1990 Academy Blvd Colorado Springs, CO 80916-4504
- Outlet malls
- 26,417 SF
Current Use by Public Records
- Big Lots / Discount Store / Furniture Store
Property Details for 1990 Academy Blvd
- Year built
- 1984
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Property size
- 26,417 SF
- Zone code
- PBC CU AO
- Property type
- Outlet malls
- APN
- 6427121010
- APU
- 6427121010
Description
This exceptional investment opportunity presents a fee-simple, 24,625 square foot Big Lots convenience and grocery store located at 1990 S Academy Blvd, Colorado Springs, CO 80916. The property boasts a 20-year absolute NNN lease with a corporate guarantee from Big Lots, Inc. (NYSE: BIG), ensuring consistent cash flow. The lease includes a favorable 2% annual rent increase, providing significant long-term income growth. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $191,955, representing a 6.25% cap rate on the asking price of $3,071,278 ($124.72/sq ft). The property sits on a 24,625 square foot lot and is offered as a 1031 exchange opportunity. Situated in a high-traffic area with strong demographics (average household income exceeding $86,100 within three miles and $93,000 within five miles), this property offers exceptional value and potential for future redevelopment due to its large lot size and favorable zoning. The property is free and clear of financing, allowing investors to leverage current market conditions for advantageous financing options. This is a rare opportunity to acquire a high-performing, well-located retail asset with significant long-term growth potential.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,410,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,360,000
- 6.5%
- $2,705,000
- 7%
- $2,555,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,325,000
- Geo Method
- $2,970,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,795,000
- Retail
- $2,570,000
- Mixed-Use
- $2,360,000
- Hospitality
- $2,315,000
- Educational
- $2,115,000
- Residential Income
- $2,155,000
- Energy
- $2,455,000
- Income-Based Land
- $2,415,000
- Food Service
- $2,275,000
Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.759
- Latitude
- 38.8036
- CBSA code
- 17820
- CBSA name
- COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA
