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

    1624 21st St Colorado Springs, CO 80904-4296

    • Office buildings
    • 3,852 SF
    • 0.39 lot acres
    OFF-MARKET
    Value Estimations
    $775,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0841578
    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

    • Longevity Care Clinic / Holistic Medicine Practitioner
    • TechWise / Corporate Office
    • Dr. Predrag Pavlovic / Family Practice Physician
    • Beautiful Touch Day Spa / Spa / Massage Therapist

    Property Details for 1624 21st St

    Year built
    1973
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.39 lot acres
    Property size
    3,852 SF
    Zone code
    M1 CU
    Property type
    Office buildings
    APN
    7414301026
    APU
    7414301026

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $675,000
      6.5%
      $620,000
      7%
      $580,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $954,000
      Market price range: $527k - $1.25M
      AI Estimate
      $747,000
      Market price range: $319k - $865k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $825,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,025,000
      Change: +25% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $950,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $925,000
      Change: +13% Conversion: Easy
      WAREHOUSE, STORAGE
      $755,000
      Change: -8% Conversion: Difficult
      RETAIL STORES
      $720,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.86
    Latitude
    38.8301
    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
    $11,152
    $41,500
    $170,420
    $211,920
    -
    $148,750
    $610,831
    $759,581

    Comparable in this City

    • Value Estimation by Request
      1,698 SF

      1626 Colorado Ave

      OFFICE BUILDING • 1,698 SF
      1626 Colorado Ave, Colorado Springs, CO 80904-6400
      View Details
    • Value Estimation by Request
      1,699 SF

      1526 Colorado Ave

      OFFICE BUILDING • 1,699 SF
      1526 Colorado Ave, Colorado Springs, CO 80904-4027
      View Details
    • Value Estimation
      $705,000
      5,776 SF

      1430 21st St Ste, Unit 100

      OFFICE BUILDING • 5,776 SF
      1430 21st St Ste, Colorado Springs, CO 80904-4279
      View Details
    • Value Estimation by Request
      900 SF

      10 23rd St

      OFFICE BUILDING • 900 SF
      10 23rd St, Colorado Springs, CO 80904-3314
      View Details
    • Value Estimation by Request
      880 SF

      2001 Black Cyn Rd

      OFFICE BUILDING • 880 SF
      2001 Black Cyn Rd, Colorado Springs, CO 80904-4633
      View Details
    • Value Estimation by Request
      1,638 SF

      2324 Colorado Ave

      OFFICE BUILDING • 1,638 SF
      2324 Colorado Ave, Colorado Springs, CO 80904-3327
      View Details

    Similar Nearby for Sale

    • $410,000

      Stand-Alone Office Building For Sale

      Stand-alone office building with signage, parking, and storage sheds.
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    • $815,000
      0.30 Acres

      Colorado Springs Office Building For Sale

      Two-story office building in Old Colorado City commercial corridor.
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    • New
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      Turnkey Office in Old Colorado

      Pristine, standalone office in historic Old Colorado City.
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    • $1,313,820

      Office Space in Gold Hills

      Office space with easy access, signage, and parking.
      1604 S 21St St, Colorado Springs, CO 80904
      View Details
    • Contact for pricing

      Versatile Commercial Space For Sale

      Showroom/office/retail space with overhead doors and easy access.
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    • $625,000
      1,472 SF

      Historic Old Colorado City Office Building

      Turnkey Office, Prime Location, $625,000
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    Similar Nearby for Lease

    • $3,600 /Mo
      1,312 SF

      Freestanding Office Building For Rent

      Unique office building with excellent visibility and distinctive design.
      1626 E Pikes Peak Ave, Colorado Springs, CO 80904
      View Details
    • $16 SF/Yr
      9,489 SF

      Colorado Springs Class A Office Space

      Modern Suites, 5 Available, El Paso County
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      View Details
    • $2,200 /Mo
      880 SF

      Colorado Springs Office Space Available

      Office space available for lease in Colorado Springs, CO.
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      View Details
    • $1,500 /Mo
      1,807 SF

      Updated Office Space For Rent

      Updated second-floor office space with Pikes Peak views.
      617 N 17Th St, Colorado Springs, CO 80904
      View Details
    • Contact for pricing
      15,000 SF

      Prime Westside Coworking Space

      Colorado Springs Creative Offices Available
      310 14Th St, Colorado Springs, CO 80904
      View Details
    • $23 SF/Yr
      21,459 SF

      Colorado Springs Office/Retail Space

      Prime location, 3,926 sq ft, ample parking.
      600 21St St, Colorado Springs, CO 80904
      View Details
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    1624 21st St
    Colorado Springs, CO 80904-4296
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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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