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

    8890 N Union Blvd Colorado Springs, CO 80920

    • Medical offices
    • 62,557 SF
    • 4.65 lot acres
    For Lease
    View listing
    $24 SF/Yr
    Last Sale
    Sep 23, 2021
    $16,116,000
    Value Estimations
    $15,530,000
    Cap Rate Potential
    4.3%
    Medical offices
    Location Intelligence
    Property ID
    US13-0663582
    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

    • UCHealth Laboratory - Briargate / Medical Laboratory
    • UCHealth Orthopedics - 8890 N Union / Medical Center
    • Burton Matthew J DDS / Dentist
    • Dino Dental / Pediatric Dentist / Orthodontist
    • ABC Pediatrics / Medical Clinic

    Property Details for 8890 N Union Blvd

    Year built
    2002
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    4.65 lot acres
    Property size
    62,557 SF
    Zone code
    PBC/CR
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    6234406009
    APU
    6234406009

    Description

    The Briargate Medical Campus, located at 8890 N Union Blvd, Colorado Springs, CO 80920, presents a unique opportunity for medical professionals seeking prime office space. This two-story, Class A building, constructed in 2002, offers a total of 26,050 square feet, with 16,241 square feet currently vacant and available for lease. The flexible floor plan allows for spaces ranging from a minimum of 6,857 square feet to a maximum contiguous space of 16,241 square feet, catering to various practice sizes and needs. The building boasts ample parking with 295 spaces available for tenants and their clients. Its convenient location within the Union Town Center shopping center area provides excellent visibility and accessibility, situated just minutes away from Memorial Hospital's north campus. The property is zoned PBC and is part of the Northwest submarket of Colorado Springs. This well-maintained building offers an efficient and modern workspace, ideal for medical practices seeking a prestigious and convenient location. The building's Class A designation reflects its high-quality construction and amenities, ensuring a professional and comfortable environment for both staff and patients. Interested parties should inquire about lease terms and availability for the available 16,241 square feet of vacant space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $15,300,000
      ML approach
      $9,515,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,050,000
      6.5%
      $10,200,000
      7%
      $9,470,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $14,586,000
      Market price range: $9.18M - $20.7M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $15,045,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $25,535,000
      Change: +70% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $24,065,000
      Change: +60% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $16,675,000
      Change: +11% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $15,400,000
      Change: +2% Conversion: Difficult
      OFFICE BUILDING
      $14,660,000
      Change: -3% Conversion: Easy
      RETAIL STORES
      $13,145,000
      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
    -104.766
    Latitude
    38.9605
    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
    $261,558
    $389,940
    $3,522,520
    $3,912,460
    -
    $1,397,623
    $12,625,536
    $14,023,159

    Comparable in this City

    • Value Estimation
      $16,835,000
      121,372 SF

      4110 Briargate Pkwy

      MEDICAL BUILDING • 121,372 SF
      4110 Briargate Pkwy, Colorado Springs, CO 80920-7835
      View Details
    • Value Estimation
      $4,140,000
      34,500 SF

      595 Chapel Hls Dr

      MEDICAL BUILDING • 34,500 SF
      595 Chapel Hls Dr, Colorado Springs, CO 80920-1022
      View Details
    • Value Estimation
      $9,675,000
      21,983 SF

      2446 Research Pkwy

      MEDICAL BUILDING • 21,983 SF
      2446 Research Pkwy, Colorado Springs, CO 80920-1087
      View Details
    • Value Estimation
      $1,320,000
      13,826 SF

      7606 Un Blvd Ste, Unit 100

      MEDICAL BUILDING • 13,826 SF
      7606 Un Blvd Ste, Colorado Springs, CO 80920-3873
      View Details
    • Value Estimation
      $540,000
      3,525 SF

      8580 Scarborough Dr Ste, Unit 245

      MEDICAL BUILDING • 3,525 SF
      8580 Scarborough Dr Ste, Colorado Springs, CO 80920-7586
      View Details
    • Value Estimation by Request
      1,749 SF

      8540 Scarborough Dr Ste, Unit 370

      MEDICAL BUILDING • 1,749 SF
      8540 Scarborough Dr Ste, Colorado Springs, CO 80920-7519
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.63 Acres

      Chapel Hills Medical Office Condos

      Colorado Springs medical office condos for sale.
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      Medical Office Condominiums For Sale

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      Corporate Headquarters Opportunity

      93,000 SF corporate headquarters with I-25 visibility.
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      Versatile Office/Flex Building For Sale

      Office/flex building with flexible configuration options in Mountain Vista.
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      View Details
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      Briargate Blvd Leased Commercial Property

      Fully leased commercial property in high-demand Briargate corridor.
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      View Details
    • $750,000
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      Office Condo with Pikes Peak Views

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    Similar Nearby for Lease

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      Prime Colorado Springs Office Space

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      Regency Executive Center: Premier Office Space

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      Chapel Hills Medical Office Space

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      View Details
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      Prime Colorado Springs Office Space

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    • $16 SF/Yr
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      Chapel Hills Office Space Available

      Prime Colorado Springs Office, 1,744 SF Available
      1685 Briargate Blvd, Colorado Springs, CO 80920
      View Details
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    8890 N Union Blvd
    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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