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Property profile & analytics
FOR LEASE
Strip malls
4935 Centennial Blvd Colorado Springs, CO 80919
Trust Owned
2-yr Hold
~
Est. High Equity
Property ID
US13-2674255
For Lease
1 / 5
Contact for pricing
4935 Centennial Blvd, Colorado Springs, CO 80919
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Property summary
AI-generated overview
This 11,884 square foot shopping center, built in 1984, presents a unique investment opportunity in El Paso County. Located at the high-visibility corner of Centennial Blvd and Pinon Valley Rd, the center boasts ample parking (68 spaces) and prominent pylon signage on Centennial Blvd. Currently, two spaces are available, ranging from 1,277 to 1,726 square feet, with a total of 3,003 square feet currently vacant. The center enjoys a strong tenant mix including Marco's Pizza, Canyon Crest Wine, Liquor & Beer, and Golden Flame Hot Wings. Suite A, a former bakery, offers a significant advantage with its existing commercial kitchen, grease trap, walk-in cooler, and three-compartment sink. Pre-approved plans exist for a drive-thru addition to Suite A, enhancing its potential. The property is zoned PBC-HS and benefits from excellent demographics, including above-average household incomes, a densely populated area, proximity to major employers and corporations, high traffic counts on Centennial Blvd, and easy access to I-25. This location offers exceptional visibility and accessibility, making it an ideal retail space. The minimum divisible space is 1,277 square feet.
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1984
Construction
WOOD FRAME
Total area
11,884 SF
Lot
1.51 ac (65,776 SF)
Zoning code
PBC HS
APN
7323402008
UPID
US13-2674255
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
-
Marco's Pizza - Northwest COS Restaurant
-
Michael Allen's Hair Design Barber Shop
-
Friedman Brothers A/C Masters Hardware & Home Improvement Home Appliance Store
-
Canyon Crest Wine, Liquor, & Beer (Bike/Boat/Book/etc) Store Wine and Liquor Store
-
Golden Flame Hot Wings Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.84M
CAP Approach
CAP
$2.53M
Comparable Approach
Comparable
$3.37M
Blend (final)
Blend
$2.79M
Owner & transaction history
Penn Family Trust · 2 yrs held
Penn Family Trust
since 2023
Last sale
$2.8M
7 recorded transactions
Zoning & alternative use
PBC HS · Colorado Springs, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$4.6M
+44.3%
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
$2,725,000
ML approach
$2,840,000
CAP Approach
CAP Return
Estimation
6%
$2,740,000
6.5%
$2,525,000
7%
$2,345,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$3,165,000
Current use
COMMERCIAL (GENERAL)
$4,570,000
Change: +44% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,925,000
Change: -8% · Conversion: Difficult
MEDICAL BUILDING
$2,860,000
Change: -10% · Conversion: Difficult
Blend value · Realmo final
$2.79M
Range $2.51M – $3.07M · ±10% · vs last sale $2.80M (Sep 8 2023)
Last sale anchor
$2.80M
Sep 8 2023
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
$235 / 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
$30,783
Tax year 2023
Assessed value
$570,210
Assessed 2023
Previous assessed
$570,210
+0.0% YoY
Effective rate
5.40%
On assessed value
Assessed land
$124,790
Assessed improvement
$445,420
Land market value
$447,270
Improvement market value
$1,596,492
Total market value
$2,043,762
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1984
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
1
Total area
11,884 SF
Lot
1.51 ac (65,776 SF)
Zoning code
PBC HS
APN
7323402008
UPID
US13-2674255
Jurisdiction
EL PASO
Zoning & alternative use
PBC HS · Colorado Springs, COZoning PBC HS · permitted uses
PBC HS · Colorado Springs, CO
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$3.2M
COMMERCIAL (GENERAL)
Est. value
$4.6M
AUTO REPAIR, GARAGE
Est. value
$2.9M
MEDICAL BUILDING
Est. value
$2.9M
NEIGHBORHOOD: SHOPPING CENTER Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1984
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
1.51 ac
Current owner
From public records · entity-resolved
Penn Family Trust
Trust
Mailing address
12015 E 46TH AVE STE #680, DENVER, CO 80239-3158
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 30, 2023
—
Joshua Penn
—
Deed
related
$800,000 · Security Service FCU
Sep 8, 2023
$2,800,000
Penn Family Trust
Centennial Shopping Center LLC
Special Warranty Deed
—
Nov 19, 2021
—
Centennial Shopping Center LLC
—
Deed
related
$100,000 · The Eastern Colorado Bank
Aug 24, 2021
—
Centennial Shopping Center LLC
—
Deed
related
$50,000 · The Eastern Colorado Bank
Feb 16, 2018
$1,900,000
Centennial Shopping Center LLC
Centennial Partners LLC
Special Warranty Deed
$1,283,750 · The Eastern Colorado Bank
Oct 23, 2007
$2,150,000
Centennial Partners
J Thomas Stoen
Warranty Deed
$1,575,000 · Citibank NA
Mar 12, 2004
—
J T Stoen
—
Deed Of Trust
related
$2,200,000 · Bank One 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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