523 Nevada AveColorado Springs, CO 80903

Property Details for 523 Nevada Ave

Year built

1963

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.22 AC

Property size (Sq ft)

2,652 SF

Zone code

OR

Property type

Healthcare properties

Property subtype

Medical offices

APN

6407419027

APU

6407419027

Description

This 5,583 square foot medical office building in Colorado Springs, CO, is situated on a 0.22-acre lot and offers excellent visibility from Nevada Avenue. Built in 1963, the Class C property features 3,876 square feet of net rentable space, divided into two units, each with one bedroom and one bathroom. One unit is currently leased for $1,000 per month, while the other is vacant. The building includes a reception area, waiting room, two restrooms, and a 1,707 square foot basement. Additional amenities include a 1,224 square foot space plus a one-car garage, ample parking (3.14 spaces per 1,000 square feet) with additional street parking, and 600 AMP power. The property is zoned OR and is ideally suited for medical or general office use. Its location just north of downtown Colorado Springs provides easy access to various amenities and services. The asking price is $650,000, representing a price per square foot of $167.70. This presents a compelling investment opportunity with potential for increased rental income.

• CAP approach

  CAP return

  Valuation

  6%

  $580,083

  6.5%

  $535,461

  7%

  $497,214

• Comparable approach

  Method

  Valuation

  Relative Method

  $219,108

  Geo Method

  $219,108

• Alternative Use

  Use

  Valuation

  Residential

  $663,972

  Hospitality

  $608,195

  Educational

  $506,011

  Medical

  $523,413

  Retail

  $787,128

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8417

Longitude

-104.821

CBSA code

17820

CBSA name

COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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