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

    669 Murray Blvd, Unit 685 Colorado Springs, CO 80915-3405

    • Strip malls
    • 14,217 SF
    • 2.65 lot acres
    OFF-MARKET
    Last Sale
    Jun 05, 2020
    Value Estimations
    $1,405,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1415100
    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

    • Strip malls

    Property Details for 669 Murray Blvd

    Year built
    1979
    Construction
    WOOD FRAME
    Lot size
    2.65 lot acres
    Property size
    14,217 SF
    Zone code
    C6 P AO APZ2
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    6411401050
    APU
    6411401050

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,879,000
      Market price range: $1.88M - $5.65M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.746
    Latitude
    38.8426
    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
    $3,148
    $164,160
    $85,280
    $249,440
    -
    $588,387
    $305,678
    $894,065

    Comparable in this City

    • Value Estimation
      $4,100,000
      18,012 SF

      521 Murray Blvd

      SHOPPING CENTER, STRIP CENTER • 18,012 SF
      521 Murray Blvd, Colorado Springs, CO 80915-3403
      View Details
    • Value Estimation
      $1,075,000
      6,045 SF

      5746 Palmer Park Blvd

      SHOPPING CENTER, STRIP CENTER • 6,045 SF
      5746 Palmer Park Blvd, Colorado Springs, CO 80915-1511
      View Details
    • Value Estimation
      $820,000
      6,250 SF

      6870 Galley Rd

      SHOPPING CENTER, STRIP CENTER • 6,250 SF
      6870 Galley Rd, Colorado Springs, CO 80915-3898
      View Details
    • Value Estimation
      $1,655,000
      9,421 SF

      5825 Constitution Ave

      SHOPPING CENTER, STRIP CENTER • 9,421 SF
      5825 Constitution Ave, Colorado Springs, CO 80915-1216
      View Details
    • Value Estimation
      $3,120,000
      30,740 SF

      5849 Palmer Park Blvd, Unit 5883

      SHOPPING CENTER, STRIP CENTER • 30,740 SF
      5849 Palmer Park Blvd, Colorado Springs, CO 80915-1611
      View Details
    • Value Estimation
      $1,415,000
      7,847 SF

      1079 Spc Ctr Dr

      SHOPPING CENTER, STRIP CENTER • 7,847 SF
      1079 Spc Ctr Dr, Colorado Springs, CO 80915-3612
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.85 Acres

      Colorado Springs Retail Land Opportunity

      Prime Retail Land, Multi-Tenant Potential
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    • $990,000
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      Retail Opportunity on Galley Road

      Versatile retail space with high visibility and ample parking.
      4825 Galley Rd, Colorado Springs, CO 80915
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    • $3,500,000
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      Colorado Springs Warehouse For Sale

      23,364 SF warehouse property in Colorado Springs.
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      Commercial Land Available For Sale

      0.49 acre commercial land for sale in Colorado Springs.
      6857 Space Village Ave, Colorado Springs, CO 80915
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    • $3,200,000
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      Edison Ave Office Building

      Colorado Springs Office Complex - $3.2M
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      Waynoka Road Warehouse - Colorado Springs

      24,480 SF Warehouse, $4.4M, I-2 Zoning
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      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      8,100 SF

      Retail Center on Palmer Park

      Retail spaces available in lively Eastern Colorado Springs center.
      5879-5883 Palmer Park Blvd, Colorado Springs, CO 80915
      View Details
    • $25 SF/Yr
      1,600 SF

      Retail Space Near Space Force

      Retail space with highway exposure near Peterson Space Force Base.
      6819 Space Village Ave, Colorado Springs, CO 80915
      View Details
    • $12 SF/Yr
      3,240 SF

      Retail Space Available For Rent

      Retail space available, current layout is MMA studio.
      589-623 N Murray Blvd, Colorado Springs, CO 80915
      View Details
    • $22 SF/Yr
      3,244 SF

      Colorado Springs Retail Daycare

      Standalone building, ideal daycare location.
      5761 Constitution Ave, Colorado Springs, CO 80915
      View Details
    • $12 SF/Yr
      3,784 SF

      Colorado Springs Retail Center

      Walmart-Anchored Shopping Center, Two Spaces Available
      623 Murray Blvd, Colorado Springs, CO 80915
      View Details
    • $9 SF/Yr
      10,159 SF

      Versatile Space on Wooten Road

      Adaptable space suitable for various business applications.
      740-770 Wooten Rd, Colorado Springs, CO 80915
      View Details
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    Colorado Springs, CO 80915-3405
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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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