2921 Nevada AveColorado Springs, CO 80907

Property Details for 2921 Nevada Ave

Year built

1995

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.35 AC

Property size (Sq ft)

13,372 SF

Zone code

C6 NNA

Property type

Outlet malls

APN

6331408011

APU

6331408011

Description

This exceptional investment opportunity presents a 13,500 square foot Walgreens located at 2921 N Nevada Ave, Colorado Springs, CO 80907. The property sits on a 1.35-acre lot and boasts a strong 7.00% cap rate, generating a net operating income (NOI) of $310,500. Secured by a corporate guarantee, the absolute NNN lease with Walgreens features a remaining term of 8.8 years, expiring September 1, 2033, and includes 5% rent bumps every 5 years, providing built-in rent growth. The property benefits from its high-traffic location at the hard corner of East Fillmore Street (34,921 VPD) and North Nevada Avenue (20,506 VPD), offering excellent visibility and accessibility. Its proximity to Interstate 25 and the University of Colorado Colorado Springs (UCCS) with 11,431 students ensures a consistent customer base. The affluent Colorado Springs MSA, with average household incomes of $84,956 within 5 miles, further strengthens the investment's appeal. Nearby national retailers include McDonald's, Taco Bell, KFC, Burger King, and Sonic. This is a 100% occupied, single-tenant property representing a secure and lucrative investment opportunity. The asking price is $4,436,000.

• CAP approach

  CAP return

  Valuation

  6%

  $3,382,640

  6.5%

  $3,122,430

  7%

  $2,899,400

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,148,990

  Geo Method

  $1,148,990

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $6,129,060

  Mixed-Use / Specialty

  $3,095,140

  Hospitality / Lodging

  $2,249,750

  Office

  $3,059,910

  Institutional / Educational

  $3,211,920

  Residential Income

  $3,757,940

  Multifamily

  $4,596,700

  Automotive / Energy

  $2,753,070

  Parking / Income-Based Land

  $966,023

  Restaurant / Food Service

  $1,575,300

  Healthcare / Senior Housing

  $3,190,580

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8738

Longitude

-104.819

CBSA code

17820

CBSA name

COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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