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Colorado Springs, CO

2540 Astrozon Boulevard

Address:
2540 Astrozon Boulevard, Colorado Springs, CO 80916
Property Type:
Multi Tenant
Price:
$3,500,000
Cap Rate:
2.07% cap
NOI:
$72,425
Square Feet:
28,600 sqft
Lot Size:
3.43 acres
Price Per Square Foot:
$122.38
Year Built:
1986
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

• Small Bay Multi-Tenant Industrial Property Located Along Interstate 25 in Colorado Springs
• 90% Occupied with Month-to-Month Tenants and Below-Market Leases Provide a True Value-Add Opportunity
• 28,600 Square Feet of Space on 3.43 Acres Along South Academy Boulevard
• The Property Features 27 Grade-Level Doors, 14’ Clear Height and Eight Suites
• Unique Tenant Signage Opportunity Located Along Academy Boulevard with Over 33,000 VPD
• Located Less Than Five Miles from Colorado Springs Airport

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2540 Astrozon Boulevard in Colorado Springs, Colorado. The subject property consists of approximately 28,600 square feet of space and is situated on 3.43 acres of land. The small-bay multi-tenant asset features 27 grade-level doors, a clear height of 14’, and eight suites. With below-market rents, the 90 percent occupied property provides investors a true value-add opportunity. Located less than five miles from Colorado Springs Airport, the asset is primely situated near Interstate 25.

The subject property is located within the East submarket, containing a sizeable 10.9 million square feet of industrial space. Over the last year, the vacancy rate has trended down from 8.5 percent to 6.5 percent early in the second quarter. Partly thanks to a tighter market, industrial rent growth hit a record high of 5.5 percent annually in Q1 2022, more than double the five-year average. Annual rent growth in the East submarket exceeds the overall market by 110 basis points. Market rents now average $12.03 in the East submarket, offering tenants a significant 34 percent discount compared to the entire Colorado Springs market. As market rents continue to rise quickly, tenants will find it more advantageous to relocate and expand in the East submarket (CoStar).

Known as Olympic City USA for its world-class training facilities, Colorado Springs is the second-most populous city in the state of Colorado, with 478,961 residents, representing the 48th most populous city in the United States according to the 2020 U.S. Census. Situated just east of the geographic center of the state and 61 miles south of Denver, metro Colorado Springs hosts a population of 755,105 people. At 6,035 feet, the city sits over one mile above sea level, though some areas of the city are significantly higher. The U.S. military is a staple for the local economy, with the presence of Fort Carson, Peterson Air Force Base, and the U.S. Air Force Academy. Colorado Springs is situated near the base of one of the most famous American mountains, Pikes Peak, at the eastern edge of the southern Rocky Mountains. Colorado Springs consistently receives high rankings, such as no. 1 Best Big City in “Best Places to Live” by Money magazine, no. 1 Outside Magazine’s list of America’s Best Cities, and no. 2 on U.S. News list of most desirable cities (Marcus & Millichap).

BROKER OF RECORD
Adam Lewis
Denver Broker of Record
1225 17th Street, Suite 1800
Denver, CO 80202
Tel: (303) 328-2050
Adam.Lewis@marcusmillichap.com
License CO: ER100091205
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0060420)