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    Property profile & analytics

    1647 S Nevada Ave Colorado Springs, CO 80905

    • Motels
    • 6,550 SF
    • 0.67 lot acres
    For Sale
    View listing
    $1,700,000
    Last Sale
    Jan 17, 2023
    $1,300,000
    Value Estimations
    Cap Rate Potential
    2%
    Motels
    Location Intelligence
    Property ID
    US13-1188799
    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

    • Family Promise of Colorado Springs / Social Service Agency / Charitable Organization

    Property Details for 1647 S Nevada Ave

    Year built
    1949
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.67 lot acres
    Property size
    6,550 SF
    Zone code
    C5
    Property type
    Motels
    APN
    6430100006
    APU
    6430100006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,265,000
      ML approach
      $1,185,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,657,000
      Market price range: $1.05M - $2.49M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $1,585,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,745,000
      Change: +10% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,610,000
      Change: +2% Conversion: Difficult
      MEDICAL BUILDING
      $1,575,000
      Change: -1% Conversion: Difficult
      OFFICE BUILDING
      $1,400,000
      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
    38.8096
    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
    $9,096
    $85,360
    $100,170
    $185,530
    -
    $305,950
    $359,050
    $665,000

    Comparable in this City

    • 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
      $3,400,000
      10,132 SF

      1623 Nevada Ave

      MOTEL • 10,132 SF
      1623 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
    • Value Estimation
      $5,755,000
      84,804 SF

      314 Bijou St

      MOTEL • 84,804 SF
      314 Bijou St, Colorado Springs, CO 80905-1307
      View Details
    • Value Estimation by Request
      5,334 SF

      1639 Nevada Ave

      MOTEL • 5,334 SF
      1639 Nevada Ave, Colorado Springs, CO 80905-2221
      View Details

    Similar Nearby for Sale

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      Springs Inn: Prime Downtown Motel

      Historic Charm, Newly Renovated, 29 Keys
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      Unique lot with city and mountain views near Bear Creek.
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      Downtown Colorado Springs Vacant Land

      Vacant R-2 CU zoned lot in downtown Colorado Springs.
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    • $949,500
      1,786 SF

      Retail Building on Corner Lot

      2,400 SF retail building with great visibility and parking.
      1406 S Nevada Ave, Colorado Springs, CO 80905
      View Details
    • $1,150,000
      9,600 SF

      Broadmarket Square Office Building

      Colorado Springs Office Building - Owner/User Opportunity
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    Similar Nearby for Lease

    • $2.00 SF/Yr
      4,200 SF

      Retail Space in Cheyenne Plaza

      Retail space available in busy Cheyenne Plaza shopping center.
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    • $12 SF/Yr
      3,200 SF

      Unique Retail and Industrial Units

      Retail and industrial units for lease in arts district.
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      View Details
    • Contact for pricing
      16,426 SF

      Colorado Springs Industrial Space Available

      Industrial property available for lease in Colorado Springs, Colorado.
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      View Details
    • $350 /Mo
      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
    • $16 SF/Yr
      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
    • $10 SF/Yr
      3,154 SF

      Retail Center on South 8th

      Multi-tenant retail center with great visibility and access.
      1707-1745 S 8Th St, Colorado Springs, CO 80905
      View Details
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    Colorado Springs, CO 80905
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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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