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

    2202 Nevada Ave Colorado Springs, CO 80907-6819

    • Medical offices
    • 7,457 SF
    • 17.77 lot acres
    OFF-MARKET
    Value Estimations
    $1,450,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0992460
    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

    • PENRAD IMAGING, Nevada Campus (MRI Only) / Medical Diagnostic Imaging Center
    • Dr. Russell J. Asleson, MD / Doctor
    • Weidman Eric R MD / Doctor / Radiologist
    • Dr. James P. Sweeney, MD / Doctor
    • Farrel K. VanWagenen, M.D. / Radiologist

    Property Details for 2202 Nevada Ave

    Year built
    1992
    Construction
    WOOD FRAME
    Lot size
    17.77 lot acres
    Property size
    7,457 SF
    Zone code
    R5 CU
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    6406108027
    APU
    6406108027

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,400,000
      6.5%
      $1,290,000
      7%
      $1,200,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,616,000
      Market price range: $339k - $1.62M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,795,000
      Current use
      OFFICE BUILDING
      $2,040,000
      Change: +14% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,990,000
      Change: +11% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,835,000
      Change: +2% Conversion: Difficult
      RETAIL STORES
      $1,565,000
      Change: -13% 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
    38.8656
    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
    $1,522,540
    $27,747,860
    $29,270,400
    -
    $5,457,130
    $99,454,696
    $104,911,826

    Comparable in this City

    • Value Estimation
      $13,135,000
      73,585 SF

      2312 Nevada Ave

      MEDICAL BUILDING • 73,585 SF
      2312 Nevada Ave, Colorado Springs, CO 80907-5302
      View Details
    • Value Estimation
      $565,000
      4,434 SF

      111 Polk St

      MEDICAL BUILDING • 4,434 SF
      111 Polk St, Colorado Springs, CO 80907-6267
      View Details
    • Value Estimation
      $665,000
      3,221 SF

      4430 Nevada Ave

      MEDICAL BUILDING • 3,221 SF
      4430 Nevada Ave, Colorado Springs, CO 80907-4310
      View Details
    • Value Estimation
      $515,000
      3,520 SF

      1828 Wahsatch Ave

      MEDICAL BUILDING • 3,520 SF
      1828 Wahsatch Ave, Colorado Springs, CO 80907
      View Details
    • Value Estimation
      $16,300,000
      103,599 SF

      3920 Un Blvd

      MEDICAL BUILDING • 103,599 SF
      3920 Un Blvd, Colorado Springs, CO 80907-4900
      View Details
    • Value Estimation
      $530,000
      2,571 SF

      4185 Centennial Blvd

      MEDICAL BUILDING • 2,571 SF
      4185 Centennial Blvd, Colorado Springs, CO 80907-3767
      View Details

    Similar Nearby for Sale

    • $79,000

      Move-In Ready Home in 55+ Community

      Well-maintained 2-bed, 2-bath home in Holiday Village 55+ Community.
      3405 Sinton Rd, Colorado Springs, CO 80907
      View Details
    • $808,544
      3,595 SF

      Colorado Springs Office Building For Sale

      Office building for sale near downtown Colorado Springs.
      2217-2225 N Weber St, Colorado Springs, CO 80907
      View Details
    • $375,000
      1,655 SF

      Professional Office Condo For Sale

      Well-maintained office condo with easy I-25 access.
      2928 Straus Ln, Colorado Springs, CO 80907
      View Details
    • $450,000

      Remodeled Commercial Space For Sale

      Versatile 5,751 sq ft commercial property in prime Colorado Springs location.
      3132 N Hancock Ave, Colorado Springs, CO 80907
      View Details
    • $1,150,000
      3,848 SF

      Serene Office Building For Sale

      Flexible office building near I-25 with rental income potential.
      915 Pinon Ranch Vw, Colorado Springs, CO 80907
      View Details
    • $18,033,840
      18.00 Acres

      Colorado Springs Development Land

      18-Acre PUD Site, Prime Location
      0 Fillmore St & Centennial Blvd, Colorado Springs, CO 80907
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      30,038 SF

      Garden of the Gods Office Space

      Colorado Springs Office Building, 5,209 SF Available
      888 Garden Of The Gods Rd, Colorado Springs, CO 80907
      View Details
    • $20 SF/Yr
      70,045 SF

      Union Medical Campus: Class A Suites

      Colorado Springs Medical Office Space Available
      1625 Medical Center Pt, Colorado Springs, CO 80907
      View Details
    • Contact for pricing
      1,845 SF

      Class A Medical Office Space

      Medical office space with sky bridge access to Penrose Hospital.
      2312 N Nevada Ave, Colorado Springs, CO 80907
      View Details
    • $13 SF/Yr
      23,266 SF

      Prime Colorado Springs Office/Flex Space

      11,633 SF Available, Garden of the Gods Corridor
      1065 Garden Of The Gods Rd, Colorado Springs, CO 80907
      View Details
    • $16 SF/Yr
      25,530 SF

      Office Building Near Garden of Gods

      Single-story office building with high parking ratio and flexible space.
      1357 Garden Of The Gods Rd, Colorado Springs, CO 80907
      View Details
    • $20 SF/Yr
      765 SF

      Professional Office Suites Available

      Two office suites available in accessible Colorado Springs location.
      3720 Sinton Rd, Colorado Springs, CO 80907
      View Details
    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.
    2202 Nevada Ave
    Colorado Springs, CO 80907-6819
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.