280 Main StColorado Springs, CO 80911

Property Details for 280 Main St

Year built

1998

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.92 AC

Property size (Sq ft)

13,833 SF

Zone code

CC

Property type

Retail properties

Property subtype

Outlet malls

APN

6511407101

APU

6511407101

Description

This exceptional investment opportunity presents a freestanding Walgreens located at 280 Main St, Colorado Springs, CO 80911. The property boasts a 13,905 square foot building situated on a 1.42-acre lot at a hard corner, four-way signalized intersection with over 25,000 vehicles daily. The property benefits from a highly visible location within a strategic medical hub, proximate to numerous medical centers and clinics. This single-tenant, Absolute NNN lease with Walgreens, a Fortune 500 company (S&P rating BBB), offers significant long-term stability. The lease commenced January 28, 2002, and has a remaining term of approximately 2.2 years, with ten 5-year renewal options. Walgreens has occupied the property since its opening, demonstrating a strong commitment to the location. The current Net Operating Income (NOI) is $308,813. The tenant is responsible for all expenses, including taxes, insurance, and maintenance (including roof and structure). This property offers a compelling combination of a strong tenant, a prime location, and a long-term lease, making it an ideal addition to any investment portfolio. The property is located less than 10 miles from Colorado Springs Airport and Peterson Space Force Base. The surrounding area includes numerous national tenants such as Ross Dress for Less, Planet Fitness, Sonic, Mavericks, Lowe's, Walmart, and Safeway. The area's population within a 5-mile radius exceeds 120,000 people.

• CAP approach

  CAP return

  Valuation

  6%

  $4,447,853

  6.5%

  $4,105,710

  7%

  $3,812,445

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,880,064

  Geo Method

  $2,880,064

• Alternative Use

  Use

  Valuation

  Residential

  $3,463,320

  Hospitality

  $3,172,383

  Educational

  $2,639,385

  Medical

  $2,730,158

  Retail

  $4,105,710

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.7526

Longitude

-104.743

CBSA code

17820

CBSA name

COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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