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Property profile & analytics
OFF-MARKET
Estimated value
$1,955,000
Distribution centers
1540 21st St Colorado Springs, CO 80904-4206
Entity Owned
24-yr Hold
~
Est. High Equity
Property ID
US13-0419042
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1982
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
14,014 SF
Lot
0.68 ac (29,403 SF)
Zoning code
M1
APN
7414301028
UPID
US13-0419042
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Patsy's Candies Specialty Food Shop Candy Store
-
Patsy's Hemp Specialty Food Shop Candy Store
-
XITE THC (Bike/Boat/Book/etc) Store
-
Tropical Hemp Chews Specialty Food Shop Candy Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.38M
Comparable Approach
Comparable
$1.93M
Blend (final)
Blend
$1.96M
Owner & transaction history
Patsys Holdings INC · 24 yrs held
Patsys Holdings INC
since 2001
7 recorded transactions
Zoning & alternative use
M1 · Colorado Springs, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$3.0M
+8.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Colorado Springs submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Colorado Springs submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,575,000
6.5%
$2,375,000
7%
$2,205,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$2,755,000
Current use
OFFICE BUILDING
$2,995,000
Change: +9% · Conversion: Difficult
Blend value · Realmo final
$1.96M
Range $1.76M – $2.15M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$140 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$14,471
Tax year 2023
Assessed value
$272,490
Assessed 2023
Previous assessed
$272,490
+0.0% YoY
Effective rate
5.31%
On assessed value
Assessed land
$52,090
Assessed improvement
$220,400
Land market value
$186,709
Improvement market value
$789,955
Total market value
$976,664
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1982
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
1
Total area
14,014 SF
Lot
0.68 ac (29,403 SF)
Zoning code
M1
APN
7414301028
UPID
US13-0419042
Jurisdiction
EL PASO
Zoning & alternative use
M1 · Colorado Springs, CO
Zoning M1 · permitted uses
M1 · Colorado Springs, CO
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Colorado Springs. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$2.8M
OFFICE BUILDING
Est. value
$3.0M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1982
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
1
Lot
0.68 ac
Current owner
From public records · entity-resolved
Patsys Holdings INC
Entity
Mailing address
1540 S 21ST ST, COLORADO SPRINGS, CO 80904-4206
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2001
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
29 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 26, 2021
—
Patsys Holdings INC
—
Deed
related
$125,000 · The State Bank
Jan 30, 2020
—
Patsy S Holdings INC
—
Deed
related
$665,000 · The State Bank
Nov 22, 2019
—
Patsys Holdings INC
—
Deed
related
$650,000 · Montegra Cap Rsrcs
Nov 6, 2018
—
Patsys Holdings INC
—
Deed
related
$650,000 · Montegra Cap Rsrcs
Jul 10, 2018
—
Patsys Holdings INC
—
Deed
related
—
Jun 13, 2018
—
Patsys Holdings INC
—
Deed
related
—
Feb 20, 2018
—
Patsys Holdings INC
—
Deed
related
—
Dec 11, 2017
—
Patsys Holdings INC
—
Deed
related
—
Sep 8, 2017
—
Patsys Holdings INC
—
Deed
related
—
Aug 30, 2017
—
Patsys Holdings INC
—
Deed
related
—
Nov 5, 2008
—
Patsys Holding INC
—
Trustees Deed
related
—
Dec 31, 2001
—
Patsys Holdings INC
Niswonger,wesley S & Anne M
Grant Deed
related
—
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Wesley S Niswonger
—
Deed Of Trust
related
$389,951 · Pikes Peak National Bank
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holding INC
—
Deed Of Trust
related
$200,000 · Colorado Mountain Bank
—
—
Patsys Holdings INC
—
Deed Of Trust
related
$203,569 · Pikes Peak National Bank
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holdings INC
—
Loan Modification
related
$650,000 · Montegra Cap Rsrcs
—
—
Wesley S Niswonger
—
Deed Of Trust
related
$202,537 · Pikes Peak National Bank
—
—
Wesley S Niswonger
—
Deed Of Trust
related
$141,047 · Bank Of Broadmoor
—
—
Patsys Holdings INC
—
Loan Modification
related
—
—
—
Patsys Holdings INC
—
Deed Of Trust
related
$650,000 · Montegra Cap Rsrcs
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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