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Office Medical

Southpointe Office/Medical Building

630 Southpointe Ct, Colorado Springs, CO 80906

Listing Price: $4,100,000

Cap Rate
7.07%
Gross SF
23,199
Rentable SF
22,019
Price/Gross SF
$176.73
Occupancy
94.9%
Year Built
1987
Lot Size
1.76 acres

Investment Overview

The offering consists of a 23,202 square foot (+ 3,000 SF basement) professional office/medical building located in Colorado Springs, Colorado. More specifically, the property is located in the affluent southwestern area of Colorado Springs near the intersection of Lake Avenue and Interstate 25. Comprised of two stories, the property is currently 94.90-percent occupied by six professional office and medical office tenants. There is currently one 1,183-square foot vacant suite on the ground floor offering upside upon lease-up. Furthermore, the property has a long-term history of stable occupancy with the current tenants paying at, or below, market rents. Constructed in 1987 and remodeled in 2002, the property has been kept in excellent condition (no deferred maintenance in the foreseeable future). The first floor has six suites (one vacancy) and is currently occupied by a diverse mix of general office and medical office tenants. First floor tenants include financial advisors, chiropractors, pain management advisors, and physical therapists. The second floor (10,767-square feet) is fully occupied by BiggsKofford, one the largest accounting firms in Colorado Springs. BiggsKofford has occupied this space since construction in 1987. Not included in the rentable square footage, is a 3,000-square foot climate-controlled basement. The tenants have been allowed to use the basement free of charge for storage. Additional income is achievable by renting the basement out for storage. The basement also provides easy access to the buildings plumbing. Another notable advantage is that 75 percent of the building is approved for use by medical tenants. As an added amenity, the tenants have access to several exterior balconies on both floors. Located near the intersection of Lake Avenue and Interstate 25, the property is easily accessible to all major areas of Colorado Springs. As a result, the property has held a historically high occupancy rate. Conveniently located across the street from the property is the Broadmoor Town Center. Broadmoor Town Center’s tenants include Home Depot, IHop, Red Robin, Bed Bath & Beyond, Famous Footwear, On The Border, Ross, Old Navy, Michaels, Chipotle, Ulta, and Verizon (see included aerial photo). Furthermore, located one mile west of the property is the world-famous Broadmoor Hotel. Lastly, the property is highly visible with frontage along Lake Avenue. Listed for $4,100,000 or $176.71 per square foot, the property offers an investor the opportunity to purchase a stable investment with a history of strong occupancy. Currently 94.90 percent occupied the investment offers upside upon lease-up of the vacant suite increasing the cap rate from 7.07 percent to close to 8.00 percent. Additionally, with current rents at, or below market, additional upside can be achieved over time with increased rental rates.

Investment Highlights

  • Long-Term History of Stable Occupancy (94.90% Occupied)
  • Immediate Access to Interstate-25
  • Additional 3,000-SF of Basement Storage (Not Included in Rentable Square Footage)

Exclusively Listed By

Broker of Record

  • Adam A. Lewis

    Vice President/Regional Manager

    (303) 328-2000

    License(s) CO: ER100091205

    Colorado

Office Medical

Southpointe Office/Medical Building

Listing Price: $4,100,000

Cap Rate
7.07%
Gross SF
23,199
Rentable SF
22,019
Price/Gross SF
$176.73
Occupancy
94.9%
Year Built
1987
Lot Size
1.76 acres

Investment Highlights

  • Long-Term History of Stable Occupancy (94.90% Occupied)
  • Immediate Access to Interstate-25
  • Additional 3,000-SF of Basement Storage (Not Included in Rentable Square Footage)

Investment Overview

The offering consists of a 23,202 square foot (+ 3,000 SF basement) professional office/medical building located in Colorado Springs, Colorado. More specifically, the property is located in the affluent southwestern area of Colorado Springs near the intersection of Lake Avenue and Interstate 25. Comprised of two stories, the property is currently 94.90-percent occupied by six professional office and medical office tenants. There is currently one 1,183-square foot vacant suite on the ground floor offering upside upon lease-up. Furthermore, the property has a long-term history of stable occupancy with the current tenants paying at, or below, market rents. Constructed in 1987 and remodeled in 2002, the property has been kept in excellent condition (no deferred maintenance in the foreseeable future). The first floor has six suites (one vacancy) and is currently occupied by a diverse mix of general office and medical office tenants. First floor tenants include financial advisors, chiropractors, pain management advisors, and physical therapists. The second floor (10,767-square feet) is fully occupied by BiggsKofford, one the largest accounting firms in Colorado Springs. BiggsKofford has occupied this space since construction in 1987. Not included in the rentable square footage, is a 3,000-square foot climate-controlled basement. The tenants have been allowed to use the basement free of charge for storage. Additional income is achievable by renting the basement out for storage. The basement also provides easy access to the buildings plumbing. Another notable advantage is that 75 percent of the building is approved for use by medical tenants. As an added amenity, the tenants have access to several exterior balconies on both floors. Located near the intersection of Lake Avenue and Interstate 25, the property is easily accessible to all major areas of Colorado Springs. As a result, the property has held a historically high occupancy rate. Conveniently located across the street from the property is the Broadmoor Town Center. Broadmoor Town Center’s tenants include Home Depot, IHop, Red Robin, Bed Bath & Beyond, Famous Footwear, On The Border, Ross, Old Navy, Michaels, Chipotle, Ulta, and Verizon (see included aerial photo). Furthermore, located one mile west of the property is the world-famous Broadmoor Hotel. Lastly, the property is highly visible with frontage along Lake Avenue. Listed for $4,100,000 or $176.71 per square foot, the property offers an investor the opportunity to purchase a stable investment with a history of strong occupancy. Currently 94.90 percent occupied the investment offers upside upon lease-up of the vacant suite increasing the cap rate from 7.07 percent to close to 8.00 percent. Additionally, with current rents at, or below market, additional upside can be achieved over time with increased rental rates.

Exclusively Listed By

Broker of Record

  • Adam A. Lewis

    Vice President/Regional Manager

    (303) 328-2000

    License(s): CO: ER100091205

    Colorado

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