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

    8610 Explorer Dr Colorado Springs, CO 80920

    • Office buildings
    • 101,194 SF
    • 6.57 lot acres
    For Lease
    View listing
    $22 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-0094449
    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

    • Brent Sabati - Mutual of Omaha / Insurance Agency
    • Apogee Engineering, LLC / Engineering Consultant
    • Troy University / College / University
    • Assist To Succeed Colorado Springs / Dental School
    • Mutual of Omaha® Advisors - Colorado Springs / Insurance Agency / Life Insurance Agency

    Property Details for 8610 Explorer Dr

    Year built
    2000
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    6.57 lot acres
    Property size
    101,194 SF
    Zone code
    PIP1/CR HR
    Property type
    Office buildings
    APN
    6233309003
    APU
    6233309003

    Description

    This exceptional three-story, Class A office building, totaling 98,904 square feet, is situated in the prestigious Briargate Business Campus of Colorado Springs, Colorado. Built in 2000, the property boasts a prime location with easy access to I-25 via North Academy Boulevard or Briargate Parkway. Its high-visibility location offers excellent accessibility from Denver and provides sweeping views of the Front Range. Currently, one suite of 2,101 square feet is available for lease within this multi-tenant building. The building's construction features premium materials and finishes, reflecting its commitment to quality. Its convenient location offers employees easy access to amenities, including the Promenade Shops at Briargate, which are within walking distance. The property is located at 8610 Explorer Drive, Colorado Springs, CO 80920, in El Paso County. This is a rare opportunity to secure office space in a highly sought-after location with exceptional visibility and convenient access to major transportation routes. The building's traditional office design provides a professional and functional workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $17,850,000
      6.5%
      $16,475,000
      7%
      $15,300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $21,108,000
      Market price range: $16.3M - $31.5M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $23,715,000
      Current use
      AUTO REPAIR, GARAGE
      $24,910,000
      Change: +5% Conversion: Difficult
      MEDICAL BUILDING
      $24,340,000
      Change: +3% Conversion: Easy
      RETAIL STORES
      $21,265,000
      Change: -10% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.793
    Latitude
    38.9602
    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
    $313,788
    $666,720
    $4,355,280
    $5,022,000
    -
    $2,389,678
    $15,610,322
    $18,000,000

    Comparable in this City

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      45,425 SF

      526 Chapel Hls Dr

      OFFICE BUILDING • 45,425 SF
      526 Chapel Hls Dr, Colorado Springs, CO 80920-1006
      View Details
    • Value Estimation by Request
      1,498 SF

      7615 Austin Blfs Pkwy, Unit 210

      OFFICE BUILDING • 1,498 SF
      7615 Austin Blfs Pkwy, Colorado Springs, CO 80920-2902
      View Details
    • Value Estimation
      $9,390,000
      58,056 SF

      9475 Briar Vlg Pt

      OFFICE BUILDING • 58,056 SF
      9475 Briar Vlg Pt, Colorado Springs, CO 80920-7901
      View Details
    • Value Estimation
      $15,050,000
      98,482 SF

      6860 Campus Dr

      OFFICE BUILDING • 98,482 SF
      6860 Campus Dr, Colorado Springs, CO 80920-3106
      View Details
    • Value Estimation
      $7,470,000
      69,403 SF

      556 Chapel Hls Dr

      OFFICE BUILDING • 69,403 SF
      556 Chapel Hls Dr, Colorado Springs, CO 80920-1030
      View Details
    • Value Estimation by Request
      2,548 SF

      3260 Woodmen Rd Ste, Unit 100

      OFFICE BUILDING • 2,548 SF
      3260 Woodmen Rd Ste, Colorado Springs, CO 80920-3587
      View Details

    Similar Nearby for Sale

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      Corporate Headquarters Opportunity

      93,000 SF corporate headquarters with I-25 visibility.
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      PrimeCenter Briargate Office Building

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    • $1,930,000
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      Briargate Blvd Leased Commercial Property

      Fully leased commercial property in high-demand Briargate corridor.
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      Class B+ Office Building For Sale

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    • Contact for pricing
      0.63 Acres

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    Similar Nearby for Lease

    • $20 SF/Yr
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      Four-story Class A office building with interstate visibility and access.
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    • $13 SF/Yr
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      Prime Colorado Springs Office Space

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    • $13 SF/Yr
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      Colorado Springs Office Space Available

      Office buildings for rent in Colorado Springs, CO.
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    • $20 SF/Yr
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      Prime Colorado Springs Office Space

      4,880 SF Office, Ideal Location
      9240 Explorer Dr, Colorado Springs, CO 80920
      View Details
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    8610 Explorer Dr
    Colorado Springs, CO 80920
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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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