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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    111 Las Vegas St Colorado Springs, CO 80903-4215

    • Medical offices
    • 5,868 SF
    OFF-MARKET
    Value Estimations
    $1,090,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1712103
    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

    • Artificial Turf Factory Outlet / Building Supply / Construction Company
    • Forever Christmas Lights Installation / Home Decor Store / Party Supply Store
    • Drain & Plumbing Pros / Plumbing Service / General Contractor
    • Turf Pros Solution Colorado Springs LLC / Big Box & Wholesale Store / (Bike/Boat/Book/etc) Store
    • Turf Pros Solution LLC. / Big Box & Wholesale Store / (Bike/Boat/Book/etc) Store

    Property Details for 111 Las Vegas St

    Year built
    2021
    Property size
    5,868 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    6419220020
    APU
    6419220020

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,100,000
      6.5%
      $1,015,000
      7%
      $945,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,066,000
      Market price range: $334k - $1.19M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,410,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,565,000
      Change: +11% Conversion: Difficult
      OFFICE BUILDING
      $1,465,000
      Change: +4% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,445,000
      Change: +2% Conversion: Difficult
      RETAIL STORES
      $1,235,000
      Change: -13% 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
    -104.824
    Latitude
    38.8183
    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
    $20,212
    $0.00
    $371,830
    $371,830
    -
    $0.00
    $1,332,725
    $1,332,725

    Comparable in this City

    • Value Estimation
      $2,595,000
      2,397 SF

      719 Cascade Ave

      MEDICAL BUILDING • 2,397 SF
      719 Cascade Ave, Colorado Springs, CO 80903-3290
      View Details
    • Value Estimation by Request
      1,105 SF

      930 Cedar St

      MEDICAL BUILDING • 1,105 SF
      930 Cedar St, Colorado Springs, CO 80903-2720
      View Details
    • Value Estimation by Request
      1,038 SF

      955 Colorado Ave

      MEDICAL BUILDING • 1,038 SF
      955 Colorado Ave, Colorado Springs, CO 80903-3776
      View Details
    • Value Estimation
      $2,285,000
      14,219 SF

      722 Wahsatch Ave

      MEDICAL BUILDING • 14,219 SF
      722 Wahsatch Ave, Colorado Springs, CO 80903-4035
      View Details
    • Value Estimation by Request
      1,524 SF

      232 Cache La Poudre St

      MEDICAL BUILDING • 1,524 SF
      232 Cache La Poudre St, Colorado Springs, CO 80903-2903
      View Details
    • Value Estimation by Request
      2,630 SF

      1414 Hancock Ave

      MEDICAL BUILDING • 2,630 SF
      1414 Hancock Ave, Colorado Springs, CO 80903-2655
      View Details

    Similar Nearby for Sale

    • $799,500
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      Dental Condo Investment Opportunity

      Colorado Springs NNN Leased Dental Office
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    • $650,000
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      Colorado Springs Medical Office Building

      Prime Medical Office, High Visibility, $650K
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    • $1,575,000
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      Colorado Springs Medical Office Building

      7,000 SF Medical Office - $1.575M
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    • $695,000
      3,909 SF

      Colorado Springs Medical Office Building

      Prime Medical Office, 3,909 SF, $695,000
      715 Cascade Ave, Colorado Springs, CO 80903
      View Details
    • $645,000
      3,476 SF

      Office Building Near Downtown

      Office building near I-25 and Downtown Colorado Springs.
      415 W Bijou St, Colorado Springs, CO 80903
      View Details
    • Contact for pricing
      8,900 SF

      Downtown Colorado Springs Office Space

      8,900 SF Office, Flexible Lease Terms
      223 Wahsatch Ave, Colorado Springs, CO 80903
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,000 SF

      715 N Weber St: Medical Office Space

      Colorado Springs Medical Office Building - 7,000 SF
      715 Weber St, Colorado Springs, CO 80903
      View Details
    • $16 SF/Yr
      46,952 SF

      Downtown Colorado Springs Office Space

      Executive Suites, Prime Location, Mountain Views
      101 Cascade Ave, Colorado Springs, CO 80903
      View Details
    • $14 SF/Yr
      2,958 SF

      Restored Office Building Near I-25

      2,958 SF office building near I-25 for sale or lease.
      516 W Bijou St, Colorado Springs, CO 80903
      View Details
    • $775 /Mo
      388 SF

      Downtown Colorado Springs Office Space

      Professional office spaces with new finishes and shared amenities.
      318-320 S Cascade Ave, Colorado Springs, CO 80903
      View Details
    • $16 SF/Yr
      790 SF

      Downtown Adjacent Office Space Available

      Flexible office space near downtown Colorado Springs for lease.
      223 N Wahsatch Ave, Colorado Springs, CO 80903
      View Details
    • $1,350,000
      2,660 SF

      Prime Office Space For Rent

      Office space in the Greater Central Business District.
      612-616 N Tejon St, Colorado Springs, CO 80903
      View Details
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    111 Las Vegas St
    Colorado Springs, CO 80903-4215
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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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