Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3501 W Colorado Ave Colorado Springs, CO 80904

    • Motels
    • 880 SF
    • 0.45 lot acres
    For Sale
    View listing
    $699,000
    Last Sale
    Mar 02, 2023
    $600,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0360243
    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

    • Ridgeview Motel / Hotel & Motel

    Property Details for 3501 W Colorado Ave

    Year built
    1946
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.45 lot acres
    Property size
    880 SF
    Zone code
    C5
    Property type
    Motels
    APN
    7403324008
    APU
    7403324008

    Description

    This exceptional redevelopment opportunity presents a 10-unit motel situated on a 19,394 sq ft lot at 3501 W Colorado Ave, Colorado Springs, CO 80904. Currently vacant, the property comprises four single-story buildings, offering significant potential for repurposing. The existing structures consist of nine hotel units and a single-family home. Interior demolition has already commenced, with some plumbing roughed in. The property benefits from a C5 zoning designation, allowing for diverse development options, including renovation of existing structures or complete demolition to accommodate a new build. Its location on the desirable west side of Colorado Springs, near Garden of the Gods, ensures high visibility and accessibility. The asking price is $593,000. This presents a unique chance to capitalize on the vibrant Colorado Springs market and create a high-return investment. The property's existing infrastructure, combined with its flexible zoning, makes it an ideal canvas for a variety of development projects. Serious investors are encouraged to explore the possibilities this prime location offers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $585,000
      ML approach
      $540,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.881
    Latitude
    38.8558
    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
    $2,170
    $35,440
    $11,950
    $47,390
    -
    $127,031
    $42,841
    $169,872

    Comparable in this City

    • Value Estimation
      $1,215,000
      4,272 SF

      3320 Colorado Ave

      MOTEL • 4,272 SF
      3320 Colorado Ave, Colorado Springs, CO 80904-1908
      View Details
    • Value Estimation
      $2,945,000
      15,772 SF

      2912 Colorado Ave

      MOTEL • 15,772 SF
      2912 Colorado Ave, Colorado Springs, CO 80904
      View Details
    • Value Estimation
      $2,610,000
      22,068 SF

      2625 Ore Ml Rd

      MOTEL • 22,068 SF
      2625 Ore Ml Rd, Colorado Springs, CO 80904-3158
      View Details
    • Value Estimation
      $1,395,000
      2,160 SF

      3401 Pike Peak Ave

      MOTEL • 2,160 SF
      3401 Pike Peak Ave, Colorado Springs, CO 80904-1925
      View Details
    • Value Estimation by Request
      4,046 SF

      2 El Paso Blvd

      MOTEL • 4,046 SF
      2 El Paso Blvd, Colorado Springs, CO 80904-1920
      View Details
    • Value Estimation
      $690,000
      14,520 SF

      3214 Spirit Wind Hts

      HOTEL/MOTEL • 14,520 SF
      3214 Spirit Wind Hts, Colorado Springs, CO 80904
      View Details

    Similar Nearby for Sale

    • $699,000
      0.45 Acres

      Westside Redevelopment Opportunity

      Prime location near Garden of the Gods, redevelopment potential.
      3501 W Colorado Ave, Colorado Springs, CO 80904
      View Details
    • Contact for pricing
      18,192 SF

      Westside Station Apartments

      24-Unit Multifamily Investment
      25 31St St, Colorado Springs, CO 80904
      View Details
    • $1,056,000
      3,299 SF

      Old Colorado City Retail Condo

      Historic storefront, prime location
      2411 Colorado Ave, Colorado Springs, CO 80904
      View Details
    • $410,000

      Stand-Alone Office Building For Sale

      Stand-alone office building with signage, parking, and storage sheds.
      1710 N Circle Dr, Colorado Springs, CO 80904
      View Details
    • $140,000

      West Side Buildable Gated Lot

      Buildable lot in a gated community on the West Side.
      1971 Lone Willow Vw, Colorado Springs, CO 80904
      View Details
    • $385,000

      Charming Townhome in 55+ Community

      One-level townhome in 55+ community with upgraded features and amenities.
      2538 Patriot Hts, Colorado Springs, CO 80904
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      9,489 SF

      Colorado Springs Class A Office Space

      Modern Suites, 5 Available, El Paso County
      2925 Professional Pl, Colorado Springs, CO 80904
      View Details
    • Contact for pricing
      5,000 SF

      Industrial Space in Colorado Springs

      5,000 SF industrial property available for lease.
      2250 Busch Ave, Colorado Springs, CO 80904
      View Details
    • Contact for pricing
      10,000 SF

      Colorado Springs Industrial Space

      Automotive-Focused Units Available
      2275 Busch Ave, Colorado Springs, CO 80904
      View Details
    • Contact for pricing
      1 SF

      Colorado Springs Retail Opportunity

      High-traffic retail space, multiple tenants.
      0 21St St, Colorado Springs, CO 80904
      View Details
    • $15 SF/Yr
      8,280 SF

      Ore Mill Road Warehouse Space

      High-visibility warehouse space for lease.
      2725 Ore Mill Rd, Colorado Springs, CO 80904
      View Details
    • $2,200 /Mo
      880 SF

      Colorado Springs Office Space Available

      Office space available for lease in Colorado Springs, CO.
      2001 Black Canyon Rd, Colorado Springs, CO 80904
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3501 W Colorado Ave
    Colorado Springs, CO 80904
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.