Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1623 Nevada Ave Colorado Springs, CO 80905-2221

    • Motels
    • 10,132 SF
    • 1.40 lot acres
    OFF-MARKET
    Last Sale
    Nov 16, 2022
    $3,500,000
    Value Estimations
    $3,400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0816664
    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

    • Rodeway Inn & Suites / Hotel & Motel
    • Colorado Springs Eyebrow Microblading / Medical Clinic / Skin Care Clinic

    Property Details for 1623 Nevada Ave

    Year built
    1953
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.40 lot acres
    Property size
    10,132 SF
    Zone code
    C5
    Property type
    Motels
    APN
    6419413065
    APU
    6419413065

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,240,000
      ML approach
      $3,360,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,611,000
      Market price range: $1.63M - $3.86M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $2,455,000
      Current use
      RESTAURANT
      $4,435,000
      Change: +81% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $4,135,000
      Change: +69% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $3,900,000
      Change: +59% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,700,000
      Change: +10% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $2,495,000
      Change: +2% Conversion: Difficult
      MEDICAL BUILDING
      $2,435,000
      Change: -1% Conversion: Difficult
      OFFICE BUILDING
      $2,165,000
      Change: -12% 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
    -104.822
    Latitude
    38.8105
    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
    $15,552
    $179,500
    $112,710
    $292,210
    -
    $643,381
    $403,994
    $1,047,375

    Comparable in this City

    • Value Estimation by Request
      5,334 SF

      1639 Nevada Ave

      MOTEL • 5,334 SF
      1639 Nevada Ave, Colorado Springs, CO 80905-2221
      View Details
    • Value Estimation
      $3,420,000
      1,420 SF

      1621 Nevada Ave

      MOTEL • 1,420 SF
      1621 Nevada Ave, Colorado Springs, CO 80905
      View Details
    • Value Estimation
      $1,255,000
      35,553 SF

      1703 Nevada Ave

      MOTEL • 35,553 SF
      1703 Nevada Ave, Colorado Springs, CO 80905-2223
      View Details
    • Value Estimation
      $1,405,000
      39,716 SF

      1440 Harrison Rd

      MOTEL • 39,716 SF
      1440 Harrison Rd, Colorado Springs, CO 80905-4002
      View Details
    • Value Estimation
      $1,265,000
      6,550 SF

      1647 Nevada Ave

      MOTEL • 6,550 SF
      1647 Nevada Ave, Colorado Springs, CO 80905-2221
      View Details
    • Value Estimation
      $1,625,000
      1,680 SF

      620 Colorado Ave

      MOTEL • 1,680 SF
      620 Colorado Ave, Colorado Springs, CO 80905-1513
      View Details

    Similar Nearby for Sale

    • $1,800,000

      Springs Inn: Prime Downtown Motel

      Historic Charm, Newly Renovated, 29 Keys
      620 Colorado Ave, Colorado Springs, CO 80905
      View Details
    • Contact for pricing

      Colorado Springs Commercial Land

      Prime Development Site, Excellent Location
      1800 Nevada Ave, Colorado Springs, CO 80905
      View Details
    • $1,200,000
      2,757 SF

      Development Parcel Ready for Bulldozer

      Excellent development parcel, ideal for end-user or GL developer.
      1629 S Nevada Ave, Colorado Springs, CO 80905
      View Details
    • Contact for pricing

      Colorado Springs Office/Medical Property

      4,563 SF office/medical property in Colorado Springs for sale.
      1539 S 8Th St, Colorado Springs, CO 80905
      View Details
    • $1,700,000

      Development Parcel on Nevada Avenue

      Development parcel, ideal for end-user or developer.
      1647 S Nevada Ave, Colorado Springs, CO 80905
      View Details
    • Contact for pricing

      Historic Home with Pikes Peak Views

      Historic 1904 home with landscaped yard and Pikes Peak views.
      112 S Limit St, Colorado Springs, CO 80905
      View Details

    Similar Nearby for Lease

    • $126 SF/Yr
      14,892 SF

      Cheyenne Center Retail Space

      Colorado Springs retail space available.
      1707 8Th St, Colorado Springs, CO 80905
      View Details
    • $15 SF/Yr
      10,433 SF

      Colorado Springs Retail Center

      Prime 8th Street Retail Space Available
      412 8Th St, Colorado Springs, CO 80905
      View Details
    • Contact for pricing
      16,426 SF

      Colorado Springs Industrial Space Available

      Industrial property available for lease in Colorado Springs, Colorado.
      1440 Pando Ave, Colorado Springs, CO 80905
      View Details
    • Contact for pricing
      500 SF

      Colorado Springs Office Space Available

      Two-story office building with executive spaces for lease.
      1757 S 8Th St, Colorado Springs, CO 80905
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space on Nevada Avenue

      Retail space with high visibility and strong demographics.
      1841 S Nevada Ave, Colorado Springs, CO 80905
      View Details
    • Contact for pricing

      Westside Colorado Springs Commercial Space

      Commercial space with fenced yard and office, convenient I-25 access.
      421 East Arvada St, Colorado Springs, CO 80905
      View Details

    Property Visit Statistics

    • Visits by month
      1.9k
    • Visitors by month
      803
    • Avg Time on site
      147 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1623 Nevada Ave
    Colorado Springs, CO 80905-2221
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.