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

    985 W Fillmore St Colorado Springs, CO 80907

    • Office buildings
    • 14,720 SF
    • 1.24 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Last Sale
    Jan 29, 2024
    $2,320,000
    Value Estimations
    $2,320,000
    Cap Rate Potential
    6.7%
    Office buildings
    Location Intelligence
    Property ID
    US13-0067181
    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

    • Serenity Recovery Connection - Formerly Springs Recovery Connection / Non-Profit Organization
    • Inszone Insurance Services / Insurance Agency

    Property Details for 985 W Fillmore St

    Year built
    2000
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.24 lot acres
    Property size
    14,720 SF
    Zone code
    C5/CR HS
    Property type
    Office buildings
    APN
    7336103035
    APU
    7336103035

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,320,000
      ML approach
      $2,320,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,575,000
      6.5%
      $2,380,000
      7%
      $2,210,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,167,000
      Market price range: $2.15M - $6.89M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $3,625,000
      MEDICAL BUILDING
      $3,540,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.839
    Latitude
    38.8758
    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
    $122,070
    $463,840
    $585,910
    -
    $437,516
    $1,662,487
    $2,100,003

    Comparable in this City

    • Value Estimation by Request
      2,600 SF

      Fontanero St

      OFFICE BUILDING • 2,600 SF
      Fontanero St, Colorado Springs, CO 80907
      View Details
    • Value Estimation by Request
      1,502 SF

      2928 Straus Ln Ste, Unit 100

      OFFICE BUILDING • 1,502 SF
      2928 Straus Ln Ste, Colorado Springs, CO 80907-8805
      View Details
    • Value Estimation by Request
      1,337 SF

      2928 Straus Ln Ste, Unit 110

      OFFICE BUILDING • 1,337 SF
      2928 Straus Ln Ste, Colorado Springs, CO 80907-8805
      View Details
    • Value Estimation by Request
      1,462 SF

      1485 Gdn Of The Gods Rd Ste, Unit 152

      OFFICE BUILDING • 1,462 SF
      1485 Gdn Of The Gods Rd Ste, Colorado Springs, CO 80907-3306
      View Details
    • Value Estimation by Request
      429 SF

      3511 El Paso St

      OFFICE BUILDING • 429 SF
      3511 El Paso St, Colorado Springs, CO 80907
      View Details
    • Value Estimation by Request
      960 SF

      3709 Nevada Ave

      OFFICE BUILDING • 960 SF
      3709 Nevada Ave, Colorado Springs, CO 80907-5336
      View Details

    Similar Nearby for Sale

    • $808,544
      3,595 SF

      Colorado Springs Office Building For Sale

      Office building for sale near downtown Colorado Springs.
      2217-2225 N Weber St, Colorado Springs, CO 80907
      View Details
    • $1,150,000
      3,848 SF

      Serene Office Building For Sale

      Flexible office building near I-25 with rental income potential.
      915 Pinon Ranch Vw, Colorado Springs, CO 80907
      View Details
    • $375,000
      1,655 SF

      Professional Office Condo For Sale

      Well-maintained office condo with easy I-25 access.
      2928 Straus Ln, Colorado Springs, CO 80907
      View Details
    • $450,000

      Remodeled Commercial Space For Sale

      Versatile 5,751 sq ft commercial property in prime Colorado Springs location.
      3132 N Hancock Ave, Colorado Springs, CO 80907
      View Details
    • $18,033,840
      18.00 Acres

      Colorado Springs Development Land

      18-Acre PUD Site, Prime Location
      0 Fillmore St & Centennial Blvd, Colorado Springs, CO 80907
      View Details
    • $1,325,000
      6,580 SF

      Colorado Springs Multifamily Investment

      8-Unit Multifamily & Retail, High NOI
      3129 El Paso St, Colorado Springs, CO 80907
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      25,530 SF

      Office Building Near Garden of Gods

      Single-story office building with high parking ratio and flexible space.
      1357 Garden Of The Gods Rd, Colorado Springs, CO 80907
      View Details
    • $12 SF/Yr
      6,500 SF

      Office Space with I-25 Signage

      Prime office location near I-25 with high visibility signage.
      3710 Sinton Rd, Colorado Springs, CO 80907
      View Details
    • $13 SF/Yr
      23,266 SF

      Prime Colorado Springs Office/Flex Space

      11,633 SF Available, Garden of the Gods Corridor
      1065 Garden Of The Gods Rd, Colorado Springs, CO 80907
      View Details
    • $12 SF/Yr
      30,038 SF

      Garden of the Gods Office Space

      Colorado Springs Office Building, 5,209 SF Available
      888 Garden Of The Gods Rd, Colorado Springs, CO 80907
      View Details
    • $20 SF/Yr
      765 SF

      Professional Office Suites Available

      Two office suites available in accessible Colorado Springs location.
      3720 Sinton Rd, Colorado Springs, CO 80907
      View Details
    • $10 SF/Yr

      Flex Space with Office/Warehouse

      Flex space featuring office and warehouse areas, convenient I-25 access.
      4740 Forge Rd, Colorado Springs, CO 80907
      View Details

    Property Visit Statistics

    • Visits by month
      10.4k
    • Visitors by month
      5.8k
    • Avg Time on site
      11 min
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    Colorado Springs, CO 80907
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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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