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

    4615 Northpark Dr Colorado Springs, CO 80918

    • Office buildings
    • 13,992 SF
    • 1.37 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Last Sale
    Apr 01, 2022
    $1,925,000
    Value Estimations
    $2,055,000
    Cap Rate Potential
    9.8%
    Office buildings
    Location Intelligence
    Property ID
    US13-2773316
    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

    • Colorado Springs Swim School / Tutoring Service
    • Grace Works Ministries / Advertising Agency / Marketing & Advertising
    • The Stone Church / Church
    • Saint James Church / Church
    • Recording Connection Audio Institute / Vocational School / Training Center

    Property Details for 4615 Northpark Dr

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.37 lot acres
    Property size
    13,992 SF
    Zone code
    M1/CR CU
    Property type
    Office buildings
    APN
    6319303009
    APU
    6319303009

    Description

    This exceptional Colorado Springs office building, located at 4615 Northpark Drive, 80918, offers a compelling investment opportunity. The 13,818 square foot, two-story building features a concrete tilt-up construction and sits on a generous 59,525 square foot lot. Originally built in 1970, the property has undergone significant improvements, including a new roof and updated RTUs. The building generates substantial income, with approximately $6,000 in monthly gross income from six second-floor suites under month-to-month leases. Annual property insurance costs are around $2,100, and annual property taxes are estimated at $16,000. The main level comprises two suites: Suite 101 (1,250 square feet) includes reception, conference areas, and four private offices

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,240,000
      ML approach
      $2,230,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,945,000
      Market price range: $1.95M - $3.39M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,645,000
      Current use
      MEDICAL BUILDING
      $3,365,000
      Change: +27% Conversion: Easy
      RETAIL STORES
      $2,940,000
      Change: +11% 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
    -104.826
    Latitude
    38.8983
    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
    $0.00
    $71,420
    $87,060
    $158,480
    -
    $255,962
    $312,038
    $568,000

    Comparable in this City

    • Value Estimation
      $1,330,000
      11,748 SF

      6295 Lehman Dr

      OFFICE BUILDING • 11,748 SF
      6295 Lehman Dr, Colorado Springs, CO 80918-1473
      View Details
    • Value Estimation
      $2,300,000
      13,992 SF

      4525 Northpark Dr

      OFFICE BUILDING • 13,992 SF
      4525 Northpark Dr, Colorado Springs, CO 80918-3811
      View Details
    • Value Estimation
      $4,015,000
      33,278 SF

      5360 Academy Blvd

      OFFICE BUILDING • 33,278 SF
      5360 Academy Blvd, Colorado Springs, CO 80918-4006
      View Details
    • Value Estimation by Request
      1,495 SF

      5145 Academy Blvd Ste, Unit 100

      OFFICE BUILDING • 1,495 SF
      5145 Academy Blvd Ste, Colorado Springs, CO 80918-4051
      View Details
    • Value Estimation by Request
      1,495 SF

      5155 Academy Blvd Ste, Unit 100

      OFFICE BUILDING • 1,495 SF
      5155 Academy Blvd Ste, Colorado Springs, CO 80918-4053
      View Details
    • Value Estimation by Request
      1,234 SF

      5555 Erindale Dr Ste, Unit 200

      OFFICE BUILDING • 1,234 SF
      5555 Erindale Dr Ste, Colorado Springs, CO 80918-6965
      View Details

    Similar Nearby for Sale

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      Two-Story Office Building For Sale

      Well-maintained office building with strong tenant mix in prime location.
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      Turn-Key Office Property For Sale

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      Turn-Key Office Investment Opportunity

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    • Contact for pricing
      0.05 Acres

      Professional Office Building For Sale

      Professional office building with private offices and executive suites available.
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    • $1,400,000
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      Colorado Springs Office Building For Sale

      7,940 SF office building available in Colorado Springs.
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    • $1,395,000
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      Colorado Springs Office Space Available

      Office building with new finishes near Austin Bluffs and Union.
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    Similar Nearby for Lease

    • Contact for pricing
      2,531 SF

      Class A Office Building For Rent

      Well-located, newly renovated Class A office building with ample parking.
      5225 N Academy Blvd, Colorado Springs, CO 80918
      View Details
    • Contact for pricing
      167 SF

      Two-Story Office Building For Rent

      8,742 SF office building with monument signage available.
      5925 Lehman Dr, Colorado Springs, CO 80918
      View Details
    • $14 SF/Yr
      15,249 SF

      Versatile Commercial Spaces For Lease

      Exceptional commercial spaces available for lease in two well-maintained buildings.
      5775 N Union Blvd, Colorado Springs, CO 80918
      View Details
    • $12 SF/Yr
      10,652 SF

      Colorado Springs Office Space For Lease

      Prime renovated office space; flexible layouts available.
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      View Details
    • Contact for pricing
      7,000 SF

      Prime Colorado Springs Office Space

      Executive Suite, 7,000 SF Available
      1817-1821 Austin Bluffs Pkwy, Colorado Springs, CO 80918
      View Details
    • $21 SF/Yr
      1,450 SF

      Functional Office Space Available

      Centrally located office space with dedicated entrance and functional layout.
      6145 Lehman Dr, Colorado Springs, CO 80918
      View Details
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    4615 Northpark Dr
    Colorado Springs, CO 80918
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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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