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    Property profile & analytics

    702 Tejon St Colorado Springs, CO 80903-1012

    • Medical Office Space
    • 3,722 SF
    • 0.12 lot acres
    OFF-MARKET
    Value Estimations
    $580,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0640572
    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

    • 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
    Property size
    3,722 SF
    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

    based on Realmo’s proprietary methodology

    • 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

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

    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

    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
    $0.00
    $24,990
    $146,590
    $171,580
    -
    $89,570
    $525,430
    $615,000

    Comparable in this City

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      $2,595,000
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    • Value Estimation by Request
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    • Value Estimation by Request
      1,038 SF

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      955 Colorado Ave, Colorado Springs, CO 80903-3776
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    • Value Estimation
      $1,090,000
      5,868 SF

      111 Las Vegas St

      MEDICAL BUILDING • 5,868 SF
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    • Value Estimation by Request
      1,642 SF

      219 Colorado Ave Ste, Unit 206

      MEDICAL BUILDING • 1,642 SF
      219 Colorado Ave Ste, Colorado Springs, CO 80903-3338
      View Details
    • Value Estimation
      $770,000
      4,547 SF

      730 Nevada Ave

      MEDICAL BUILDING • 4,547 SF
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      View Details

    Similar Nearby for Sale

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    • $695,000
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      Colorado Springs Medical Office Building

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    • $650,000
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      Dental Condo Investment Opportunity

      Colorado Springs NNN Leased Dental Office
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    • $425,000
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      Tejon Street Creative Office Space

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    • $599,000
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    Similar Nearby for Lease

    • Contact for pricing
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    • $20 SF/Yr
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      Downtown Colorado Springs Office Space

      Prime Tejon Street Office, 1000 SF Available
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    • Contact for pricing
      10,450 SF

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    • $16 SF/Yr
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      Historic Downtown Colorado Springs Office

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    • Contact for pricing
      11,550 SF

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    • $22 SF/Yr
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      Downtown Colorado Springs Office Space

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      View Details
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    Colorado Springs, CO 80903-1012
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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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