Medical Office with Ample
For Sale
Contact for pricing
1605 N Union Blvd, Colorado Springs, CO 80909
Spacious medical office with 17 exam rooms and ample parking.
Property Size14,274 SF
Price / SF$164.64
Days on Market874
Property Features for 1605 N Union Blvd
General Information
Standard status
Active
Size
14,274 SF
Property subtype
Office
Listing Agency:
Berkshire Hathaway | Synergy Realty Group
Listed By:
Charles D'Alessio · License #CO 40034206
(719) 660-5223
Source:
Crexi
Added: Apr 12, 2024
Changed: Aug 27
Last Checked: Sep 1 at 8:08AM
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 Berkshire Hathaway | Synergy Realty Group
Investment Insights
Based on property information with market context.
This medical office property features 17 examination rooms, each equipped with wash stations. The layout includes two X-ray rooms and five ADA-compliant restrooms. There are also nine office spaces, two nurse/reception areas, and three storage areas. The facility is further equipped with two wash/supply areas, two spacious lobby/waiting areas, and a mop sink closet. An elevator provides accessibility throughout the building. The property includes a large unfinished basement with access to the boiler room, featuring a sprinkler system, an exit door, and a sump pump. Electrical installations meet code requirements, and there are four water heaters, along with backflow prevention systems. Ample parking facilities are available. The property size is 14274 square feet.
Key Highlights
- 17 Examination Rooms with Wash Stations: Ideal for a large medical practice.
- Ample Parking Facilities: Convenient for patients and staff.
- ADA‑Compliant Restrooms and Elevator: Ensures accessibility for all.
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
$160,737
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
6.84%
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%
$3,214,740
$3.2M
Cap Rate 7%
$2,296,243
$2.3M
Cap Rate 9%
$1,785,967
$1.8M
Market Conditions
NOI Build-Up for 14,274 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
$291.2K $20.40/SF
− Vacancy
−$23.3K −$1.63/SF
EGI
$267.9K $18.77/SF
− OpEx
−$107.2K −$7.51/SF
NOI
$160.7K $11.26/SF
Area
Colorado Springs, CO
Vacancy
8.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
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%
$3,214,740
Cap Rate 7%
$2,296,243
Cap Rate 9%
$1,785,967
Alternative Uses
Best Use
Healthcare Medical
$2.30M
$2.01M – $2.68M
NOI $160,737 @ 7.0% cap · market cap 6.84%
Second Best
Office B
$2.01M
$1.76M – $2.34M
NOI $140,510 @ 7.0% cap · market cap 5.98%
Theoretical Best
Specialty Retail
$2.82M
$2.47M – $3.29M
NOI $197,324 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80909, CO
37,302
Population
16,572
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
7.9 sq mi
ZIP Area
4,722
Density / Sq Mi
$61,777
Median Household Income
$36,894
Median Earnings
$1,227
Median Rent
$352,400
Median Home Value
Market
Vacancy Rate% for Office in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Spacious medical office with 17 exam rooms and ample parking.
Where is this medical office space located?
The property is located at 1605 N Union Blvd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 17 Examination Rooms with Wash Stations: Ideal for a large medical practice.; Ample Parking Facilities: Convenient for patients and staff.; ADA‑Compliant Restrooms and Elevator: Ensures accessibility for all.
