2504 Pikes Peak AveColorado Springs, CO 80909

This three-story, 22,165 square-foot Class B medical office building in Colorado Springs, Colorado offers a compelling value-add investment opportunity. Currently 80% occupied with two tenants, IntelliTec Medical College and LSC Transportation Consultants, under absolute NNN leases with 4.9 years remaining on a 10.4-year term. The property features four units, including vacant spaces ideal for immediate lease-up, previously used as dental and physical therapy offices. Built in 1985 and renovated in 2021, the building sits on a 1.1-acre lot with covered parking (4 spaces per 1,000 sq ft). The asking price is $2,848,000, representing a current cap rate of 7.50% and a pro-forma cap rate of 10.13%, with annual rent bumps of $0.25-$0.50 per square foot. The property generates a net operating income (NOI) of $213,564, with a pro-forma NOI of $288,437. Located near the Olympic & Paralympic Training Center, this property benefits from a strong demographic profile, including a 5-mile radius population of 279,666 with an average household income of $73,029. Colorado Springs' robust growth trajectory, projected to increase by 7% in the next five years, further enhances the investment potential.