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3480 N Academy Blvd
Colorado Springs, CO 80917
Co Springs Walgreens Replaceable Rent Levels · Retail Property For Sale
Investment Highlights
- Walgreens is currently paying $19 per square foot, which is in line with current market retail rents of $19-21 per square foot.
- The property is positioned within a well established multifamily corridor, in proximity to 4,100+ existing multifamily units within a 1-mile radius.
- Walgreens has operated at this location roughly 30 years since the store opening in 1996.
- Walgreens benefits from dense infill demographics with 48,000 households and 117,000 residents in a 3-mile radius.
- In 2025, Walgreens waived their next option period extending the lease to March 31, 2032.
- Located 3 mi E of University of Colorado Colorado Springs, one of four campuses that make up the University of Colorado system with 11,300 students.
Executive Summary
We are pleased to market for sale the Walgreens property located at 3480 North Academy Boulevard in Colorado Springs, CO (“The Property”). Walgreens has been successfully operating at this location for 30 years and has over 5 years of firm term remaining with 6 (5-year) options to renew.
Walgreens is currently paying $19 per square foot, which is in line with current market retail rents of $19-21 per square foot. The Property is positioned within a dense, infill trade area supported by over 48,000 households and 117,000 residents within a 3-mile radius, including 4,100+ multifamily units within a 1-mile radius, underscoring an established, high demand multifamily corridor and a deep, renter driven consumer base.
In 2025, Walgreens elected to waive its next option period extending the lease term out to March 31, 2032 showing their commitment to this location.
The Property is located just 3 miles east of the University of Colorado-Colorado Springs, one of four campuses in the University of Colorado system, home to 11,300 students and 800 faculty members who contribute additional, steady demand to the surrounding area.
Walgreens is currently paying $19 per square foot, which is in line with current market retail rents of $19-21 per square foot. The Property is positioned within a dense, infill trade area supported by over 48,000 households and 117,000 residents within a 3-mile radius, including 4,100+ multifamily units within a 1-mile radius, underscoring an established, high demand multifamily corridor and a deep, renter driven consumer base.
In 2025, Walgreens elected to waive its next option period extending the lease term out to March 31, 2032 showing their commitment to this location.
The Property is located just 3 miles east of the University of Colorado-Colorado Springs, one of four campuses in the University of Colorado system, home to 11,300 students and 800 faculty members who contribute additional, steady demand to the surrounding area.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,905 SF
Building Class
B
Year Built
1998
Price
$3,655,172
Price Per SF
$262.87
Cap Rate
7.25%
NOI
$265,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.15
Lot Size
2.08 AC
Zoning
C5, Colorado Springs
Parking
76 Spaces (5.47 Spaces per 1,000 SF Leased)
Frontage
279’ on N Academy Blvd
Amenities
- Bus Line
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Property Taxes
| Parcel Number | 63341-01-023 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $496,560 |
Property Taxes
Parcel Number
63341-01-023
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$496,560
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