Renovated Motel Near
For Sale
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620 W Colorado Ave, Colorado Springs, CO 80905
Well-maintained, renovated 29-key motel near downtown Colorado Springs.
Property Size20,806 SF
Lot Size0.70 Acres
Price / SF$93.72
Days on Market839
Property Features for 620 W Colorado Ave
General Information
Standard status
Active
Size
20,806 SF
Lot size
0.70 Acres
Property subtype
Hospitality
Investment Type
Owner/User
Building Details
Year Built
1930
Year Renovated
2023
Stories
2
Listing Agency:
RE/MAX Leaders | Commercial Division
Listed By:
Jae Kim · License #CO 320502
Source:
Crexi
Added: Jul 3, 2024
Changed: Oct 4
Last Checked: Oct 19 at 5:31AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,644
Cap Rate
4.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,612,880
$1.6M
Cap Rate 7%
$1,152,057
$1.2M
Cap Rate 9%
$896,044
$896.0K
Market Conditions
NOI Build-Up for 20,806 SF
Gross rent
$199.7K $9.60/SF
− Vacancy
−$30.0K −$1.44/SF
EGI
$169.8K $8.16/SF
− OpEx
−$89.1K −$4.28/SF
NOI
$80.6K $3.88/SF
Area
Colorado Springs, CO
Vacancy
15.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,612,880
Cap Rate 7%
$1,152,057
Cap Rate 9%
$896,044
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 authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,490
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80905, CO
17,592
Population
8,933
Households
2
Avg Household Size
38
Median Age
39%
College-Educated
92%
High-School Grad
5.1 sq mi
ZIP Area
3,449
Density / Sq Mi
$64,496
Median Household Income
$40,876
Median Earnings
$1,449
Median Rent
$349,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
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.
