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

    421 S Tejon St Colorado Springs, CO 80903

    • Office buildings
    • 28,639 SF
    • 0.87 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Last Sale
    Apr 27, 2022
    $5,325,000
    Value Estimations
    $5,415,000
    Cap Rate Potential
    4.9%
    Office buildings
    Location Intelligence
    Property ID
    US13-0036687
    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

    • National Cyber Exchange / Non-Profit Organization
    • Bank of Colorado Investment Services of Raymond James / Financial Planner / Financial Consultant
    • Kim Chatterley Lmt / Massage Therapist
    • Douglas Melanie / Attorney
    • Sharon Mason OTD / Occupational Therapist

    Property Details for 421 S Tejon St

    Year built
    1975
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.87 lot acres
    Property size
    28,639 SF
    Zone code
    FBZ-CEN
    Property type
    Office buildings
    APN
    6418317024
    APU
    6418317024

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,190,000
      ML approach
      $6,215,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,010,000
      6.5%
      $4,625,000
      7%
      $4,295,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,793,000
      Market price range: $4.79M - $10.4M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,140,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $7,635,000
      Change: +7% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $7,050,000
      Change: -1% Conversion: Difficult
      MEDICAL BUILDING
      $6,890,000
      Change: -4% Conversion: Easy
      RETAIL STORES
      $6,020,000
      Change: -16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.823
    Latitude
    38.8273
    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
    $38,546
    $282,010
    $321,300
    $603,310
    -
    $1,010,800
    $1,151,602
    $2,162,402

    Comparable in this City

    • Value Estimation by Request
      1,276 SF

      123 Wahsatch Ave

      OFFICE BUILDING • 1,276 SF
      123 Wahsatch Ave, Colorado Springs, CO 80903-3406
      View Details
    • Value Estimation
      $5,975,000
      62,919 SF

      420 Cascade Ave

      OFFICE BUILDING • 62,919 SF
      420 Cascade Ave, Colorado Springs, CO 80903-3325
      View Details
    • Value Estimation
      $3,330,000
      18,480 SF

      540 Cascade Ave

      OFFICE BUILDING • 18,480 SF
      540 Cascade Ave, Colorado Springs, CO 80903-3328
      View Details
    • Value Estimation
      $2,575,000
      26,610 SF

      101 Costilla St

      OFFICE BUILDING • 26,610 SF
      101 Costilla St, Colorado Springs, CO 80903-3813
      View Details
    • Value Estimation by Request
      622 SF

      219 Colorado Ave Ste, Unit 105

      OFFICE BUILDING • 622 SF
      219 Colorado Ave Ste, Colorado Springs, CO 80903-3338
      View Details
    • Value Estimation
      $6,310,000
      39,971 SF

      19 Tejon St

      OFFICE BUILDING • 39,971 SF
      19 Tejon St, Colorado Springs, CO 80903-1534
      View Details

    Similar Nearby for Sale

    • $3,000,000
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      Unique Office Property in Downtown

      Office property with historic character and adaptive reuse potential.
      620 S Cascade Ave, Colorado Springs, CO 80903
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    • $425,000
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      Freestanding Office Building For Sale

      Freestanding office building with basement storage and fenced yard.
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    • $645,000
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    • $850,000
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      Office Building with ADU Cottage

      Office property featuring a detached ADU cottage and ample parking.
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      Downtown Colorado Springs Retail/Office Building

      Retail/office building in downtown Colorado Springs with flexible zoning.
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      Downtown Colorado Springs Office Building

      Well-maintained, 100% occupied office building in downtown Colorado Springs.
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    Similar Nearby for Lease

    • $14 SF/Yr
      2,958 SF

      Restored Office Building Near I-25

      2,958 SF office building near I-25 for sale or lease.
      516 W Bijou St, Colorado Springs, CO 80903
      View Details
    • $16 SF/Yr
      9,382 SF

      Historic Downtown Colorado Springs Office

      Historic office building in downtown Colorado Springs for lease.
      128 S Tejon St, Colorado Springs, CO 80903
      View Details
    • $16 SF/Yr
      46,952 SF

      Downtown Colorado Springs Office Space

      Executive Suites, Prime Location, Mountain Views
      101 Cascade Ave, Colorado Springs, CO 80903
      View Details
    • $775 /Mo
      388 SF

      Downtown Colorado Springs Office Space

      Professional office spaces with new finishes and shared amenities.
      318-320 S Cascade Ave, Colorado Springs, CO 80903
      View Details
    • $16 SF/Yr
      790 SF

      Downtown Adjacent Office Space Available

      Flexible office space near downtown Colorado Springs for lease.
      223 N Wahsatch Ave, Colorado Springs, CO 80903
      View Details
    • $1,350,000
      2,660 SF

      Prime Office Space For Rent

      Office space in the Greater Central Business District.
      612-616 N Tejon St, Colorado Springs, CO 80903
      View Details
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    421 S Tejon St
    Colorado Springs, CO 80903
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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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