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    Prime Buildable Parcel For Sale Title is generated by Realmo AI

    Centennial Blvd, Colorado Springs, CO 80919

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    2.69 acre pad site in Colorado Springs.

    Type:Land
    Lot size:
    2.69 Acres
    Added:
    Jan 27, 2024
    Days on Market:
    862
    Last Refresh:
    May 12 at 9:21 pm

    Property Features for Centennial Blvd

    General Information

    Standard status
    Active
    Lot size
    2.69 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Brian Furer

    Listing agent Brian Furer License #CO ER.040047921

    Listing office Vip Real Estate

    Listing date Jan 27, 2024

    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 Vip Real Estate

    HighLights

    • Prime 2.69‑acre buildable parcel in the high‑traffic Windward Corner Shopping Center.
    • High visibility location next to Staples, surrounded by national brands.
    • Flexible zoning allows for various uses including retail, restaurant, self‑storage, religious facilities, and community centers.
    • High traffic counts: 41,000 vehicles per day on Garden of the Gods Road and 20,000 VPD on Centennial Blvd.
    • Close proximity to the University of Colorado (2.6 miles).
    • Strong demographics: Over 19,500 population within a 2‑mile radius.

    Overview

    A 2.69-acre buildable parcel is available in the Windward Corner Shopping Center in northwest Colorado Springs, situated off the intersection of Garden Of The Gods Road and Centennial Blvd, one mile west of I-25, conveniently located between downtown, Manitou Springs, and the Air Force Academy. Optimal uses include retail, restaurant, self storage, religious facilities, community & activity centers, and more. The developer’s original site plan allowed for 25,000 square feet of retail plus approximately 130 parking spaces. The available parcel sits next to the Staples anchor and is surrounded by national brands such as Mariott Towne Place Suites, 7-11, Chipotle, Schlotzsky’s Deli, Panda Express, Tide Cleaners, and Kum & Go as well as local attractions such as Black Bear Diner and Trinity Brewing. Garden of the Gods Road has 41,000 Vehicles Per Day, and Centennial Blvd supplies an additional 20,000 VPD. The University of Colorado is 2.6 miles due east. The population is over 19,500 within a 2-mile radius, comprised of 6,300 homes and a median household income of $102,300. The Seller would also entertain joint venture offers for the development of indoor self storage units.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.848551
    Latitude
    38.877147

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    FAQs

    What type of property is this?
    Commercial land - 2.69 acre pad site in Colorado Springs.
    Where is this commercial land located?
    The property is located at Centennial Blvd Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Prime 2.69‑acre buildable parcel in the high‑traffic Windward Corner Shopping Center.; High visibility location next to Staples, surrounded by national brands.; Flexible zoning allows for various uses including retail, restaurant, self‑storage, religious facilities, and community centers.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Brian Furer
    Real Estate License ID: CO ER.040047921
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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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