For Sale
$4,000,000

2727 Palmer Park BlvdColorado Springs, CO 80909

Colorado Springs Warehouse, High ROI Potential

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 240,270 square foot multi-tenant warehouse in Colorado Springs, Colorado. Located at 2727 Palmer Park Blvd, this 4-story, 230-unit property boasts a substantial 287,202 square foot lot. Built in 1960 and extensively renovated in 2021, the warehouse currently commands a $4,000,000 asking price, translating to $16.65 per square foot. The property features a strong 5.30% cap rate and a Net Operating Income (NOI) of $3,754,140, with a pro-forma NOI of $3,738,114. The current lease term is two years. The property is zoned PBC, and underwriting suggests a potential redevelopment into 230 apartment units, offering significant future value. This prime location offers incredible views of the city and mountains, presenting a rare opportunity for developers seeking a high-return investment in a desirable Colorado Springs location. The current industrial use provides immediate cash flow, while the zoning allows for a future conversion to apartments, potentially yielding a significantly higher return on investment. This property is a unique blend of immediate income and long-term development potential.

Highlights

  • 240,270 SF multi-tenant warehouse in Colorado Springs, CO.
  • Located at 2727 Palmer Park Blvd on a 287,202 SF lot.
  • Asking price: $4,000,000 ($16.65/SF).
  • 5.30% cap rate and $3.75M NOI (pro-forma NOI: $3.74M).
  • Two-year lease term; PBC zoning allows for potential redevelopment into 230 apartment units.

Property Details for 2727 Palmer Park Blvd

Property type
Warehouses, Industrial properties
Square Feet
240,270 SF
Year Built/Renovated
1960/2021
Stories
4
Units
230

Location Insight

City
Colorado Springs
County
El Paso
State
Colorado
Latitude
38.8535716
Longitude
-104.7778922
2727 Palmer Park Blvd, Colorado Springs, Colorado

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2727 Palmer Park Blvd
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