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
    Property profile & analytics

    5705 Erindale Dr Colorado Springs, CO 80918-1955

    • Commercial land
    • 1.37 lot acres
    OFF-MARKET
    Last Sale
    Feb 13, 2023
    $900,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0639708
    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

    • Commercial land

    Property Details for 5705 Erindale Dr

    Lot size
    1.37 lot acres
    Zone code
    OC CU
    Property type
    Commercial land
    APN
    6316312010
    APU
    6316312010

    Description

    This 1.37-acre commercial land parcel in Colorado Springs, El Paso County (zip code 80918, address 5705 Erindale Dr), is zoned OC CU and offers a rare infill development opportunity. Currently approved for a 40-unit multi-family development, plans include two buildings: Building A, a three-story structure with ten units per floor, and Building B, a two-story building with five units per floor. All units are envisioned as one-bedroom, one-bathroom apartments with terraces. The property's location provides convenient access to the North Academy Blvd Corridor, offering proximity to various retail, dining, and entertainment options. The property is being sold "as is, where is." The selection process will consider price, closing track record, financial strength, and investment capacity. The seller reserves the right to accept offers prior to a specified bid date or withdraw the property from the market at any time. This exceptional opportunity is priced at $1,395,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.785
    Latitude
    38.9136
    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
    $5,929
    $108,220
    $0.00
    $108,220
    -
    $387,901
    $0.00
    $387,901

    Comparable in this City

    • Value Estimation by Request
      1.15 Acres

      Northpark Dr

      VACANT COMMERCIAL LAND • 1.15 Acres
      Northpark Dr, Colorado Springs, CO 80918
      View Details
    • Value Estimation by Request
      0.29 Acres

      4526 Austin Blfs Pkwy

      VACANT COMMERCIAL LAND • 0.29 Acres
      4526 Austin Blfs Pkwy, Colorado Springs, CO 80918-2910
      View Details
    • Value Estimation by Request
      0.43 Acres

      4550 Austin Blfs Pkwy

      VACANT COMMERCIAL LAND • 0.43 Acres
      4550 Austin Blfs Pkwy, Colorado Springs, CO 80918-2910
      View Details
    • Value Estimation by Request
      0.31 Acres

      4995 Austin Blfs Pkwy

      VACANT COMMERCIAL LAND • 0.31 Acres
      4995 Austin Blfs Pkwy, Colorado Springs, CO 80918-5043
      View Details
    • Value Estimation by Request
      3.53 Acres

      6695 Vincent Dr

      VACANT COMMERCIAL LAND • 3.53 Acres
      6695 Vincent Dr, Colorado Springs, CO 80918-3169
      View Details
    • Value Estimation by Request
      0.38 Acres

      Chromium Dr

      VACANT COMMERCIAL LAND • 0.38 Acres
      Chromium Dr, Colorado Springs, CO 80918
      View Details

    Similar Nearby for Sale

    • $6,850,942
      11.23 Acres

      Prime Riverfront Land Opportunity

      11.23 acres of riverfront land with development potential.
      Mayfly Dr, Montrose, CO 80918
      View Details
    • $1,380,000

      Development Land at Prime Intersection

      Highly visible land suitable for various commercial and residential developments.
      Austin Bluffs Pkwy, Colorado Springs, CO 80918
      View Details
    • $395,000

      1.05 Acre Zoned OC Lot

      1.05 acre commercial lot for sale, zoned OC.
      2120 University Park Blvd, Colorado Springs, CO 80918
      View Details
    • $325,000
      0.70 Acres

      Colorado Springs Land For Sale

      0.7-acre lot with city and mountain views in Colorado Springs.
      Copper Dr, Colorado Springs, CO 80918
      View Details
    • $1,725,000
      Pending

      Colorado Springs Land Opportunity

      Prime 1.72 acre lot in established Colorado Springs neighborhood.
      6655 Sproul Ln, Colorado Springs, CO 80918
      View Details
    • $395,000
      1.05 Acres

      University Park Blvd Commercial Land

      1.05-acre commercial lot, prime location.
      2120 University Park Blvd, Colorado Springs, CO 80918
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      1.67 Acre Ground Lease Opportunity

      1.67 acre ground lease opportunity with high traffic counts.
      4550 Austin Bluffs Pkwy, Colorado Springs, CO 80918
      View Details
    • Contact for pricing
      72,745 SF

      Prime Colorado Springs Commercial Land

      1.67 Acres, C2 Zoning, Excellent Location
      0 Austin Bluffs Pkwy, Colorado Springs, CO 80918
      View Details
    • $13 SF/Yr
      9,998 SF

      Dominion Way Executive Office Suite

      Move-in ready office space in Colorado Springs.
      1980 Dominion Way, Colorado Springs, CO 80918
      View Details
    • $12 SF/Yr
      2,688 SF

      Colorado Springs Retail/Office Space

      Renovated retail/office building in central Colorado Springs.
      5604-5676 N Union Blvd, Colorado Springs, CO 80918
      View Details
    • $18 SF/Yr
      1,860 SF

      Office Space For Rent

      Office space available for lease in Colorado Springs, CO.
      6189 Lehman Dr, Colorado Springs, CO 80918
      View Details
    • $12 SF/Yr
      4,095 SF

      Retail Space in Austin Bluffs

      Retail space available in a prominent shopping center.
      4160-4174 Austin Bluffs Pkwy, Colorado Springs, CO 80918
      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.
    5705 Erindale Dr
    Colorado Springs, CO 80918-1955
    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thank You

    You are Unsubscribed From Notifications

    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.