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

    2006 Wheeler Ave Colorado Springs, CO 80904

    • Warehouses
    • 1,200 SF
    • 0.25 lot acres
    OFF-MARKET
    Value Estimations
    $235,000
    Show details
    Cap Rate Potential
    4.7%
    Warehouses
    Location Intelligence
    Property ID
    US13-0814830
    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

    • Warehouses

    Property Details for 2006 Wheeler Ave

    Year built
    1982
    Construction
    STEEL FRAME
    Lot size
    0.25 lot acres
    Property size
    1,200 SF
    Zone code
    M1/CR
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    7414214013
    APU
    7414214013

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $240,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $190,000
      6.5%
      $175,000
      7%
      $160,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $287,000
      Market price range: $154k - $288k
      AI Estimate
      $282,000
      Market price range: $63.8k - $283k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $235,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $320,000
      Change: +36% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $295,000
      Change: +25% Conversion: Easy
      MEDICAL BUILDING
      $290,000
      Change: +22% Conversion: Difficult
      OFFICE BUILDING
      $255,000
      Change: +9% Conversion: Difficult
      RETAIL STORES
      $225,000
      Change: -5% 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
    -104.861
    Latitude
    38.8357
    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
    $0.00
    $11,000
    $70,080
    $81,080
    -
    $39,420
    $251,178
    $290,598

    Comparable in this City

    • Value Estimation
      $265,000
      613 SF

      1255 Calvert Ave, Unit 10

      MINI-WAREHOUSE, STORAGE • 613 SF
      1255 Calvert Ave, Colorado Springs, CO 80904
      View Details
    • Value Estimation
      $400,000
      3,173 SF

      2322 Cucharras St

      MINI-WAREHOUSE, STORAGE • 3,173 SF
      2322 Cucharras St, Colorado Springs, CO 80904
      View Details
    • Value Estimation
      $100,000
      0.24 Acres

      2204 Bott Ave

      MINI-WAREHOUSE, STORAGE • 0.24 Acres
      2204 Bott Ave, Colorado Springs, CO 80904-3726
      View Details
    • Value Estimation
      $1,755,000
      10,106 SF

      2732 Colorado Ave

      MINI-WAREHOUSE, STORAGE • 10,106 SF
      2732 Colorado Ave, Colorado Springs, CO 80904-3027
      View Details
    • Value Estimation
      $10,895,000
      6,470 SF

      2855 Ore Ml Rd

      MINI-WAREHOUSE, STORAGE • 6,470 SF
      2855 Ore Ml Rd, Colorado Springs, CO 80904
      View Details
    • Value Estimation
      $300,000
      1,800 SF

      1355 Pecan St

      MINI-WAREHOUSE, STORAGE • 1,800 SF
      1355 Pecan St, Colorado Springs, CO 80904-4239
      View Details

    Similar Nearby for Sale

    • $749,500

      Office Warehouse Building For Sale

      Office warehouse building with parking and flexible zoning.
      2025 W Colorado Ave, Colorado Springs, CO 80904
      View Details
    • $545,000
      0.59 Acres

      Commercial Warehouse with Fenced Lot

      Warehouse with bays, office, large yard, and convenient location.
      2427 Busch Ave, Colorado Springs, CO 80904
      View Details
    • $2,200,000
      4,494 SF

      Turnkey Brewery/Restaurant in Old Colorado

      Former brewery/restaurant with equipment and infrastructure in high-demand location.
      2925 W Colorado Ave, Colorado Springs, CO 80904
      View Details
    • $400,000
      1,152 SF

      Prime Auto Shop in Colorado Springs

      1,152 SF Auto Shop, $400,000
      2275 Busch Ave, Colorado Springs, CO 80904
      View Details
    • $1,056,000
      3,299 SF

      Old Colorado City Retail Condo

      Historic storefront, prime location
      2411 Colorado Ave, Colorado Springs, CO 80904
      View Details
    • Contact for pricing
      18,192 SF

      Westside Station Apartments

      24-Unit Multifamily Investment
      25 31St St, Colorado Springs, CO 80904
      View Details

    Similar Nearby for Lease

    • $1,650,000
      6,482 SF

      Industrial Building with Highway Visibility

      6,482 SF industrial/office building with ample outdoor storage.
      2264 Naegele Rd, Colorado Springs, CO 80904
      View Details
    • $13 SF/Yr
      1,800 SF

      Industrial Space Near 21st Street

      Flex space with overhead door, shop area, and small office.
      1359 Pecan St, Colorado Springs, CO 80904
      View Details
    • $2,465 /Mo
      1,600 SF

      Westside Industrial Space Available

      Industrial space for lease with drive-in loading doors.
      306-312 S 25Th St, Colorado Springs, CO 80904
      View Details
    • $12 SF/Yr
      7,000 SF

      Westside Warehouse with Flexible Space

      7,000 SF warehouse with showroom, offices, and heavy power.
      2120 Naegele Rd, Colorado Springs, CO 80904
      View Details
    • $15 SF/Yr
      8,280 SF

      Ore Mill Road Warehouse Space

      High-visibility warehouse space for lease.
      2725 Ore Mill Rd, Colorado Springs, CO 80904
      View Details
    • $11 SF/Yr
      4,240 SF

      Colorado Springs Warehouse Space Available

      4,240 SF warehouse space for lease in Colorado Springs.
      2250 Bott Ave, Colorado Springs, CO 80904
      View Details
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    2006 Wheeler Ave
    Colorado Springs, CO 80904
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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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