 Foreign Trade Zone Blvd
General Information
Standard status
Active
Size
85,176 SF
Property subtype
Office, Industrial
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$1,083,419
Building Details
Year Built
1986
Buildings
2
Stories
1
Tenancy
Single
Listing Agency:
NAI Highland, LLC
(719) 577-0044
Listed By:
John Onstott · License #CO FA1175465
Source:
Crexi
Added: Oct 1, 2024
Changed: Aug 25
Last Checked: Aug 29 at 11:35AM
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 NAI Highland, LLC
Investment Insights
Based on property information with market context.
This 85,176 square foot office warehouse campus is fully leased. The property is occupied by a national long-term credit tenant, L3 Harris, and features substantial improvements made by the tenant. Located in a fast-growing area of Colorado Springs, the property offers potential for stable, long-term income. The lease includes annual rent increases.
Key Highlights
- 85,176 SF Fully Leased Office Warehouse Campus
- National Long‑Term Credit Tenant - L3 Harris
- Substantial improvements made by Tenant
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
$938,542
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
6.47%
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%
$18,770,840
$18.8M
Cap Rate 7%
$13,407,743
$13.4M
Cap Rate 9%
$10,428,244
$10.4M
Market Conditions
NOI Build-Up for 85,176 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
$1.15M $13.56/SF
− Vacancy
−$50.8K −$0.60/SF
EGI
$1.10M $12.96/SF
− OpEx
−$165.6K −$1.94/SF
NOI
$938.5K $11.02/SF
Area
Colorado Springs, CO
Vacancy
4.40%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
15.00%
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%
$18,770,840
Cap Rate 7%
$13,407,743
Cap Rate 9%
$10,428,244
Alternative Uses
Best Use
Warehouse
$13.41M
$11.73M – $15.64M
NOI $938,542 @ 7.0% cap · market cap 6.47%
Second Best
Office B
$11.98M
$10.48M – $13.97M
NOI $838,451 @ 7.0% cap · market cap 5.78%
Theoretical Best
Specialty Retail
$16.82M
$14.72M – $19.62M
NOI $1,177,473 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80925, CO
15,061
Population
5,870
Households
2.6
Avg Household Size
30
Median Age
44%
College-Educated
97%
High-School Grad
28.7 sq mi
ZIP Area
525
Density / Sq Mi
$107,955
Median Household Income
$56,534
Median Earnings
$2,260
Median Rent
$441,100
Median Home Value
Market
Vacancy Rate% for Office in Colorado Springs, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 85,176 SF office warehouse campus in Colorado Springs.
Where is this flex space located?
The property is located at 4615-4619 Foreign Trade Zone Blvd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $14,495,000.
What are key features of this property?
This property features: 85,176 SF Fully Leased Office Warehouse Campus; National Long‑Term Credit Tenant - L3 Harris; Substantial improvements made by Tenant
