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Property profile & analytics
FOR LEASE
Warehouses
2838 N Prospect St Colorado Springs, CO 80907
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US13-1026147
For Lease
1 / 2
$5,000/Mo
2838 N Prospect St, Colorado Springs, CO 80907
View Listing →
Property summary
AI-generated overview
This exceptional investment opportunity presents a 12,400 square foot, single-story industrial building located at 2838 N Prospect St, Colorado Springs, CO 80907. The property, situated on a 0.54-acre lot and zoned M1, features three separate tenant suites in a modified net lease structure. Built in 1973 and extensively renovated in 2023, the building boasts a new roof, updated heating units in each suite, a new gas line, and fresh flooring and paint in suites C & D. The property also includes a newly paved and restriped parking lot and new monument signage. The building offers 12-foot ceilings and three loading docks. With a total asking price of $1,510,599, a net operating income (NOI) of $105,718, and a compelling 7.00% cap rate, this multi-tenant industrial property presents a strong return on investment. The price per square foot is $121.82. This rare small bay multi-tenant investment opportunity is ideal for investors seeking a well-maintained, income-producing asset in a desirable Colorado Springs location.
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
12,720 SF
Lot
0.54 ac (23,682 SF)
Zoning code
M1
APN
6332307015
UPID
US13-1026147
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Colorado Transmissions Auto Repair Shop
-
Intoxalock Ignition Interlock Building Supply General Contractor
-
Tony's Saw Shop Building Supply
-
Cooper Automotive Auto Repair Shop
-
Wright Way Antifreeze Recycling Recycling Center Waste Management Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.43M
Blend (final)
Blend
$1.12M
Owner & transaction history
2838 N Prospect LLC · 1 yrs held
2838 N Prospect LLC
since 2024
Last sale
$1.3M
5 recorded transactions
Zoning & alternative use
M1 · Colorado Springs, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Colorado Springs submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Colorado Springs submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.12M
Range $1.00M – $1.23M · ±10% · vs last sale $1.28M (Sep 17 2024)
Last sale anchor
$1.28M
Sep 17 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$88 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$10,570
Tax year 2023
Assessed value
$201,300
Assessed 2023
Previous assessed
$201,300
+0.0% YoY
Effective rate
5.25%
On assessed value
Assessed land
$35,680
Assessed improvement
$165,620
Land market value
$127,883
Improvement market value
$593,622
Total market value
$721,505
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
For Lease
Year built
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
AC.FAN COOLING
Stories
1
Total area
12,720 SF
Lot
0.54 ac (23,682 SF)
Zoning code
M1
APN
6332307015
UPID
US13-1026147
Jurisdiction
EL PASO
Zoning & alternative use
M1 · Colorado Springs, CO
Zoning M1 · permitted uses
M1 · Colorado Springs, CO
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Colorado Springs. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
Yes
Stories
1
Lot
0.54 ac
Current owner
From public records · entity-resolved
2838 N Prospect LLC
Entity
Mailing address
2475 WAYNOKA PL, COLORADO SPRINGS, CO 80915-1617
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 17, 2024
$1,280,000
2838 N Prospect LLC
Br Prospect LLC
Special Warranty Deed
$814,000 · Alpine Bank
Oct 17, 2019
$625,000
Br Prospect LLC
Charles E Mcconnaughhay
Warranty Deed
—
Jul 10, 2019
—
Brenda M Reinfried
Reinfried Bob Trust
Quit Claim Deed
—
—
—
Reinfried Trust
—
Deed Of Trust
related
$50,000 · Vectra Bank Colorado NA
—
—
Norma Mcconnaughhay
—
Deed Of Trust
related
$38,000 · Vectra Bank Colorado NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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