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    Property profile & analytics

    229 Manitou Ave Manitou Springs, CO 80829-2503

    • Motels
    • 15,310 SF
    • 0.75 lot acres
    OFF-MARKET
    Last Sale
    Mar 04, 2025
    $2,100,000
    Value Estimations
    $2,310,000
    Show details
    Cap Rate Potential
    4.4%
    Motels
    Location Intelligence
    Property ID
    US13-0360431
    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

    • Motels

    Property Details for 229 Manitou Ave

    Year built
    1990
    Construction
    WOOD FRAME
    Lot size
    0.75 lot acres
    Property size
    15,310 SF
    Property type
    Motels
    APN
    7404308060
    APU
    7404308060

    Description

    This exceptional 38-room, three-story hotel presents a rare investment opportunity in the vibrant Manitou Springs, Colorado. Located at 229 Manitou Ave, this 15,310 square foot property boasts a prime location less than a mile from downtown and renowned attractions like Garden of the Gods and the Manitou Incline, ensuring consistent high occupancy rates. Built in 1990 and extensively renovated in 2022-2023, the hotel offers a blend of classic charm and modern amenities. The property includes 38 parking spaces for guest convenience. Financial records demonstrate a strong track record of increasing income, occupancy, and consistent capital improvements. The 2022 financial performance shows a Net Operating Income (NOI) of $404,273, Effective Gross Revenue (EGR) of $459,304, and expenses of $112,022. In 2023, the NOI was $392,866, EGR was $399,394, and expenses were $97,410. This established hotel benefits from its proximity to Manitou Springs' historic downtown, featuring art galleries, restaurants, and live performances, as well as other popular attractions such as Pikes Peak races, Cave of the Winds, and the unique mineral springs. The asking price is $2,650,000, representing a compelling investment opportunity in a thriving tourist destination. The property offers a strong return on investment with a proven history of success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,610,000
      ML approach
      $2,670,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,915,000
      6.5%
      $1,770,000
      7%
      $1,645,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,610,000
      Market price range: $2.61M - $6.17M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,720,000
      RETAIL STORES
      $3,605,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Manitou Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.898
    Latitude
    38.8564
    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
    $10,367
    $27,570
    $126,820
    $154,390
    -
    $186,846
    $859,457
    $1,046,303

    Comparable in this City

    • Value Estimation
      $1,190,000
      706 SF

      161 Crystal Park Rd

      MOTEL • 706 SF
      161 Crystal Park Rd, Manitou Springs, CO 80829-2633
      View Details
    • Value Estimation
      $1,020,000
      11,588 SF

      56 El Paso Blvd

      MOTEL • 11,588 SF
      56 El Paso Blvd, Manitou Springs, CO 80829-2455
      View Details
    • Value Estimation
      $2,840,000
      10,558 SF

      423 Manitou Ave

      MOTEL • 10,558 SF
      423 Manitou Ave, Manitou Springs, CO 80829-2318
      View Details
    • Value Estimation
      $3,340,000
      14,031 SF

      103 Manitou Ave

      MOTEL • 14,031 SF
      103 Manitou Ave, Manitou Springs, CO 80829-2426
      View Details
    • Value Estimation
      $3,060,000
      31,391 SF

      120 Manitou Ave

      MOTEL • 31,391 SF
      120 Manitou Ave, Manitou Springs, CO 80829-2427
      View Details
    • Value Estimation
      $3,375,000
      32,939 SF

      45 Manitou Ave

      MOTEL • 32,939 SF
      45 Manitou Ave, Manitou Springs, CO 80829-2453
      View Details

    Similar Nearby for Sale

    • $997,000

      Commercial Land For Sale

      Commercial land available for sale.
      1107 Manitou Ave, Manitou Springs, CO 80829
      View Details
    • $69,999

      Land with City and Mountain Views

      Land in gated community with amenities and mountain views.
      275 Upper Vista Rd, Crystal Hills, CO 80829
      View Details
    • $74,999

      Crystal Park Mountain View Lot

      Residential lot in gated community with mountain views and amenities.
      357 Big Horn Rd, Manitou Springs, CO 80829
      View Details
    • Contact for pricing

      Nine Acres with Approved Plat

      Nine acres with approved plat for 30 lots.
      183 Crystal Park Rd, Manitou Springs, CO 80829
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    • $74,999

      Land For Sale

      Land available for sale.
      342 Ponderosa Vw, Manitou Springs, CO 80829
      View Details
    • Contact for pricing

      Awe-Inspiring Pikes Peak Parcel

      Land with unobstructed 360-degree views and partially completed home.
      515 Old Mans Camp Trl, Manitou Springs, CO 80829
      View Details
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    229 Manitou Ave
    Manitou Springs, CO 80829-2503
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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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