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    128 Tejon St Colorado Springs, CO 80903

    • Office buildings
    • 39,618 SF
    • 0.44 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Value Estimations
    $2,125,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0370993
    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

    • Precision Financial Research and Management / Financial Planner
    • Flint Sara / Attorney
    • Gasper Theis & Usiak / Attorney
    • Fredrickson Johnson & Belveal, LLC / Estate Planning Attorney / Family Law Attorney
    • The Lux Law Firm, PLLC / Trial Attorney / Law Firm

    Property Details for 128 Tejon St

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.44 lot acres
    Property size
    39,618 SF
    Zone code
    FBZ-CEN
    Property type
    Office buildings
    APN
    6418302015
    APU
    6418302015

    Description

    This iconic four-story, 42,556 square foot office building, constructed in 1900, presents a unique opportunity in the heart of Colorado Springs' Central Business District. Located at 128 S. Tejon St., this Class B property boasts original features including marble floors and Van Briggle fireplaces, blending historic charm with modern functionality. The building offers multiple tenancy options, with a minimum divisible space of 882 square feet and a maximum contiguous space of 4,489 square feet. Currently, 23,231 square feet are available for lease. The building features four suites in total, situated on a 0.44-acre lot and zoned FBZ-CEN. Modern conveniences include elevators. Its prime location within the Colorado Springs CBD, designated as an Opportunity Zone, provides exceptional access to amenities and businesses. This historic landmark offers a rare chance to establish a presence in a highly desirable and centrally located address within El Paso County, Colorado (zip code 80903). The building's rich history, dating back to its origins as a hotel in 1886, adds to its unique appeal.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.824
    Latitude
    38.8313
    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
    $71,762
    $237,830
    $878,170
    $1,116,000
    -
    $852,442
    $3,147,558
    $4,000,000

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation by Request
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      27 Tejon St

      OFFICE BUILDING • 16,443 SF
      27 Tejon St, Colorado Springs, CO 80903-1538
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    • Value Estimation by Request
      1,471 SF

      508 Tejon St

      OFFICE BUILDING • 1,471 SF
      508 Tejon St, Colorado Springs, CO 80903-1110
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    • Value Estimation by Request
      201,366 SF

      102 Tejon St

      OFFICE BUILDING • 201,366 SF
      102 Tejon St, Colorado Springs, CO 80903-2231
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    • Value Estimation by Request
      650 SF

      935 Tejon St

      OFFICE BUILDING • 650 SF
      935 Tejon St, Colorado Springs, CO 80903-4236
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    • Value Estimation by Request
      97,214 SF

      705 Nevada Ave

      OFFICE BUILDING • 97,214 SF
      705 Nevada Ave, Colorado Springs, CO 80903-4027
      View Details

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    Colorado Springs, CO 80903
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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.

    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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