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    1235 Lake Plaza Dr Colorado Springs, CO 80906

    • Office buildings
    • 15,936 SF
    • 2.99 lot acres
    For Lease
    View listing
    $17 SF/Yr
    Last Sale
    Apr 01, 2022
    $3,450,000
    Value Estimations
    $3,430,000
    Cap Rate Potential
    4.2%
    Office buildings
    Location Intelligence
    Property ID
    US13-0933757
    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

    • Richardson Tom H DDS / Dentist
    • Rebecca Brennan / Marriage Or Relationship Counselor
    • Caplan Eric L MD / Otolaryngologist
    • Morgan Esthetics / Facial Spa
    • Mountain Light Healing, LLC / Alternative Medicine Practitioner

    Property Details for 1235 Lake Plaza Dr

    Year built
    1976
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.99 lot acres
    Property size
    15,936 SF
    Zone code
    PBC
    Property type
    Office buildings
    APN
    6432202001
    APU
    6432202001

    Description

    This exceptional office space, located at 1235-1255 Lake Plaza Drive in Colorado Springs, Colorado, offers 2,348 square feet of versatile workspace. Currently undergoing extensive renovations, both interior and exterior, this property promises a modern and updated office environment. The suite features 10-11 individual offices, a welcoming reception area, a dedicated conference room, and two convenient in-suite restrooms. Elevator access is provided for ease of movement throughout the building. Situated in the southwest area of Colorado Springs, this location boasts exceptional visibility from Lake Plaza Drive and benefits from easy access to I-25. Ample parking is available for tenants and clients, and the property is within walking distance of various restaurants. Its proximity to the renowned Broadmoor Hotel adds to its prestigious location. The property is zoned PBC and is part of a multi-tenant building in El Paso County, Colorado, with the zip code 80906. This is an excellent opportunity to secure a well-located, renovated office space in a thriving Colorado Springs business district.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,010,000
      ML approach
      $3,640,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,810,000
      6.5%
      $2,595,000
      7%
      $2,410,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,720,000
      Market price range: $2.18M - $5.15M
      AI Estimate
      $2,069,000
      Market price range: $604k - $2.37M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,405,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $4,245,000
      Change: +25% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,925,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $3,835,000
      Change: +13% Conversion: Easy
      RETAIL STORES
      $3,350,000
      Change: -2% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.805
    Latitude
    38.795
    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
    $0.00
    $225,300
    $855,350
    $1,080,650
    -
    $807,513
    $3,065,739
    $3,873,252

    Comparable in this City

    • Value Estimation
      $3,395,000
      25,919 SF

      1775 Bob Johnson Dr

      OFFICE BUILDING • 25,919 SF
      1775 Bob Johnson Dr, Colorado Springs, CO 80906-4026
      View Details
    • Value Estimation by Request
      2,250 SF

      3560 Moon Riv Dr

      OFFICE BUILDING • 2,250 SF
      3560 Moon Riv Dr, Colorado Springs, CO 80906
      View Details
    • Value Estimation
      $2,800,000
      141,290 SF

      2675 Janitell Rd

      OFFICE BUILDING • 141,290 SF
      2675 Janitell Rd, Colorado Springs, CO 80906
      View Details
    • Value Estimation
      $820,000
      8,077 SF

      2975 Broadmoor Vly Rd

      OFFICE BUILDING • 8,077 SF
      2975 Broadmoor Vly Rd, Colorado Springs, CO 80906-4466
      View Details
    • Value Estimation
      $2,105,000
      22,108 SF

      20 1st St

      OFFICE BUILDING • 22,108 SF
      20 1st St, Colorado Springs, CO 80906-3624
      View Details
    • Value Estimation
      $550,000
      4,041 SF

      1330 Quail Lk Loop Ste, Unit 120

      OFFICE BUILDING • 4,041 SF
      1330 Quail Lk Loop Ste, Colorado Springs, CO 80906-4651
      View Details

    Similar Nearby for Sale

    • $2,500,000
      12,699 SF

      Quail Lake Office Building

      Well-maintained office building in Quail Lake Business Park.
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      View Details
    • $2,750,000
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      Multi-Tenant Office Building For Sale

      Three-story office building with income potential in Cheyenne Hills.
      1287 Lake Plaza Dr, Colorado Springs, CO 80906
      View Details
    • Contact for pricing
      1.20 Acres

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      Prime 1.2-acre retail pad site
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    • $5,000,000
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      Prime Colorado Springs Land Investment

      110 Acres, $5M, A-5 Zoning
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    • $250,000

      Broadmoor Hills Park Land Parcel

      Large lot in desirable Broadmoor Hills Park neighborhood.
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    • $4,836,613
      27,600 SF

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      Almost fully leased shopping center in a vibrant commercial area.
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      View Details

    Similar Nearby for Lease

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    • $12 SF/Yr
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      Functional Office Space Available

      Professional office space for lease in Colorado Springs.
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    • Contact for pricing
      4,000 SF

      Data Center Space Available

      Data center space for lease with modern office space.
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    • Contact for pricing

      Colorado Springs Tier III Data Center

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    1235 Lake Plaza Dr
    Colorado Springs, CO 80906
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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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