702 Tejon St, Colorado Springs, CO 80903-1012
- Medical Office Space
- 3,722 SF
- 0.12 lot acres
Current Use by Public Records
- VFW Post 101 / Advocacy Group / Social Service Agency
- Urban Laboratories / Drug Testing Service
- Thomas & Thomas Planning-Urban / Landscaping / General Contractor
- Sight Sound & Security / Electronics & Wireless Store
- Pikes Peak Lodge #2870 / Association / Organization
Property Details for 702 Tejon St
- Year built
- 1941
- Construction
- WOOD FRAME
- Lot size
- 0.12 lot acres
- Zone code
- FBZ-T2A
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 6407305022
- APU
- 6407305022
Description
This exceptional investment opportunity presents three buildings totaling 8,633 net rentable square feet situated on a 14,991 square foot lot at the highly desirable Northwest corner of North Tejon and East Monument Streets in Colorado Springs, Colorado. The property, comprised of three parcels (APN: 6407305022, 6407305021, 6407305020), consists of six fully occupied medical office units across two stories. Built in 1941 and 1960, these well-maintained buildings boast a 100% occupancy rate, generating a strong cash flow. The asking price is $1,795,000, translating to $207.92 per square foot. Conveniently located one block from the Ed Robson Arena, this prime location offers exceptional visibility and accessibility, benefiting from proximity to the vibrant North Tejon Corridor's diverse restaurants, shopping, and amenities. Easy access is also provided via the Bijou and Uintah exits. The property is zoned FBZ-T2A. This is a rare chance to acquire a stable, high-performing medical office portfolio in a thriving downtown area. The buildings offer a unique blend of history and modern functionality, making this an ideal investment for discerning buyers seeking a strong return on investment in a highly sought-after location.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $700,000
- 6.5%
- $645,000
- 7%
- $600,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $492,000
Market price range: $212k - $754k -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $895,000 Current use
- OFFICE BUILDING
- $930,000 Change: +4% Conversion: Easy
- AUTO REPAIR, GARAGE
- $915,000 Change: +2% Conversion: Difficult
- RETAIL STORES
- $780,000 Change: -13% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.823
- Latitude
- 38.844
- CBSA code
- 17820
- CBSA name
- COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA
