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FOR SALE
Medical Office Space
523 N Nevada Ave, Colorado Springs, CO 80903
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US13-0580342
For Sale
1 / 2
$540,000
523 N Nevada Ave, Colorado Springs, CO 80903
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Property summary
AI-generated overview
This 5,583 square foot medical office building in Colorado Springs, CO, is situated on a 0.22-acre lot and offers excellent visibility from Nevada Avenue. Built in 1963, the Class C property features 3,876 square feet of net rentable space, divided into two units, each with one bedroom and one bathroom. One unit is currently leased for $1,000 per month, while the other is vacant. The building includes a reception area, waiting room, two restrooms, and a 1,707 square foot basement. Additional amenities include a 1,224 square foot space plus a one-car garage, ample parking (3.14 spaces per 1,000 square feet) with additional street parking, and 600 AMP power. The property is zoned OR and is ideally suited for medical or general office use. Its location just north of downtown Colorado Springs provides easy access to various amenities and services. The asking price is $650,000, representing a price per square foot of $167.70. This presents a compelling investment opportunity with potential for increased rental income.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1963
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
2,652 SF
Lot
0.22 ac (9,500 SF)
Zoning code
OR
APN
6407419027
UPID
US13-0580342
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
-
Vo-Sosdian Quynh DDS Dental Office
-
Sosdian Stephen DDS Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$460k
Comparable Approach
Comparable
$538k
Blend (final)
Blend
$540k
Owner & transaction history
Anchondo Real Estate LLC
Anchondo Real Estate LLC
since 2025
1 recorded transaction
Zoning & alternative use
OR · Colorado Springs, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$705,000
+10.8%
Office building
$660,000
+3.6%
Auto repair, garage
$655,000
+2.3%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$500,000
6.5%
$460,000
7%
$425,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$640,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$705,000
Change: +11% · Conversion: Difficult
OFFICE BUILDING
$660,000
Change: +4% · Conversion: Easy
AUTO REPAIR, GARAGE
$655,000
Change: +2% · Conversion: Difficult
RETAIL STORES
$555,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$540k
Range $486k – $594k · ±10%
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
$204 / 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
$12,359
Tax year 2023
Assessed value
$218,760
Assessed 2023
Previous assessed
$218,760
+0.0% YoY
Effective rate
5.65%
On assessed value
Assessed land
$28,140
Assessed improvement
$190,620
Land market value
$105,925
Improvement market value
$776,396
Total market value
$882,321
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Sale
Year built
1963
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Buildings
2
Stories
1
Total area
2,652 SF
Lot
0.22 ac (9,500 SF)
Zoning code
OR
APN
6407419027
UPID
US13-0580342
Jurisdiction
EL PASO
Zoning & alternative use
OR · Colorado Springs, CO
Zoning OR · permitted uses
OR · 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.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$640,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$705,000
OFFICE BUILDING
Est. value
$660,000
AUTO REPAIR, GARAGE
Est. value
$655,000
RETAIL STORES
Est. value
$555,000
MEDICAL BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
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
1963
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Stories
1
Buildings
2
Lot
0.22 ac
Current owner
From public records · entity-resolved
Anchondo Real Estate LLC
Entity
Mailing address
5 BLUE CEDAR, LITTLETON, CO 80127-3561
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 16, 2025
$632,500
Anchondo Real Estate LLC
Kim E Schilling
Warranty Deed
$805,000 · Busey Bank
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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