Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$2,365,000
Distribution centers
5739 Observation Ct Colorado Springs, CO 80916-4785
Individually Owned
1-yr Hold
Free & Clear
Property ID
US13-0512961
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
2004
Construction
STEEL FRAME
Total area
16,500 SF
Lot
1.16 ac (50,530 SF)
Zoning code
PIP2 AO
APN
6436101025
UPID
US13-0512961
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
-
True Focus Fabrication Metal Fabrication Plant Factory
-
True Focus Laser & Design Production Facility
-
TMS Construction Inc Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.81M
Comparable Approach
Comparable
$2.97M
Blend (final)
Blend
$2.37M
Owner & transaction history
Stephen D Tebo · 1 yrs held
Stephen D Tebo
since 2025
Last sale
$2.3M
6 recorded transactions
Zoning & alternative use
PIP2 AO · Colorado Springs, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$3.5M
+35.3%
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%
$3,045,000
6.5%
$2,810,000
7%
$2,610,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$2,605,000
Current use
OFFICE BUILDING
$3,525,000
Change: +35% · Conversion: Difficult
Blend value · Realmo final
$2.37M
Range $2.13M – $2.60M · ±10% · vs last sale $2.30M (Jan 18 2025)
Last sale anchor
$2.30M
Jan 18 2025
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
$143 / 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
$29,702
Tax year 2023
Assessed value
$586,930
Assessed 2023
Previous assessed
$586,930
+0.0% YoY
Effective rate
5.06%
On assessed value
Assessed land
$77,540
Assessed improvement
$509,390
Land market value
$277,910
Improvement market value
$1,825,784
Total market value
$2,103,694
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
2004
Construction
STEEL FRAME
Heating
SPACE
Stories
1
Total area
16,500 SF
Lot
1.16 ac (50,530 SF)
Zoning code
PIP2 AO
APN
6436101025
UPID
US13-0512961
Jurisdiction
EL PASO
Zoning & alternative use
PIP2 AO · Colorado Springs, CO
Zoning PIP2 AO · permitted uses
PIP2 AO · 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
WAREHOUSE, STORAGE Current
Est. value
$2.6M
OFFICE BUILDING
Est. value
$3.5M
WAREHOUSE, STORAGE Current
OFFICE 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
2004
Construction
STEEL FRAME
Heating
SPACE
Stories
1
Lot
1.16 ac
Current owner
From public records · entity-resolved
Stephen D Tebo
Individual
Free & Clear · 1 yrs held
Mailing address
5739 OBSERVATION CT, COLORADO SPRINGS, CO 80916-4785
Mailing matches property
Yes
Owner-occupied
Yes
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 18, 2025
$2,300,000
Stephen D Tebo
Michael W Underwood
Warranty Deed
—
Apr 18, 2025
—
Stephen D Tebo
Michael W Underwood
Quitclaim Deed
related
—
Jan 26, 2024
—
Michael W Underwood
—
Deed
related
$5,060,000 · 5star Bank
Jan 2, 2024
—
Michael W Underwood
Ryaka LLC
Special Warranty Deed
—
Aug 4, 2009
$200,000
Ryaka LLC
Underwood,michael W
Grant Deed
—
Aug 15, 2008
$1,200,000
Ryaka LLC
Underwood,michael W
Warranty Deed
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 5739 Observation Ct?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
