Historic Two-Building Office
For Sale
Contact for pricing
702 E BOULDER ST, Colorado Springs, CO 80903
Historic office buildings with front porches and 13 off-street spaces at the E. Boulder and N. El Paso corner.
Property Size6,033 SF
Price / SF$244.49
Days on Market50
Property Features for 702 E BOULDER ST
General Information
Standard status
Active
Size
6,033 SF
Total Parking Spaces
13
Property subtype
Office, Mixed Use
Zoning
OR/CR
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
front porches
mature landscaping
green space
walking trails
outdoor recreation
Building Details
Year Built
1910
Buildings
2
Stories
3
Construction
Foursquare and Victorian
Listing Agency:
Sierra Commercial Real Estate
Listed By:
Brian Wagner · License #CO FA.040023748
Source:
Crexi
Added: Jul 27
Changed: Sep 14
Last Checked: Sep 14 at 7:56AM
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 Sierra Commercial Real Estate
Investment Insights
Based on property information with market context.
702 E. Boulder St and 704 E. Boulder St offer a two-building office portfolio in Colorado Springs, presented as converted historic office properties with Foursquare and Victorian character. The buildings feature inviting front porches, mature landscaping, green space, and the architectural details typical of historic structures, creating a distinctive and professional setting for employees and clients. The combined property size is 6,033 SF, and the buildings were originally built in 1910.
The portfolio is located at the corner of E. Boulder Street and N. El Paso Street, just east of Downtown Colorado Springs, with adjacency to Mid Shooks Run Park and direct access to walking trails and outdoor recreation. Off-street parking includes 13 spaces, supporting convenient access for staff and visitors in a central office location. Tenants and visitors also have quick access to Downtown Colorado Springs and I-25, along with nearby restaurants, coffee shops, and professional services.
The flexible, professional layouts make the portfolio well suited for a range of office users, including an owner-user, an investor, or a combination of both.
The portfolio is located at the corner of E. Boulder Street and N. El Paso Street, just east of Downtown Colorado Springs, with adjacency to Mid Shooks Run Park and direct access to walking trails and outdoor recreation. Off-street parking includes 13 spaces, supporting convenient access for staff and visitors in a central office location. Tenants and visitors also have quick access to Downtown Colorado Springs and I-25, along with nearby restaurants, coffee shops, and professional services.
The flexible, professional layouts make the portfolio well suited for a range of office users, including an owner-user, an investor, or a combination of both.
Key Highlights
- Two‑building office portfolio at 702 and 704 E. Boulder St
- Converted historic Foursquare and Victorian office buildings
- Front porches, mature landscaping, and green space
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
$59,387
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
4.03%
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%
$1,187,740
$1.2M
Cap Rate 7%
$848,386
$848.4K
Cap Rate 9%
$659,856
$659.9K
Market Conditions
NOI Build-Up for 6,033 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
$90.5K $15.00/SF
− Vacancy
−$11.3K −$1.88/SF
EGI
$79.2K $13.13/SF
− OpEx
−$19.8K −$3.28/SF
NOI
$59.4K $9.84/SF
Area
Colorado Springs, CO
Vacancy
12.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,187,740
Cap Rate 7%
$848,386
Cap Rate 9%
$659,856
Alternative Uses
Best Use
Office B
$848.4K
$742.3K – $989.8K
NOI $59,387 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,400 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,273
Businesses Nearby
Explore this area
Business Placement
Demographics for 80903, CO
15,944
Population
8,340
Households
1.9
Avg Household Size
34
Median Age
39%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
2,953
Density / Sq Mi
$59,292
Median Household Income
$35,251
Median Earnings
$1,221
Median Rent
$420,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Colorado Springs, CO
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Frequently Asked Questions
What type of property is this?
Office building - Historic office buildings with front porches and 13 off-street spaces at the E. Boulder and N. El Paso corner.
Where is this office building located?
The property is located at 702 E BOULDER ST Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Two‑building office portfolio at 702 and 704 E. Boulder St; Converted historic Foursquare and Victorian office buildings; Front porches, mature landscaping, and green space
