Storage Condos / Man-Cave
For Sale
Contact for pricing
2510 Canada Drive, Colorado Springs, CO 80922
70 storage condos ready for delivery by year’s end.
Property Size1,190 SF
Price / SF$147.06
Days on Market896
Property Features for 2510 Canada Drive
General Information
Standard status
Active
Size
1,190 SF
Property subtype
Industrial
Building Details
Year Built
1994
Buildings
3
Stories
1
Units
8
Listing Agency:
Hoff & Leigh Colorado Springs
Listed By:
Tim Leigh · License #CO EA314631
(719) 337-9551
Source:
Crexi
Added: Mar 26, 2024
Changed: Sep 6
Last Checked: Sep 4 at 7:08PM
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 Hoff & Leigh Colorado Springs
Investment Insights
Based on property information with market context.
Seventy storage condo/man-cave units are being pre-sold, with delivery expected by the end of the year. The project is located at the intersection of Peterson & Constitution. Unit sizes range from 810 to 1,190 square feet. Each unit will feature a gas furnace, a sprinkler system, a wash sink, and pre-plumbing for a bathroom. Three common bathrooms are planned for the development. Units will also include a high-finish epoxy floor, 125 amp electric service, a 12’ x 16’ roll-up door, and a 3’ wide man-door. The entire project will be fenced and feature controlled access. On-site amenities will include a dump station and a vehicle wash bay. This project is designed to be a Class A storage facility for RVs, toys, and other storage needs.
Key Highlights
- Class A storage condo/man‑cave units suitable for RVs and other toys.
- Convenient location at the intersection of Peterson & Constitution.
- Special bank financing available with low down payments and low monthly payments.
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
$11,275
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
6.44%
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%
$225,500
$225.5K
Cap Rate 7%
$161,071
$161.1K
Cap Rate 9%
$125,278
$125.3K
Market Conditions
NOI Build-Up for 1,190 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
$17.1K $14.40/SF
− Vacancy
−$1.0K −$0.86/SF
EGI
$16.1K $13.54/SF
− OpEx
−$4.8K −$4.06/SF
NOI
$11.3K $9.48/SF
Area
Colorado Springs, CO
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$225,500
Cap Rate 7%
$161,071
Cap Rate 9%
$125,278
Alternative Uses
Best Use
Self Storage
$161.1K
$140.9K – $187.9K
NOI $11,275 @ 7.0% cap · market cap 6.44%
Second Best
Industrial
$154.3K
$135.0K – $180.0K
NOI $10,798 @ 7.0% cap · market cap 6.17%
Theoretical Best
Specialty Retail
$235.0K
$205.6K – $274.2K
NOI $16,451 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 80922, CO
29,392
Population
11,355
Households
2.6
Avg Household Size
34
Median Age
41%
College-Educated
96%
High-School Grad
5.8 sq mi
ZIP Area
5,068
Density / Sq Mi
$107,457
Median Household Income
$51,165
Median Earnings
$1,952
Median Rent
$407,000
Median Home Value
Market
Vacancy Rate% for Industrial in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - 70 storage condos ready for delivery by year’s end.
Where is this self storage facility located?
The property is located at 2510 Canada Drive Colorado Springs, CO.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Class A storage condo/man‑cave units suitable for RVs and other toys.; Convenient location at the intersection of Peterson & Constitution.; Special bank financing available with low down payments and low monthly payments.
