Colorado Springs Retail Center For
For Sale
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5002-5044 North Academy Boulevard, Colorado Springs, CO 80918
Well-located retail center with value-add upside in Colorado Springs.
Property Size34,578 SF
Price / SF$221.82
Days on Market90
Property Features for 5002-5044 North Academy Boulevard
General Information
Standard status
Active
Size
34,578 SF
Property subtype
Retail
Occupancy
84%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$536,843
Building Details
Year Built
1978
Year Renovated
2021
Units
17
Tenancy
Multi
Listing Agency:
Blue West Capital
Listed By:
Eric Diesch · License #CO 10003594
Source:
Crexi
Added: May 14
Changed: Aug 8
Last Checked: Aug 8 at 7:28AM
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 Blue West Capital
Investment Insights
Based on property information with market context.
Park Place Plaza is a 34,578-square-foot neighborhood retail center located at the signalized intersection of N Academy Blvd and N Union Blvd in Colorado Springs, with a combined traffic volume of approximately 77,700 vehicles per day. The property is 84% leased to a diverse mix of tenants, including medical, fitness, personal service, and retail businesses. Existing vacancy provides value-add upside through lease-up, while NNN leases with annual rent increases support long-term income growth. Recent improvements to the parking lot and facade help minimize near-term capital needs. The property benefits from strong population and job growth, excellent visibility, and proximity to major employers including Fort Carson, Peterson Space Force Base, Schriever Space Force Base, and the U.S. Air Force Academy. The area’s strong demographics and regional growth continue to drive retail demand and investment activity.
Key Highlights
- High‑traffic location at a signalized intersection (N Academy Blvd and N Union Blvd) with ±77,700 combined VPD.
- Located in a fast‑growing Colorado market with strong population and job growth.
- 84% leased to a diverse mix of tenants (medical, fitness, personal service, and retail).
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
$438,268
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
5.71%
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%
$8,765,360
$8.8M
Cap Rate 7%
$6,260,971
$6.3M
Cap Rate 9%
$4,869,644
$4.9M
Market Conditions
NOI Build-Up for 34,578 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
$655.6K $18.96/SF
− Vacancy
−$29.5K −$0.85/SF
EGI
$626.1K $18.11/SF
− OpEx
−$187.8K −$5.43/SF
NOI
$438.3K $12.67/SF
Area
ZIP 80918
Vacancy
4.50%
Lease Rate
$18.96 /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%
$8,765,360
Cap Rate 7%
$6,260,971
Cap Rate 9%
$4,869,644
Alternative Uses
Best Use
Retail
$6.26M
$5.48M – $7.30M
NOI $438,268 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.84M
$7.73M – $10.31M
NOI $618,646 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,504
Businesses Nearby
229k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 42%
Dining 36%
Groceries 12%
Shops & Services 5%
Target
Superstores
95,088 visits/mo
0.4 miles
McDonald's
Dining
28,143 visits/mo
0.4 miles
Safeway
Groceries
27,075 visits/mo
0.2 miles
Panda Express
Dining
14,129 visits/mo
0.0 miles
Wendy's
Dining
13,053 visits/mo
0.4 miles
Demographics for 80918, CO
47,453
Population
20,447
Households
2.3
Avg Household Size
37
Median Age
38%
College-Educated
95%
High-School Grad
12.0 sq mi
ZIP Area
3,954
Density / Sq Mi
$82,743
Median Household Income
$42,596
Median Earnings
$1,572
Median Rent
$414,400
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?
Shopping center - Well-located retail center with value-add upside in Colorado Springs.
Where is this shopping center located?
The property is located at 5002-5044 North Academy Boulevard Colorado Springs, CO.
What is the asking price?
The asking price for this property is $7,670,000.
What are key features of this property?
This property features: High‑traffic location at a signalized intersection (N Academy Blvd and N Union Blvd) with ±77,700 combined VPD.; Located in a fast‑growing Colorado market with strong population and job growth.; 84% leased to a diverse mix of tenants (medical, fitness, personal service, and retail).
