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

    2724 Nevada Ave Colorado Springs, CO 80907-6221

    • Motels
    • 3,234 SF
    • 1.26 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1340129
    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

    • Spruce Lodge / Hotel & Motel / Resort

    Property Details for 2724 Nevada Ave

    Year built
    1949
    Construction
    WOOD FRAME
    Lot size
    1.26 lot acres
    Property size
    3,234 SF
    Zone code
    C5 NNA
    Property type
    Motels
    APN
    6331412016
    APU
    6331412016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.82
    Latitude
    38.8714
    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
    $7,071
    $111,020
    $26,400
    $137,420
    -
    $397,916
    $94,615
    $492,531

    Comparable in this City

    • Value Estimation
      $1,210,000
      31,036 SF

      4608 Rusina Rd

      MOTEL • 31,036 SF
      4608 Rusina Rd, Colorado Springs, CO 80907-1721
      View Details
    • Value Estimation
      $6,560,000
      35,702 SF

      430 Gdn Of The Gods Rd

      MOTEL • 35,702 SF
      430 Gdn Of The Gods Rd, Colorado Springs, CO 80907-4218
      View Details
    • Value Estimation
      $675,000
      5,097 SF

      3844 Nevada Ave

      MOTEL • 5,097 SF
      3844 Nevada Ave, Colorado Springs, CO 80907-5339
      View Details
    • Value Estimation by Request
      14,598 SF

      3402 Sinton Rd

      MOTEL • 14,598 SF
      3402 Sinton Rd, Colorado Springs, CO 80907-5028
      View Details
    • Value Estimation
      $1,875,000
      11,656 SF

      3270 Chestnut St

      MOTEL • 11,656 SF
      3270 Chestnut St, Colorado Springs, CO 80907-5014
      View Details
    • Value Estimation
      $2,280,000
      21,394 SF

      4604 Rusina Rd

      MOTEL • 21,394 SF
      4604 Rusina Rd, Colorado Springs, CO 80907-1721
      View Details

    Similar Nearby for Sale

    • $3,250,000

      Established Motel in High-Traffic Area

      32-unit motel with high occupancy and income potential.
      3920 N Nevada Ave, Colorado Springs, CO 80907
      View Details
    • $3,250,000

      Established Motel in High-Traffic Area

      32-unit motel with high occupancy and income potential.
      3920 N Nevada Ave, 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
    • $1,325,000
      6,580 SF

      Colorado Springs Multifamily Investment

      8-Unit Multifamily & Retail, High NOI
      3129 El Paso St, Colorado Springs, CO 80907
      View Details
    • $300,000
      Pending

      Established Colorado Springs Childcare Center

      Well-established childcare center with real estate for sale in Colorado Springs.
      3129 Larkspur Dr, Colorado Springs, CO 80907
      View Details
    • Contact for pricing

      Nevada Ave Corner Redevelopment Land

      Prime corner lot for redevelopment with high traffic visibility.
      4415 N Nevada Ave, 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
    • $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
    • Contact for pricing
      6,951 SF

      Industrial Warehouse Space Available

      6,951 SF warehouse space for lease in Colorado Springs.
      2838 N Prospect St, Colorado Springs, CO 80907
      View Details
    • Contact for pricing
      12,343 SF

      Industrial Space Available For Lease

      Industrial property with 12,343 square feet available for lease.
      4630 Forge Rd, Colorado Springs, CO 80907
      View Details
    • Contact for pricing
      1,160 SF

      Retail Space in Westwind Marketplace

      Retail space for lease in established Colorado Springs shopping center.
      4315-4435 Centennial Blvd, Colorado Springs, CO 80907
      View Details
    • Contact for pricing
      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
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    2724 Nevada Ave
    Colorado Springs, CO 80907-6221
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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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