Free-Standing Industrial Building with
For Sale
Contact for pricing
123 N Union Blvd, Colorado Springs, CO 80909
6,400 SF industrial building with display windows and fenced yard.
Property Size6,400 SF
Price / SF$175
Days on Market975
Property Features for 123 N Union Blvd
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Industrial
Listing Agency:
Hoff & Leigh Colorado Springs
Listed By:
Tim Leigh · License #CO EA314631
(719) 337-9551
Source:
Crexi
Added: Jan 15, 2024
Changed: Jul 10
Last Checked: Sep 15 at 5:50AM
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.
This centrally located, free-standing industrial building offers 6,400 square feet of space and includes a fenced yard. The building features approximately 2,400 square feet of front area with large display windows, complemented by 2,000 square feet of warehouse space. An additional 2,000 square feet of mezzanine space is also available. The building's roof was newly installed in 2023 and includes a 10-year transferrable warranty. A clean Phase 1 inspection report is available. Approximately 3,000 SF is available for lease.
Key Highlights
- Centrally located, free‑standing 6,400 SF industrial building.
- Includes a fenced yard.
- Newly installed roof in 2023 with a 10‑year transferable warranty.
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
$61,651
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
5.50%
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%
$1,233,020
$1.2M
Cap Rate 7%
$880,729
$880.7K
Cap Rate 9%
$685,011
$685.0K
Market Conditions
NOI Build-Up for 6,400 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
$99.8K $15.60/SF
− Vacancy
−$5.0K −$0.78/SF
EGI
$94.8K $14.82/SF
− OpEx
−$33.2K −$5.19/SF
NOI
$61.7K $9.63/SF
Area
Colorado Springs, CO
Vacancy
5.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,233,020
Cap Rate 7%
$880,729
Cap Rate 9%
$685,011
Alternative Uses
Best Use
Flex RnD
$880.7K
$770.6K – $1.03M
NOI $61,651 @ 7.0% cap · market cap 5.50%
Second Best
Industrial
$829.7K
$726.0K – $967.9K
NOI $58,076 @ 7.0% cap · market cap 5.19%
Theoretical Best
Specialty Retail
$1.26M
$1.11M – $1.47M
NOI $88,474 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,598
Businesses Nearby
Under-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Colorado Springs, CO
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Frequently Asked Questions
What type of property is this?
Flex space - 6,400 SF industrial building with display windows and fenced yard.
Where is this flex space located?
The property is located at 123 N Union Blvd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,120,000.
What are key features of this property?
This property features: Centrally located, free‑standing 6,400 SF industrial building.; Includes a fenced yard.; Newly installed roof in 2023 with a 10‑year transferable warranty.
