Building Details

Year Built 2007

Buildings 1

Construction Tuscan Architecture

Tenancy Multi

Listing Agency: Trevey Commercial Real Estate Show Phone

Listed By: Adam Gower Show Phone

Source: Moodyscre

Added: Oct 22 Changed: Oct 24 Last Checked: Oct 24 at 2:48PM

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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 Trevey Commercial Real Estate

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Investment Insights

Based on property information with market context.

This 12,700-square-foot retail property comprises nine condominium units offered together rather than individually. Built in 2007, the improvements include a grease trap and roof and HVAC systems described as well maintained. Two adjoining units, each measuring 1,250 square feet, are available for lease.

The property is located on Highway 105 in Palmer Lake, with access from I-25 and Highway 105. On-site parking serves the center.

Key Highlights

• Nine condo units offered together; individual purchases are not available
• 12,700 square feet of retail property
• Two contiguous 1,250‑square‑foot units available for lease

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$181,600

Cap Rate

5.59%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,632,000 $3.6M

Cap Rate 7%

$2,594,286 $2.6M

Cap Rate 9%

$2,017,778 $2.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,700 SF

Gross rent

$272.8K $21.48/SF

− Vacancy

−$13.4K −$1.05/SF

EGI

$259.4K $20.43/SF

− OpEx

−$77.8K −$6.13/SF

NOI

$181.6K $14.30/SF

Area

El Paso County, CO

Vacancy

4.90%

Lease Rate

$21.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,632,000

Cap Rate 7%

$2,594,286

Cap Rate 9%

$2,017,778

Alternative Uses

Best Use

Retail

$2.59M

$2.27M – $3.03M (±1% cap)

NOI $181,600 @ 7.0% cap · market cap 5.59%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$169.35M

$148.18M – $197.58M (±1% cap)

NOI $11,854,560 @ 7.0% cap · market cap 364.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Strip malls

Suggested Use

Top Pick Electrical Service HVAC Service Catering Service Big Box & Wholesale Store Tanning Salon Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

173

Businesses Nearby

Explore this area Business Placement

Demographics for 80133, CO

2,520

Population

1,065

Households

2.4

Avg Household Size

44

Median Age

44%

College-Educated

97%

High-School Grad

3.0 sq mi

ZIP Area

840

Density / Sq Mi

$122,941

Median Household Income

$50,429

Median Earnings

$1,913

Median Rent

$452,500

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Frequently Asked Questions

What type of property is this?

Strip mall - The 2007-built property includes a grease trap, on-site parking, and two contiguous suites available for lease.

Where is this strip mall located?

The property is located at 860-876 Highway 105 Palmer Lake, CO.

What is the asking price?

The asking price for this property is $3,250,000.

What are key features of this property?

This property features: Nine condo units offered together; individual purchases are not available; 12,700 square feet of retail property; Two contiguous 1,250‑square‑foot units available for lease