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

    2370 Hancock Expy Colorado Springs, CO 80910-1167

    • Self service car washes
    • 2,208 SF
    • 0.41 lot acres
    OFF-MARKET
    Last Sale
    Apr 01, 2022
    $695,000
    Value Estimations
    $670,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0308234
    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

    • Hancock Car Wash / Car Wash

    Property Details for 2370 Hancock Expy

    Year built
    1987
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.41 lot acres
    Property size
    2,208 SF
    Zone code
    M1/CR CU
    Property type
    Self service car washes
    APN
    6428403001
    APU
    6428403001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $645,000
      ML approach
      $670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $657,000
      Market price range: $299k - $825k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $545,000
      Current use
      COMMERCIAL (GENERAL)
      $850,000
      Change: +56% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $590,000
      Change: +8% Conversion: Difficult
      MEDICAL BUILDING
      $530,000
      Change: -2% Conversion: Difficult
      OFFICE BUILDING
      $470,000
      Change: -13% Conversion: Difficult
      RETAIL STORES
      $465,000
      Change: -15% 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
    -104.776
    Latitude
    38.7965
    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
    $4,077
    $15,440
    $72,350
    $87,790
    -
    $55,335
    $259,315
    $314,650

    Comparable in this City

    • Value Estimation
      $820,000
      2,541 SF

      3190 Boychuk Ave

      CAR WASH - SELF-SERVE • 2,541 SF
      3190 Boychuk Ave, Colorado Springs, CO 80910
      View Details
    • Value Estimation by Request
      3,130 SF

      2280 Cir Dr

      CAR WASH - SELF-SERVE • 3,130 SF
      2280 Cir Dr, Colorado Springs, CO 80910-4410
      View Details
    • Value Estimation by Request
      1,500 SF

      2535 Weston Rd

      AUTO REPAIR, GARAGE • 1,500 SF
      2535 Weston Rd, Colorado Springs, CO 80910-1022
      View Details
    • Value Estimation by Request
      1,560 SF

      2545 Weston Rd

      AUTO REPAIR, GARAGE • 1,560 SF
      2545 Weston Rd, Colorado Springs, CO 80910-1022
      View Details
    • Value Estimation
      $4,725,000
      41,249 SF

      1103 Academy Park Loop

      AUTO REPAIR, GARAGE • 41,249 SF
      1103 Academy Park Loop, Colorado Springs, CO 80910-3704
      View Details
    • Value Estimation by Request
      1,500 SF

      3001 Delta Dr

      AUTO REPAIR, GARAGE • 1,500 SF
      3001 Delta Dr, Colorado Springs, CO 80910-1014
      View Details

    Similar Nearby for Sale

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      30,060 SF

      Colorado Springs Shopping Center

      High-yield retail investment, fully leased.
      3705 Drennan Rd, Colorado Springs, CO 80910
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    • Contact for pricing
      4.19 Acres

      South Academy Retail Land Opportunity

      Prime Colorado Springs infill development site.
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    • $2,850,000
      19,919 SF

      Warehouse with Showroom on Academy

      Well-maintained warehouse with showroom and high visibility on South Academy.
      345 S Academy Blvd, Colorado Springs, CO 80910
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    • $700,000

      Office Building and Warehouse Space

      Highly visible office building and warehouse with retail potential.
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      Midcentury Shopping Center For Sale

      Attractive shopping center with updated interiors and ample parking.
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    Similar Nearby for Lease

    • $610,000
      1,991 SF

      Commercial Service Center For Lease

      Commercial property with overhead drive-in, near Downtown Colorado Springs.
      404 S Circle Dr, Colorado Springs, CO 80910
      View Details
    • $12 SF/Yr
      21,061 SF

      Automotive Center For Lease

      21,061 SF automotive center for lease on 2 acres.
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      View Details
    • $18 SF/Yr
      1,212 SF

      Retail Space in Spring Creek

      Retail space for lease in growing Spring Creek community.
      1640 S Circle Dr, Colorado Springs, CO 80910
      View Details
    • $14 SF/Yr
      2,105 SF

      Retail Space in Astrozon Plaza

      Retail and office space available in busy shopping center.
      3730-3754 Astrozon Blvd, Colorado Springs, CO 80910
      View Details
    • Contact for pricing
      18,153 SF

      Market Square Retail Center For Lease

      El Paso Retail Space: Multiple Units Available
      2811-2877 Fountain Rd, Colorado Springs, CO 80910
      View Details
    • $216 SF/Yr
      6,656 SF

      Gateway Plaza Retail Space

      Colorado Springs End Cap Retail Space Available
      1976 Murray Blvd, Colorado Springs, CO 80910
      View Details

    Property Visit Statistics

    • Visits by month
      4.8k
    • Visitors by month
      4.0k
    • Avg Time on site
      10 min
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    2370 Hancock Expy
    Colorado Springs, CO 80910-1167
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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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