Renovated Motel Near
620 W Colorado Ave Colorado Springs, CO 80905
620 W Colorado Ave, Colorado Springs, CO, 80905
Contact for pricing
For Sale
Contact for pricing
Well-maintained, renovated 29-key motel near downtown Colorado Springs.
Property Size20,806 SF
Lot Size0.70 Acres
Price / SF$93.72
Days on Market749
Property Features for 620 W Colorado Ave
General Information
- Standard status
- Active
- Size
- 20,806 SF
- Lot size
- 0.70 Acres
- Property subtype
- Hospitality
Building Details
- Year Built
- 1930
Listing Agency
RE/MAX Leaders | Commercial Division
Listed by
Jae Kim · License #CO 320502
Source
Crexi
Added: Jul 3, 2024 Updated: Jul 6 at 7:47 am Checked: Jul 20 at 6:38 am
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 RE/MAX Leaders | Commercial Division
Investment Insights
Based on property information with market context.
This is a well-maintained, independent motel situated in a prime location within walking distance of downtown Colorado Springs. The motel was fully renovated in 2023-2024. The property features 29 keys and manager's living quarters. The two-story building has a solid brick construction. The building size is 20,806 square feet and the lot size is 30,275 square feet.
Key Highlights
- Prime location within walking distance of Downtown Colorado Springs.
- Fully renovated in 2023‑2024.
- Independent motel with 29 keys.
Local Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $199.7k | $9.60 |
| − Vacancy | −$30.0k | −$1.44 |
| EGI | $169.8k | $8.16 |
| − OpEx | −$89.1k | −$4.28 |
| NOI | $80.6k | $3.88 |
20,806 SF · lease $9.60/SF/yr · vacancy 15.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$1.15M
$1.01M – $1.34M
NOI $80,644 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.11M
$3.60M – $4.79M
NOI $287,622 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Springs Inn
Hotel & Motel
Similar For Sale Nearby
Similar Off Market Nearby
- Kinship Landing — 415 S Nevada Ave, Colorado Springs, CO 80903
- VRBO98798 — 717 Sahwatch St, Colorado Springs, CO 80903
- Nevada Flats Hotel Colorado Springs — 512 S Nevada Ave, Colorado Springs, CO 80903
- Meanwhile Block — 425 S Sierra Madre St, Colorado Springs, CO 80903
- SpringHill Suites Colorado Springs Downtown — 402 S Tejon St, Colorado Springs, CO 80903
FAQs
What type of property is this?
Motel - Well-maintained, renovated 29-key motel near downtown Colorado Springs.
Where is this motel located?
The property is located at 620 W Colorado Ave Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Prime location within walking distance of Downtown Colorado Springs.; Fully renovated in 2023‑2024.; Independent motel with 29 keys.
