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    4935 Centennial Blvd Colorado Springs, CO 80919

    • Strip malls
    • 11,884 SF
    • 1.51 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Last Sale
    Sep 08, 2023
    $2,800,000
    Value Estimations
    $2,790,000
    Cap Rate Potential
    6%
    Strip malls
    Location Intelligence
    Property ID
    US13-2674255
    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

    • Marco's Pizza - Northwest COS / Salad Shop / Sandwich Shop
    • Michael Allen's Hair Design / Barber Shop / Hair Salon
    • Friedman Brothers A/C Masters / Air Conditioning System Supplier
    • Canyon Crest Wine, Liquor, & Beer / Liquor Store
    • Golden Flame Hot Wings / Chicken Wings Restaurant / Sports Bar

    Property Details for 4935 Centennial Blvd

    Year built
    1984
    Construction
    WOOD FRAME
    Lot size
    1.51 lot acres
    Property size
    11,884 SF
    Zone code
    PBC HS
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    7323402008
    APU
    7323402008

    Description

    This 11,884 square foot shopping center, built in 1984, presents a unique investment opportunity in El Paso County. Located at the high-visibility corner of Centennial Blvd and Pinon Valley Rd, the center boasts ample parking (68 spaces) and prominent pylon signage on Centennial Blvd. Currently, two spaces are available, ranging from 1,277 to 1,726 square feet, with a total of 3,003 square feet currently vacant. The center enjoys a strong tenant mix including Marco's Pizza, Canyon Crest Wine, Liquor & Beer, and Golden Flame Hot Wings. Suite A, a former bakery, offers a significant advantage with its existing commercial kitchen, grease trap, walk-in cooler, and three-compartment sink. Pre-approved plans exist for a drive-thru addition to Suite A, enhancing its potential. The property is zoned PBC-HS and benefits from excellent demographics, including above-average household incomes, a densely populated area, proximity to major employers and corporations, high traffic counts on Centennial Blvd, and easy access to I-25. This location offers exceptional visibility and accessibility, making it an ideal retail space. The minimum divisible space is 1,277 square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,725,000
      ML approach
      $2,840,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,740,000
      6.5%
      $2,525,000
      7%
      $2,345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,366,000
      Market price range: $1.57M - $4.72M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,165,000
      Current use
      COMMERCIAL (GENERAL)
      $4,570,000
      Change: +44% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,925,000
      Change: -8% Conversion: Difficult
      MEDICAL BUILDING
      $2,860,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.857
    Latitude
    38.9038
    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
    $30,783
    $124,790
    $445,420
    $570,210
    -
    $447,270
    $1,596,492
    $2,043,762

    Comparable in this City

    • Value Estimation
      $1,805,000
      10,157 SF

      710 Vlg Ctr Dr

      SHOPPING CENTER, STRIP CENTER • 10,157 SF
      710 Vlg Ctr Dr, Colorado Springs, CO 80919-3622
      View Details
    • Value Estimation
      $1,280,000
      11,200 SF

      6602 Delmonico Dr

      SHOPPING CENTER, STRIP CENTER • 11,200 SF
      6602 Delmonico Dr, Colorado Springs, CO 80919-1887
      View Details
    • Value Estimation
      $3,845,000
      26,280 SF

      4651 Centennial Blvd

      SHOPPING CENTER, STRIP CENTER • 26,280 SF
      4651 Centennial Blvd, Colorado Springs, CO 80919-3304
      View Details
    • Value Estimation
      $6,645,000
      10,990 SF

      205 Rockrimmon Blvd

      SHOPPING CENTER, STRIP CENTER • 10,990 SF
      205 Rockrimmon Blvd, Colorado Springs, CO 80919-1783
      View Details
    • Value Estimation
      $4,015,000
      38,830 SF

      425 Windchime Pl

      SHOPPING CENTER, STRIP CENTER • 38,830 SF
      425 Windchime Pl, Colorado Springs, CO 80919-1984
      View Details
    • Value Estimation
      $6,625,000
      19,355 SF

      6660 Delmonico Dr

      SHOPPING CENTER, STRIP CENTER • 19,355 SF
      6660 Delmonico Dr, Colorado Springs, CO 80919-1899
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $24 SF/Yr
      1,050 SF

      Retail Space in Safeway Village

      Neighborhood shopping center anchored by Safeway in Colorado Springs.
      820-832 Village Center Dr, Colorado Springs, CO 80919
      View Details
    • $22 SF/Yr
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      Coutura Center Retail Space Available

      Colorado Springs retail space for lease. Multiple units, flexible sizes.
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    • $18 SF/Yr
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      Retail Space in Safeway Village

      Neighborhood shopping center anchored by Safeway in Colorado Springs.
      710-728 Village Center Dr, Colorado Springs, CO 80919
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    • $17 SF/Yr
      1,800 SF

      Retail Space in Rockrimmon Center

      Retail space available in established Rockrimmon Shopping Center.
      6602-6616 Delmonico Dr, Colorado Springs, CO 80919
      View Details
    • $10 SF/Yr
      2,500 SF

      Retail Center with Lower Level

      Retail spaces available in Colorado Springs near Woodmen and I-25.
      401-493 Windchime Pl, Colorado Springs, CO 80919
      View Details
    • $17 SF/Yr
      2,831 SF

      Retail Space on Woodmen Road

      Available retail space in Colorado Springs.
      888 East Woodmen Rd, Colorado Springs, CO 80919
      View Details
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    4935 Centennial Blvd
    Colorado Springs, CO 80919
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    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
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