2504 E Pikes Peak Ave
22,165 SF 68% Leased Office Building Colorado Springs, CO 80909 £2,200,247 (£99.27/SF) 7.50% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Massive Capital Improvement Projects Ongoing and in the Pipeline throughout the MSA - Olympic Museum, Downtown Stadium, 3.5 Million square-foot Amazon
EXECUTIVE SUMMARY
Value-Add Medical Office 80% Occupied on Long-term, Landlord Friendly NNN Leases with IntelliTec Medical College and LSC Transportation Consultants. Three-Story Medical Office with Covered Parking Well Below Replacement Cost at $128/SF. Vacant Units Turn-Key as former Dental and Physical Therapy Offices. MSA Population Of 762,695, Just 60 Miles South of Denver, Top City in the Country for Millennial Population Growth (Brookings). #1 Most Desirable Places to Live (Us News & World Report, 2022-2023) and #1 Named One of Best Places to Travel Globally in 2023 (Forbes Advisor, 2023). Located in Close Proximity to Downtown Colorado Springs just South of the Olympic & Paralympic Training Center. 279,666 Residents Living within 5-Mile Radius with an Average HH Income of $73,029. Colorado Springs has Grown by Approximately 48% and is Projected to Grow Another 7% in the Next Five Years. By 2050, the Population of El Paso County is Expected to Exceed the Population of the Denver Metro Area.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
22,165 SF
Building Class
B
Year Built
1985
Price
£2,200,247
Price Per SF
£99.27
Net Initial Yield
7.50%
NOI
£165,019
Percent Leased
68%
Tenancy
Multiple
Number of Floors
3
Typical Floor Size
7,388 SF
Slab to Slab
12 ft
Building FAR
0.46
Lot Size
1.10 AC
Zoning
OC
Parking
133 Spaces (6 Spaces per 1,000 SF Leased)
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Well maintained office building with views of Pikes Peak.
Well maintained office building with views of Pikes Peak.
- 3rd Fl-Ste 304
- 2,605 SF
- Office/Medical
- Full Build-Out
- Now
| Space | Size | Space Use | Condition | Available |
| 3rd Fl-Ste 301 | 2,317 SF | Office/Medical | Full Build-Out | Now |
| 3rd Fl-Ste 302 | 2,149 SF | Office/Medical | Full Build-Out | Now |
| 3rd Fl-Ste 304 | 2,605 SF | Office/Medical | Full Build-Out | Now |
3rd Fl-Ste 301
| Size |
| 2,317 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
3rd Fl-Ste 302
| Size |
| 2,149 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
3rd Fl-Ste 304
| Size |
| 2,605 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
PROPERTY TAXES
| Parcel Number | 64161-17-034 | Improvements Assessment | £522,864 |
| Land Assessment | £68,613 | Total Assessment | £591,477 |
