Automotive Enthusiast Garage
For Sale
Contact for pricing
2275 Busch Ave., Colorado Springs, CO 80904
Private garage condos for automotive enthusiasts, for sale or lease.
Property Size1,152 SF
Price / SF$347.22
Days on Market846
Property Features for 2275 Busch Ave.
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Special Purpose
Zoning
LI
Building Details
Year Built
2003
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Thrive Commercial Partners
Listed By:
Helen Cameron · License #CO-040041260
(719) 535-0500
Source:
Crexi
Added: May 10, 2024
Changed: Aug 21
Last Checked: Aug 31 at 7:58PM
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 Thrive Commercial Partners
Investment Insights
Based on property information with market context.
This property is part of My Car Barn, a development geared toward automotive enthusiasts. Private bays are available for sale or lease, starting at 1,152 square feet. Suite amenities include optional 340 square feet mezzanines above the garage floor, stairways, finished concrete flooring, a restroom, and a 14-foot overhead door. The property is intended for automotive enthusiasts needing space to work on vehicles, free up home garage space, or park RVs and other vehicles. It is located within a gated community.
Key Highlights
- Private "bays" starting at 1,152 SF, ideal for automotive enthusiasts.
- Optional 340 SF mezzanine above the garage floor.
- Located in a gated community of like‑minded automotive enthusiasts.
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
$13,862
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
3.47%
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%
$277,240
$277.2K
Cap Rate 7%
$198,029
$198.0K
Cap Rate 9%
$154,022
$154.0K
Market Conditions
NOI Build-Up for 1,152 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
$20.7K $18.00/SF
− Vacancy
−$933 −$0.81/SF
EGI
$19.8K $17.19/SF
− OpEx
−$5.9K −$5.16/SF
NOI
$13.9K $12.03/SF
Area
Colorado Springs, CO
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$277,240
Cap Rate 7%
$198,029
Cap Rate 9%
$154,022
Alternative Uses
Best Use
Retail
$198.0K
$173.3K – $231.0K
NOI $13,862 @ 7.0% cap · market cap 3.47%
Second Best
Warehouse
$181.3K
$158.7K – $211.6K
NOI $12,694 @ 7.0% cap · market cap 3.17%
Theoretical Best
Specialty Retail
$227.5K
$199.1K – $265.4K
NOI $15,925 @ 7.0% cap · market cap 3.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
Median Home Value
Market
Vacancy Rate% for Industrial in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Private garage condos for automotive enthusiasts, for sale or lease.
Where is this parking lot & garage located?
The property is located at 2275 Busch Ave. Colorado Springs, CO.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Private "bays" starting at 1,152 SF, ideal for automotive enthusiasts.; Optional 340 SF mezzanine above the garage floor.; Located in a gated community of like‑minded automotive enthusiasts.
