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    5002 Academy Blvd Colorado Springs, CO 80918-4124

    • Strip malls
    • 29,384 SF
    • 2.90 lot acres
    OFF-MARKET
    Last Sale
    Dec 22, 2020
    $5,522,000
    Value Estimations
    $6,780,000
    Show details
    Cap Rate Potential
    6.8%
    Strip malls
    Location Intelligence
    Property ID
    US13-2777870
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Fins & Feathers Sanctuary / Animal Rescue Service

    Property Details for 5002 Academy Blvd

    Year built
    1978
    Construction
    WOOD FRAME
    Lot size
    2.90 lot acres
    Property size
    29,384 SF
    Zone code
    PBC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    6321407008
    APU
    6321407008

    Description

    Park Place Plaza, located in El Paso County, offers exceptional retail space for lease. This multi-tenant property, built in 1961 and extensively renovated in 2021, boasts a total of 34,356 square feet. Five spaces are currently available, ranging from a minimum of 158 square feet to a maximum contiguous space of 3,657 square feet. A significant 14,824 square feet is currently vacant, presenting a unique opportunity for expansion or multiple tenant occupancy. The property is zoned PBC and offers ample parking with 150 spaces available for tenants and customers. The building's recent renovation ensures modern amenities and a well-maintained environment. This location provides excellent visibility and accessibility, making it ideal for a variety of retail businesses. The flexible space options cater to businesses of all sizes, from small boutiques to larger retail operations. With its convenient location, ample parking, and recent renovations, Park Place Plaza presents a compelling opportunity for businesses seeking a thriving retail presence in El Paso County. Interested parties should inquire about available space and lease terms. The property's zoning designation is PBC.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,560,000
      ML approach
      $6,350,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,405,000
      6.5%
      $6,835,000
      7%
      $6,345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,700,000
      Market price range: $3.88M - $11.7M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.775
    Latitude
    38.9036
    CBSA code
    17820
    CBSA name
    COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $452,890
    $1,150,010
    $1,602,900
    -
    $1,623,263
    $4,121,920
    $5,745,183

    Comparable in this City

    • Value Estimation
      $750,000
      16,220 SF

      5060 Nevada Ave, Unit 5382

      SHOPPING CENTER, STRIP CENTER • 16,220 SF
      5060 Nevada Ave, Colorado Springs, CO 80918-8602
      View Details
    • Value Estimation
      $495,000
      32,200 SF

      2350 Montebello Sq Dr

      SHOPPING CENTER, STRIP CENTER • 32,200 SF
      2350 Montebello Sq Dr, Colorado Springs, CO 80918-1972
      View Details
    • Value Estimation
      $3,855,000
      24,378 SF

      1810 Dominion Way

      SHOPPING CENTER, STRIP CENTER • 24,378 SF
      1810 Dominion Way, Colorado Springs, CO 80918-1467
      View Details
    • Value Estimation
      $265,000
      13,500 SF

      4845 Academy Blvd

      SHOPPING CENTER, STRIP CENTER • 13,500 SF
      4845 Academy Blvd, Colorado Springs, CO 80918-4157
      View Details
    • Value Estimation
      $430,000
      9,425 SF

      4122 Austin Blfs Pkwy, Unit 4134

      SHOPPING CENTER, STRIP CENTER • 9,425 SF
      4122 Austin Blfs Pkwy, Colorado Springs, CO 80918-2928
      View Details
    • Value Estimation
      $455,000
      8,663 SF

      4144 Austin Blfs Pkwy, Unit 4174

      SHOPPING CENTER, STRIP CENTER • 8,663 SF
      4144 Austin Blfs Pkwy, Colorado Springs, CO 80918-2928
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • Contact for pricing
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      King Soopers Anchored Retail Space

      Retail space available in a community shopping center.
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    • $22 SF/Yr
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      Grocery store anchored shopping center in a prime location.
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    • Contact for pricing
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      Retail Space Near Air Force Academy

      Retail space with a strong tenant mix and ample parking.
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      Retail Space in Market Center

      Neighborhood shopping center with high visibility and strong tenant mix.
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    • $10 SF/Yr
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      Retail Space in Colorado Springs

      Neighborhood shopping center with high visibility and strong tenant mix.
      1706 Dublin Blvd, Colorado Springs, CO 80918
      View Details
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    5002 Academy Blvd
    Colorado Springs, CO 80918-4124
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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.

    More about this property
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