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    Historic Red Wing Motel Title is generated by Realmo AI

    56 El Paso Blvd, Manitou Springs, CO 80829

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    Boutique motel in Manitou Springs near Garden of the Gods.

    Type:Hospitality
    Property size:
    11,588 SF
    Price / SF:
    $237/SF
    Added:
    Mar 6, 2026
    Days on Market:
    67
    Last Refresh:
    Mar 16 at 2:53 pm

    Property Features for 56 El Paso Blvd

    General Information

    Standard status
    Active
    Size
    11,588 SF
    Property subtype
    Hospitality

    Building Details

    Year Built
    1951

    We can help!

    Listing Contact
    John Benson
    John Benson

    Listing agent John Benson License #CO FA.100088508

    Listing office NAI Highland, LLC

    Listing date Mar 6, 2026

    Source Crexi

    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

    HighLights

    • Turnkey boutique motel in a prime tourist location with immediate access to Garden of the Gods and views of Pikes Peak.
    • Extensively renovated in 2016 with over $1.3 million invested.
    • Features 19 updated guest rooms, plus a manager's 1‑bedroom apartment and an owner's 2‑bedroom apartment.
    • Well‑maintained and recognized for cleanliness, quiet location, and welcoming atmosphere.
    • Blends mid‑century character with modern comforts, including free high‑speed internet and smart TVs.
    • Presents an exceptional opportunity for immediate value‑add enhancements.

    Overview

    The historic Red Wing Motel, originally constructed in 1951 and expanded in 1961, is an 11,588 square foot building located in Manitou Springs, Colorado. The property provides access to the Garden of the Gods park and views of Pikes Peak. Extensively renovated in 2016 with an investment exceeding $1.3 million, this turnkey operation features 19 updated guest rooms. The property also includes a manager's 1-bedroom apartment and an owner's 2-bedroom apartment. Modern comforts include high-speed internet and smart TVs. The Red Wing Motel is known for its cleanliness, quiet location, and welcoming atmosphere. This property presents an opportunity for value-add enhancements in a tourist destination.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Motels

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Manitou Cog Hotel — 229 Manitou Ave, Manitou Springs, CO 80829
    • Magnuson Hotel Manitou Springs — 311 Manitou Ave, Manitou Springs, CO 80829
    • Town-N-Country Cottages — 123 Crystal Park Rd, Manitou Springs, CO 80829
    • Silver Saddle Motel — 215 Manitou Ave, Manitou Springs, CO 80829
    • Manitou Cog Lodge — 229 Manitou Ave, Manitou Springs, CO 80829

    Location Insight

    • Map
    • Local Demand
    City
    Manitou Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.8911579
    Latitude
    38.8597038

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    FAQs

    What type of property is this?
    Motel - Boutique motel in Manitou Springs near Garden of the Gods.
    Where is this motel located?
    The property is located at 56 El Paso Blvd Manitou Springs, CO.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: Turnkey boutique motel in a prime tourist location with immediate access to Garden of the Gods and views of Pikes Peak.; Extensively renovated in 2016 with over $1.3 million invested.; Features 19 updated guest rooms, plus a manager's 1‑bedroom apartment and an owner's 2‑bedroom apartment.
    (719) 577-0044 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing John Benson
    John Benson
    Real Estate License ID: CO FA.100088508
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    56 El Paso Blvd, Manitou Springs, CO 80829
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