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5002-5044 N Academy Blvd
Colorado Springs, CO 80918
Park Place Shopping Center · Retail Property For Sale
Investment Highlights
- Signalized hard-corner location at N Academy Blvd and N Union Blvd with ±77,700 combined VPD
- Majority of tenants operate on NNN leases with contractual annual rent increases
- Recent capital improvements include parking lot repairs and façade upgrades, limiting near-term CapEx requirements
- 84% leased neighborhood retail center with value-add upside through lease-up of existing vacancy
- Potential to reduce basis through the sale of the freestanding Perfect Teeth pad as a single-tenant investment
- Average household income exceeds $112,000 within a 1-mile radius
Executive Summary
Blue West Capital is pleased to present Park Place Plaza, a well-located neighborhood retail center in Colorado Springs at the signalized intersection of N Academy Blvd and N Union Blvd, with ±77,700 combined VPD.
The property totals 34,578 SF and is currently 84% leased to a diverse mix of medical, fitness, personal service, and retail tenants. Existing vacancy provides value-add upside through lease-up, while NNN leases with annual rent increases support long-term income growth. Recent parking lot and facade improvements help minimize near-term capital needs.
Located in one of Colorado’s fastest-growing markets, Park Place Plaza benefits from strong population and job growth, excellent visibility, and proximity to major employers including Fort Carson, Peterson Space Force Base, Schriever Space Force Base, and the U.S. Air Force Academy. The area’s strong demographics and regional growth continue to drive retail demand and investment activity.
The property totals 34,578 SF and is currently 84% leased to a diverse mix of medical, fitness, personal service, and retail tenants. Existing vacancy provides value-add upside through lease-up, while NNN leases with annual rent increases support long-term income growth. Recent parking lot and facade improvements help minimize near-term capital needs.
Located in one of Colorado’s fastest-growing markets, Park Place Plaza benefits from strong population and job growth, excellent visibility, and proximity to major employers including Fort Carson, Peterson Space Force Base, Schriever Space Force Base, and the U.S. Air Force Academy. The area’s strong demographics and regional growth continue to drive retail demand and investment activity.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
34,578 SF
Building Class
C
Year Built/Renovated
1978/2021
Price
$8,000,000
Price Per SF
$231.36
Cap Rate
6.75%
NOI
$540,246
Percent Leased
70%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.27
Lot Size
2.90 AC
Zoning
PBC - Planned Business Center
Parking
150 Spaces (4.34 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Signage
- Signalized Intersection
- Monument Signage
Property Taxes
| Parcel Number | 63214-07-008 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,742,580 |
Property Taxes
Parcel Number
63214-07-008
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,742,580
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