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Shopping Neighborhood

Prime Hard-Corner | 67,544 Vehicles Per Day | 2021 Renovation | Top 6 Best Places to Live

5002-5004 N Academy Blvd, Colorado Springs, CO 80918

Listing Price: $6,800,000

Cap Rate
6.85%
Gross SF
35,506
Rentable SF
35,506
Price/Gross SF
$191.52
Lot Size
2.90 acres
Year Built
1978

Investment Overview

Marcus & Millichap is pleased to present Park Place Plaza located in Colorado Springs, Colorado. This rare opportunity to acquire a value-add shopping center on a premier corner. Leased to a diverse mix of tenants. Multiple tenants have over five years remaining on lease term. A new facade remodel was completed in 2021 with new pylon. Opportunity to add value and grow cap rate through leasing the remaining 20% of vacant space. Situated on the signalized, hard-corner intersection of Academy Boulevard and Union Boulevard with over 67,000 total vehicles passing per day. Easily accessible with ingress and egress from both boulevards. Ideally positioned amongst many national retailers, public schools and the University of Colorado, Colorado Springs. Doherty high school has 1,892 students. The University of Colorado, Colorado Springs has over 12,000 students, 800 faculty members, and 800 staff members and contributes $600 million each year in economic impact. Across from Target, Safeway, Big Lots, and Big 5 Sporting Goods. Other notable retailers in the area include Dollar Tree, Boot Barn, Walgreens, Starbucks, McDonald’s, Chipotle, Ace Hardware, Pet Supplies Plus, Ross Dress for Less, and more. Highly populated area with an extremely high daytime population of 320,487 people within five miles of the subject property. There are 290,901 people living within five miles of subject property with an average household income of $92,772. Anticipated population growth of three percent is expected by 2025

Investment Highlights

  • Rare Opportunity to Acquire a Value-Add Shopping Center on a Premier Corner | Excellent Mix of Medical and Service Based Tenants
  • Façade Renovation in 2021 is Drawing New Leasing Activity
  • Opportunity to Add Value and Lease the Remaining 20% of Vacant Space
  • Situated on the Signalized, Hard-Corner Intersection of Academy Boulevard and Union Boulevard | 67,544 Combined Daily Traffic Counts
  • Stoplight Intersection with Dual Six Lane Roads | Positioned Along One the Most Popular Shopping Corridors
  • Ideally Positioned Amongst Many National Retailers, Public School and the University of Colorado, Colorado Springs
  • Highly Populated Area | Extremely High Daytime Population of 320,487 People Within Five Miles of Subject Property

Exclusively Listed By

Broker of Record

  • Adam Lewis

    Vice President/Regional Manager

    (303) 328-2000

    License(s) CO: ER100091205

    Colorado

Shopping Neighborhood

Prime Hard-Corner | 67,544 Vehicles Per Day | 2021 Renovation | Top 6 Best Places to Live

Listing Price: $6,800,000

Cap Rate
6.85%
Gross SF
35,506
Rentable SF
35,506
Price/Gross SF
$191.52
Lot Size
2.90 acres
Year Built
1978

Investment Highlights

  • Rare Opportunity to Acquire a Value-Add Shopping Center on a Premier Corner | Excellent Mix of Medical and Service Based Tenants
  • Façade Renovation in 2021 is Drawing New Leasing Activity
  • Opportunity to Add Value and Lease the Remaining 20% of Vacant Space
  • Situated on the Signalized, Hard-Corner Intersection of Academy Boulevard and Union Boulevard | 67,544 Combined Daily Traffic Counts
  • Stoplight Intersection with Dual Six Lane Roads | Positioned Along One the Most Popular Shopping Corridors
  • Ideally Positioned Amongst Many National Retailers, Public School and the University of Colorado, Colorado Springs
  • Highly Populated Area | Extremely High Daytime Population of 320,487 People Within Five Miles of Subject Property

Investment Overview

Marcus & Millichap is pleased to present Park Place Plaza located in Colorado Springs, Colorado. This rare opportunity to acquire a value-add shopping center on a premier corner. Leased to a diverse mix of tenants. Multiple tenants have over five years remaining on lease term. A new facade remodel was completed in 2021 with new pylon. Opportunity to add value and grow cap rate through leasing the remaining 20% of vacant space. Situated on the signalized, hard-corner intersection of Academy Boulevard and Union Boulevard with over 67,000 total vehicles passing per day. Easily accessible with ingress and egress from both boulevards. Ideally positioned amongst many national retailers, public schools and the University of Colorado, Colorado Springs. Doherty high school has 1,892 students. The University of Colorado, Colorado Springs has over 12,000 students, 800 faculty members, and 800 staff members and contributes $600 million each year in economic impact. Across from Target, Safeway, Big Lots, and Big 5 Sporting Goods. Other notable retailers in the area include Dollar Tree, Boot Barn, Walgreens, Starbucks, McDonald’s, Chipotle, Ace Hardware, Pet Supplies Plus, Ross Dress for Less, and more. Highly populated area with an extremely high daytime population of 320,487 people within five miles of the subject property. There are 290,901 people living within five miles of subject property with an average household income of $92,772. Anticipated population growth of three percent is expected by 2025

Exclusively Listed By

Broker of Record

  • Adam Lewis

    Vice President/Regional Manager

    (303) 328-2000

    License(s): CO: ER100091205

    Colorado

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