Industrial Flex Building with Grade-Level
For Sale
$9,500,000
980 Elkton Dr, Colorado Springs, CO 80907
Reinforced-concrete flex warehouse on 4.35 acres with clear heights to 18 feet and six grade-level loading doors.
Property Size54,336 SF
Lot Size4.35 Acres
Price / SF$179.08
Days on Market66
Property Features for 980 Elkton Dr
General Information
Standard status
Active
Size
54,336 SF
Lot size
4.35 Acres
Property subtype
Office Warehouse
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
6
Additional Details
Highway Access
Yes
Amenities
Industrial Flex Value-Add Investment
53,094 Rentable SF on 4.35 Acres
Six Grade-Level Loading Doors, Clear Heights Up to 18 Ft, and Wraparound Parking
Premium Concrete Construction and Clean Modern Facade
Well-Maintained Roof, HVAC, & Parking Lot
Anchored by AMR Through 2035 with Additional Tenancy from Dark Wolf Through 2029
17,840 SF Warm Shell Vacancy Suitable for a Wide Range of Industrial Flex Users
Premier Infill Location in the Garden of the Gods Tech/Industrial Corridor
Building Details
Building Size
54,336 SF
Year Built
1994
Listed By:
Max Rist · License #License(s): CO: FA100103604
(303) 328-2042
Source:
Marcusmillichap
Added: Jul 3
Changed: Sep 3
Last Checked: Sep 5 at 4:00AM
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 Max Rist
Investment Insights
Based on property information with market context.
980 Elkton Drive is a well-maintained industrial flex asset built in 1994, offering reinforced concrete construction and clear heights up to 18 feet. The building includes six grade-level loading doors and wraparound parking designed to support efficient ingress and egress. The roof, HVAC, and parking lot are described as being in good condition.
The property is situated on 4.35 acres in Colorado Springs’ Garden of the Gods industrial corridor, with close proximity to I-25 and nearby amenities. In-place income includes American Medical Response leasing 28,281 SF through September 2035 and Dark Wolf leasing 6,928 SF through June 2029. The remaining 17,840 SF is vacant and described as clean-slate, warm shell condition, positioned for lease-up or owner-user occupancy without heavy improvements.
The property is situated on 4.35 acres in Colorado Springs’ Garden of the Gods industrial corridor, with close proximity to I-25 and nearby amenities. In-place income includes American Medical Response leasing 28,281 SF through September 2035 and Dark Wolf leasing 6,928 SF through June 2029. The remaining 17,840 SF is vacant and described as clean-slate, warm shell condition, positioned for lease-up or owner-user occupancy without heavy improvements.
Key Highlights
- Built in 1994: 53,797 SF industrial flex on 4.35 acres in Colorado Springs’ Garden of the Gods corridor
- Reinforced concrete construction with clear heights up to 18 feet
- Six grade‑level loading doors and wraparound parking for efficient ingress and egress
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
$584,539
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
6.15%
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%
$11,690,780
$11.7M
Cap Rate 7%
$8,350,557
$8.4M
Cap Rate 9%
$6,494,878
$6.5M
Market Conditions
NOI Build-Up for 53,049 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
$719.3K $13.56/SF
− Vacancy
−$31.7K −$0.60/SF
EGI
$687.7K $12.96/SF
− OpEx
−$103.2K −$1.94/SF
NOI
$584.5K $11.02/SF
Area
Colorado Springs, CO
Vacancy
4.40%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
15.00%
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%
$11,690,780
Cap Rate 7%
$8,350,557
Cap Rate 9%
$6,494,878
Alternative Uses
Best Use
Warehouse
$8.35M
$7.31M – $9.74M
NOI $584,539 @ 7.0% cap · market cap 6.15%
Second Best
Flex RnD
$7.30M
$6.39M – $8.52M
NOI $511,021 @ 7.0% cap · market cap 5.38%
Theoretical Best
Specialty Retail
$10.48M
$9.17M – $12.22M
NOI $733,349 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
6
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,236
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80907, CO
28,806
Population
13,250
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
93%
High-School Grad
9.8 sq mi
ZIP Area
2,939
Density / Sq Mi
$71,393
Median Household Income
$41,355
Median Earnings
$1,392
Median Rent
$371,200
Median Home Value
Market
Vacancy Rate% for Industrial in Colorado Springs, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bird Dog BBQ — 4153 Centennial Blvd, Colorado Springs, CO 80907
Frequently Asked Questions
What type of property is this?
Flex space - Reinforced-concrete flex warehouse on 4.35 acres with clear heights to 18 feet and six grade-level loading doors.
Where is this flex space located?
The property is located at 980 Elkton Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Built in 1994: 53,797 SF industrial flex on 4.35 acres in Colorado Springs’ Garden of the Gods corridor; Reinforced concrete construction with clear heights up to 18 feet; Six grade‑level loading doors and wraparound parking for efficient ingress and egress
