501 Union BlvdColorado Springs, CO 80910

Property Details for 501 Union Blvd

Year built

1960

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.36 AC

Property size (Sq ft)

1,300 SF

Zone code

PBC

Property type

Retail properties

Property subtype

Retail space

APN

6421205002

APU

6421205002

Description

This exceptional 1,325 square foot mixed-use property, situated on a 0.36-acre lot at 501 S Union Blvd in Colorado Springs, CO 80910, presents a unique investment opportunity. Built in 1960, this single-story building features one suite currently offering 1,300 square feet of vacant space, ideal for a variety of uses. The property's zoning (MX-M, PBC) allows for flexibility, making it suitable for an auto repair shop, car lot, coffee shop, or similar businesses. The location boasts excellent visibility and ample parking, with easy access from S Union Boulevard. Enjoy stunning views of Prospect Lake and Pikes Peak. This prime location is poised for growth, situated in the path of eastward expansion of downtown Colorado Springs, with exciting development plans already underway in the area. The property is located in the CO - Colorado Springs Central submarket within El Paso County. This is a rare chance to establish a business in a rapidly developing area with exceptional visibility and scenic beauty. The building's single-suite layout offers efficiency and potential for customization. Don't miss this opportunity to be part of Colorado Springs' exciting future.

• CAP approach

  CAP return

  Valuation

  6%

  $418,001

  6.5%

  $385,847

  7%

  $358,287

• Comparable approach

  Method

  Valuation

  Relative Method

  $270,663

  Geo Method

  $270,663

• Alternative Use

  Use

  Valuation

  Residential

  $325,476

  Hospitality

  $298,135

  Educational

  $248,045

  Medical

  $256,575

  Retail

  $385,847

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8249

Longitude

-104.794

CBSA code

17820

CBSA name

COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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