Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    870 Spanish Bit Dr Colorado Springs, CO 80921-2472

    • Commercial land
    • 1.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US13-1637393
    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

    • Commercial land

    Property Details for 870 Spanish Bit Dr

    Lot size
    1.00 lot acres
    Property type
    Commercial land
    APN
    7136002068
    APU
    7136002068

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.843
    Latitude
    39.047
    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
    $5,282
    $51,620
    $0.00
    $51,620
    -
    $185,000
    $0.00
    $185,000

    Comparable in this City

    • Value Estimation by Request
      3.14 Acres

      1308 Republic Dr

      VACANT COMMERCIAL LAND • 3.14 Acres
      1308 Republic Dr, Colorado Springs, CO 80921-3879
      View Details
    • Value Estimation by Request
      0.04 Acres

      11108 Market Ctr Pt

      VACANT COMMERCIAL LAND • 0.04 Acres
      11108 Market Ctr Pt, Colorado Springs, CO 80921
      View Details
    • Value Estimation by Request
      11.90 Acres

      Spectrum Loop

      VACANT COMMERCIAL LAND • 11.90 Acres
      Spectrum Loop, Colorado Springs, CO 80921
      View Details
    • Value Estimation by Request
      10.95 Acres

      1340 United Hts

      VACANT COMMERCIAL LAND • 10.95 Acres
      1340 United Hts, Colorado Springs, CO 80921-3619
      View Details
    • Value Estimation by Request
      4.32 Acres

      1339 United Hts

      VACANT COMMERCIAL LAND • 4.32 Acres
      1339 United Hts, Colorado Springs, CO 80921
      View Details
    • Value Estimation by Request
      0.55 Acres

      Terrazzo Dr

      VACANT COMMERCIAL LAND • 0.55 Acres
      Terrazzo Dr, Colorado Springs, CO 80921
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land Near Sunset Amphitheater

      Commercial land available near established and upcoming attractions.
      391 Spectrum Loop, Colorado Springs, CO 80921
      View Details
    • Contact for pricing

      Finished Commercial Lots For Sale

      Finished commercial lots with great visibility and access.
      830 Stout Rd, Colorado Springs, CO 80921
      View Details
    • $750,000

      Colorado Springs Land For Sale

      1.75 acre commercial land parcel in Colorado Springs.
      Middle Creek Pkwy, Colorado Springs, CO 80921
      View Details
    • $1,495,000

      Land in Growing Colorado Springs

      Land with utilities and water rights in developing area.
      3415 Double Tree Ct, Colorado Springs, CO 80921
      View Details
    • $1,838,210

      Restaurant or Retail Development Site

      Ideal development site in a rapidly growing retail corridor.
      885 Baptist Rd, Colorado Springs, CO 80921
      View Details
    • $2,517,880

      Interquest Town Center Land Parcel

      1.521 acre commercial land parcel in Interquest Development.
      10833 New Allegiance Dr, Colorado Springs, CO 80921
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,812 SF

      Land For Rent

      Land available for rent in Colorado Springs.
      Gate Blvd North, Colorado Springs, CO 80921
      View Details
    • Contact for pricing
      12,800 SF

      TrueNorth Commons Retail Center

      Prime I-25 Retail Space Available
      0 Truenorth Cmns, Colorado Springs, CO 80921
      View Details
    • $13 SF/Yr
      77,495 SF

      Prime Colorado Springs Office Space

      Class A Office, 17,745 SF Available
      9910 Federal Dr, Colorado Springs, CO 80921
      View Details
    • $38 SF/Yr
      9,350 SF

      Polaris Pointe Retail Outparcel

      Prime Colorado Springs Retail Space
      115 Spectrum Loop, Colorado Springs, CO 80921
      View Details
    • $34 SF/Yr
      17,920 SF

      Ridgeline Medical Office Space

      Colorado Springs medical office for lease
      11590 Ridgeline Dr, Colorado Springs, CO 80921
      View Details
    • Contact for pricing
      40,045 SF

      Colorado Springs Office Space Available

      Office space available for rent in Colorado Springs, CO.
      12320 Oracle Blvd, Colorado Springs, CO 80921
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    870 Spanish Bit Dr
    Colorado Springs, CO 80921-2472
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.