2727 Palmer Park Blvd Colorado Springs, CO 80909-3032

This exceptional investment opportunity presents a 240,270 square foot multi-tenant warehouse in Colorado Springs, Colorado. Located at 2727 Palmer Park Blvd, this 4-story, 230-unit property boasts a substantial 287,202 square foot lot. Built in 1960 and extensively renovated in 2021, the warehouse currently commands a $4,000,000 asking price, translating to $16.65 per square foot. The property features a strong 5.30% cap rate and a Net Operating Income (NOI) of $3,754,140, with a pro-forma NOI of $3,738,114. The current lease term is two years. The property is zoned PBC, and underwriting suggests a potential redevelopment into 230 apartment units, offering significant future value. This prime location offers incredible views of the city and mountains, presenting a rare opportunity for developers seeking a high-return investment in a desirable Colorado Springs location. The current industrial use provides immediate cash flow, while the zoning allows for a future conversion to apartments, potentially yielding a significantly higher return on investment. This property is a unique blend of immediate income and long-term development potential.