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    1524 N Circle Dr Colorado Springs, CO 80909
    Property profile & analytics

    1524 N Circle Dr, Colorado Springs, CO 80909

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    • Strip malls
    • 5,970 SF
    • 0.49 lot acres
    For Lease
    $1,075,000
    View Listing →
    Industrial Single Tenant Space For Lease
    $1,075,000
    1,100 SF

    Industrial Single Tenant Space

    Single tenant industrial space available for lease.

    1524 N Circle Dr, Colorado Springs, CO 80909
    View Listing
    Property ID
    US13-0852752
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 1524 N Circle Dr

    Year built
    1962
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.49 lot acres
    Zone code
    PBC
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    6404415013
    APU
    6404415013

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 3, 2023 — 1524 N Circle LLC Ralph J Lechner Quitclaim Deed · related —
    Nov 3, 2022 — Ralph Lechner — Deed · related $220k · Helen Lechner
    May 3, 2021 $857,500 Ralph J Lechner M A Mason Partners LLP Warranty Deed $174k · Ralph J Lechner Etal
    May 3, 2021 — 1524 N Circle LLC — Deed · related $688k · Ma Mason Partners LLP
    Jul 30, 2002 — M A Mason Partners LLP Jardon,robert H & Nanci D Quit Claim Deed · related —
    Aug 28, 1998 $200,000 Robert H Jardon Jardon,marjory R Grant Deed · related $93k · Seller

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,375,000
      6.5%
      $1,270,000
      7%
      $1,180,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,590,000
      Current use
      MEDICAL BUILDING
      $1,435,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.776
    Latitude
    38.8553
    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
    $33,950
    $245,810
    $279,760
    -
    $121,699
    $881,040
    $1,002,739

    Comparable in this City

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      19,880 SF

      3255 Platte Ave

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      3255 Platte Ave, Colorado Springs, CO 80909-6429
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    • Value Estimation
      $4,665,000
      13,565 SF

      3275 Platte Ave

      SHOPPING CENTER, STRIP CENTER
      3275 Platte Ave, Colorado Springs, CO 80909-6434
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    • Value Estimation
      $5,145,000
      41,920 SF

      3814 Maizeland Rd, Unit 3960

      SHOPPING CENTER, STRIP CENTER
      3814 Maizeland Rd, Colorado Springs, CO 80909-1606
      View Details
    • Value Estimation
      $1,510,000
      12,900 SF

      908 Cir Dr

      SHOPPING CENTER, STRIP CENTER
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    • Value Estimation
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      5,330 SF

      317 Chelton Rd

      SHOPPING CENTER, STRIP CENTER
      317 Chelton Rd, Colorado Springs, CO 80909
      View Details
    • Value Estimation
      $2,150,000
      16,250 SF

      2806 Pike Peak Ave

      SHOPPING CENTER, STRIP CENTER
      2806 Pike Peak Ave, Colorado Springs, CO 80909
      View Details

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      Freestanding Industrial Building For Sale

      5,277 SF industrial building with visibility and functionality.
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      29,915 SF

      Renovated Automotive/Retail Property For Sale

      Recently renovated automotive/retail property with truck parking and high visibility.
      1749 N Academy Blvd, Colorado Springs, CO 80909
      View Details
    • $815,000

      Established Restaurant Property For Sale

      Well-maintained restaurant with high visibility and redevelopment potential.
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    • $225,000

      Automotive Retail on High Traffic

      Automotive retail location near Memorial Park on East Pikes Peak.
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    • $1,500,000

      Upgraded Commercial Property For Sale

      Recently upgraded commercial property with fenced lot and highway access.
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    Similar Nearby for Lease

    • Contact for pricing
      5,168 SF

      Retail Space on Academy Boulevard

      Retail space available in a well-located shopping center.
      201-223 N Academy Blvd, Colorado Springs, CO 80909
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      2,700 SF

      Dominant Power Center Space

      Retail space available in dominant power center.
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      11,800 SF

      Retail Space in Power Center

      Retail space in a busy Colorado Springs power center.
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      Retail Opportunity in Colorado Springs

      Retail spaces available in rapidly expanding Colorado Springs community.
      Rustic Hl Shopping Ctr, Colorado Springs, CO 80909
      View Details
    • Contact for pricing
      1,203 SF

      High-Traffic Retail Endcap Space

      Retail space in a high-traffic shopping center.
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      View Details
    • Contact for pricing

      Retail Space on Academy Boulevard

      Retail space available in a well-located shopping center.
      201 N Academy Blvd, Colorado Springs, CO 80909
      View Details
    View Listing
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    Colorado Springs, CO 80909
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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.

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