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    2504 Pikes Peak Ave Colorado Springs, CO 80909

    Sponsored
    For Sale
    $2,848,000

    Value-add medical office, strong NOI.

    Property size:
    22,165 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This three-story, 22,165 square-foot Class B medical office building in Colorado Springs, Colorado offers a compelling value-add investment opportunity. Currently 80% occupied with two tenants, IntelliTec Medical College and LSC Transportation Consultants, under absolute NNN leases with 4.9 years remaining on a 10.4-year term. The property features four units, including vacant spaces ideal for immediate lease-up, previously used as dental and physical therapy offices. Built in 1985 and renovated in 2021, the building sits on a 1.1-acre lot with covered parking (4 spaces per 1,000 sq ft). The asking price is $2,848,000, representing a current cap rate of 7.50% and a pro-forma cap rate of 10.13%, with annual rent bumps of $0.25-$0.50 per square foot. The property generates a net operating income (NOI) of $213,564, with a pro-forma NOI of $288,437. Located near the Olympic & Paralympic Training Center, this property benefits from a strong demographic profile, including a 5-mile radius population of 279,666 with an average household income of $73,029. Colorado Springs' robust growth trajectory, projected to increase by 7% in the next five years, further enhances the investment potential.

    Property Features for 2504 Pikes Peak Ave

    General Information

    Property type
    Medical offices
    Square Feet
    22,165 SF
    Class
    B
    Lot Size
    47,916 SF

    Building Details

    Year Built/Renovated
    1985/2021
    Buildings
    1
    Stories
    3
    Units
    4

    HighLights

    • Value‑add medical office building, 80% occupied with long‑term, NNN leases to credit tenants.
    • Three‑story medical office building with covered parking; well below replacement cost at $128/SF.
    • Vacant suites are move‑in ready, previously used as dental and physical therapy offices.
    • Strong demographics: 762,695 MSA population, 60 miles south of Denver, high millennial population growth.
    • Highly desirable location: ranked #1 most desirable place to live (U.S. News & World Report) and a top global travel destination (Forbes Advisor).
    • Convenient location near downtown Colorado Springs and the Olympic & Paralympic Training Center.
    Property Profile Location Intelligence

    Current Use by Public Records

    Summit Health Ltd Public Health Department IntelliTec College - Corporate Adult Education School Colorado Springs SR ... Commercial Agent LSC Transportation Consultants, ... Engineering Consultant Mcgrath Brothers Bed ... Pest Control Service

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.78376010542
    Latitude
    38.832623058118

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    FAQs

    What type of property is this?
    Medical office - Value-add medical office, strong NOI.
    Where is this medical office located?
    The property is located at 2504 Pikes Peak Ave Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $2,848,000.
    What are key features of this property?
    This property features: Value-add medical office building, 80% occupied with long-term, NNN leases to credit tenants.; Three-story medical office building with covered parking; well below replacement cost at $128/SF.; Vacant suites are move-in ready, previously used as dental and physical therapy offices.
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    2504 Pikes Peak Ave Colorado Springs, CO 80909
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