5575 Tech Center Dr Colorado Springs, CO 80919
- Office buildings
- 105,839 SF
- 6.69 lot acres
Current Use by Public Records
- Larisa Lazarev | EXIT Realty Pikes Peak / Real Estate Agent
- Engineering Systems, Inc. (ESi) / Engineering Consultant / Engineer
- Martin Elisabeth DO / Pediatrician
- Colorado Innovative Physician Solutions Inc / Medical Group
- Allied Universal® Security Services / Security System Supplier / Security Service
Property Details for 5575 Tech Center Dr
- Year built
- 1985
- Construction
- CONCRETE
- Lot size
- 6.69 lot acres
- Property size
- 105,839 SF
- Zone code
- OC HS
- Property type
- Office buildings
- APN
- 6318302008
- APU
- 6318302008
Description
This exceptional three-story, Class A office building, totaling 104,702 square feet, presents a compelling investment opportunity. Located in Colorado Springs' premier Tech Center, this property boasts a 90% occupancy rate with 16 tenants, primarily in the aerospace and defense sectors. The building, constructed in 1985 and extensively renovated in 2019, features 419 parking spaces and is situated on a 6.69-acre lot. The current Net Lease (NNN) structure offers a stable income stream with a weighted average lease term of four years and rent bumps included. The strong tenant base, including a significant presence of aerospace and defense government contractors, provides dependable in-place cash flow. The property includes secure space and SCIF capabilities, further enhancing its appeal. Its prime location offers easy access to Interstate 25, major military installations, and ample amenities. The building's efficient floorplates and high-quality construction contribute to its overall value. This investment benefits from Colorado Springs' robust growth market, offering a cost-effective alternative to Denver, and is supported by a diversified economy encompassing military & defense, healthcare, technology, and education. The asking price is $18,000,000, representing a 9.15% capitalization rate and a price per square foot of $171.92. The substantial Net Operating Income (NOI) of $1,651,585 underscores the property's financial strength. This is a rare opportunity to acquire a high-quality, income-producing asset in a thriving market.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $17,150,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $18,520,000
- 6.5%
- $17,095,000
- 7%
- $15,875,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $17,917,000
Market price range: $9.40M - $23.6M -
Alternative Use
- Use
- Estimation
- OFFICE BUILDING
- $18,640,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $28,210,000 Change: +51% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $26,050,000 Change: +40% Conversion: Difficult
- MEDICAL BUILDING
- $25,460,000 Change: +37% Conversion: Easy
- RETAIL STORES
- $22,240,000 Change: +19% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.826
- Latitude
- 38.9136
- CBSA code
- 17820
- CBSA name
- COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA
