Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    2727 Palmer Park Blvd Colorado Springs, CO 80909-3032

    • Strip malls
    • 48,046 SF
    • 6.18 lot acres
    OFF-MARKET
    Last Sale
    Jan 27, 2023
    Value Estimations
    $880,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-2674262
    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

    • Cobra Boxing and Fitness, LLC / Fitness Center / Gym
    • Meds 2U/Amendment 20 / Pharmacy
    • Market Flea Indoor / Flea Market
    • PBNJ's Indoor Flea Market / Flea Market / Kitchen Furniture Store
    • Kvltura / Art Gallery / Store

    Property Details for 2727 Palmer Park Blvd

    Year built
    1959
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    6.18 lot acres
    Property size
    48,046 SF
    Zone code
    PBC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    6409101003
    APU
    6409101003

    Description

    This exceptional investment opportunity presents a 240,270 square foot multi-tenant warehouse in Colorado Springs, Colorado. Located at 2727 Palmer Park Blvd, this 4-story, 230-unit property boasts a substantial 287,202 square foot lot. Built in 1960 and extensively renovated in 2021, the warehouse currently commands a $4,000,000 asking price, translating to $16.65 per square foot. The property features a strong 5.30% cap rate and a Net Operating Income (NOI) of $3,754,140, with a pro-forma NOI of $3,738,114. The current lease term is two years. The property is zoned PBC, and underwriting suggests a potential redevelopment into 230 apartment units, offering significant future value. This prime location offers incredible views of the city and mountains, presenting a rare opportunity for developers seeking a high-return investment in a desirable Colorado Springs location. The current industrial use provides immediate cash flow, while the zoning allows for a future conversion to apartments, potentially yielding a significantly higher return on investment. This property is a unique blend of immediate income and long-term development potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $820,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,105,000
      6.5%
      $1,250,000
      7%
      $1,140,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $1,310,000
      Geo Method
      $1,105,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $1,280,000
      Retail
      $1,100,000
      Mixed-Use
      $1,025,000
      Hospitality
      $990,000
      Educational
      $1,110,000
      Residential Income
      $1,050,000
      Energy
      $1,265,000
      Income-Based Land
      $970,000
      Food Service
      $1,205,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.778
    Latitude
    38.8536
    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
    $29,430
    $240,340
    $297,250
    $537,590
    -
    $861,440
    $1,065,403
    $1,926,843

    Comparable in this City

    • Value Estimation
      $1,970,000
      18,077 SF

      1865 Academy Blvd

      SHOPPING CENTER, STRIP CENTER • 18,077 SF
      1865 Academy Blvd, Colorado Springs, CO 80909-2700
      View Details
    • Value Estimation
      $6,555,000
      29,915 SF

      3910 Palmer Park Blvd

      SHOPPING CENTER, STRIP CENTER • 29,915 SF
      3910 Palmer Park Blvd, Colorado Springs, CO 80909-3404
      View Details
    • Value Estimation
      $11,075,000
      16,550 SF

      2202 Pike Peak Ave, Unit 2308

      SHOPPING CENTER, STRIP CENTER • 16,550 SF
      2202 Pike Peak Ave, Colorado Springs, CO 80909-5906
      View Details
    • Value Estimation
      $2,160,000
      7,400 SF

      1817 Un Blvd

      SHOPPING CENTER, STRIP CENTER • 7,400 SF
      1817 Un Blvd, Colorado Springs, CO 80909-2268
      View Details
    • Value Estimation
      $445,000
      11,740 SF

      2210 Academy Pl

      SHOPPING CENTER, STRIP CENTER • 11,740 SF
      2210 Academy Pl, Colorado Springs, CO 80909-1655
      View Details
    • Value Estimation
      $315,000
      8,092 SF

      2370 Academy Pl

      SHOPPING CENTER, STRIP CENTER • 8,092 SF
      2370 Academy Pl, Colorado Springs, CO 80909-1604
      View Details

    Similar Nearby for Sale

    • $595,000
      900 SF

      Prime Colorado Springs Car Lot & Shop

      Profitable Net Lease Retail Investment
      2660 Willamette Ave, Colorado Springs, CO 80909
      View Details
    • $2,200,000
      1.38 Acres

      Renovated Restaurant in Prime Location

      Fully renovated restaurant on 1.38 acres in high-traffic area.
      3680 N Citadel Dr, Colorado Springs, CO 80909
      View Details
    • $1,950,000
      16,184 SF

      Corner Retail Property For Sale

      Fully rented retail property on high-traffic corner location.
      3820 E Pikes Peak Ave, Colorado Springs, CO 80909
      View Details
    • $1,495,000
      5,337 SF

      Auto Shop with Recent Upgrades

      Clean auto shop with fenced yard and drive-through capability.
      3930 Galley Rd, Colorado Springs, CO 80909
      View Details
    • $250,000

      Turnkey Restaurant Opportunity For Sale

      Established Korean restaurant with high ratings and loyal customer base.
      3845 E Pikes Peak Ave, Colorado Springs, CO 80909
      View Details
    • $830,000
      Pending

      Colorado Springs Commercial Property For Sale

      Commercial property for sale in Colorado Springs, Colorado.
      3535 E Platte Ave, Colorado Springs, CO 80909
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,093,700 SF

      Citadel Mall: Retail Space Available

      Colorado Springs Retail Center - Huge Opportunity
      750 Citadel Dr, Colorado Springs, CO 80909
      View Details
    • $12 SF/Yr
      45,560 SF

      Colorado Springs Medical Office Space

      Prime medical office suite, 1,190 sq ft available.
      1120 Circle Dr, Colorado Springs, CO 80909
      View Details
    • $10 SF/Yr
      252,406 SF

      Rustic Hills Shopping Center Investment

      Colorado Springs Retail Center, 13 Spaces Available
      0 Rustic Hl Shopping Ctr, Colorado Springs, CO 80909
      View Details
    • $9 SF/Yr
      25,130 SF

      Academy Tower Plaza Retail Center

      Prime Academy Blvd Retail Space Available
      201 Academy Blvd, Colorado Springs, CO 80909
      View Details
    • Contact for pricing
      1,922 SF

      Retail Space in Power Center

      Retail space in a busy Colorado Springs power center.
      801-945 N Academy Blvd, Colorado Springs, CO 80909
      View Details
    • $3,950,000
      26,478 SF

      Citadel Mall Outparcel Ground Lease

      0.5 - 2.4 AC pad site available for ground lease.
      747-795 E Citadel Dr, Colorado Springs, CO 80909
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2727 Palmer Park Blvd
    Colorado Springs, CO 80909-3032
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.