525 N Nevada Ave

ESTATE SALE: PRICE TO SELL QUICKLY: 525 North Nevada Avenue, a freestanding professional office building in one of Colorado Springs’ most accessible near-downtown corridors. The asking price is only $625,000 ($195 per square foot) which is below replacement cost and comparable other office buildings sales. “The Estate said price it to sell!” This is an excellent opportunity for a business owner who wants to own their workspace, control their real estate costs, and generate rental income by leasing out the offices they don’t occupy. The building is 3,216 square feet on 3 floors. Historically occupied by healthcare professionals, the rents have been kept low and the leases short to accommodate the long-term nature of the current tenant mix most of who have been in tenancy for years. As it is, the building generates around $45,000 in gross rent. The taxes are $8,000 the insurance is estimated to be around $4,000, and utilities run around $6,000 a year. The big negative is the building needs some TLC (paint and general refreshing) but that’s offset by the large parking lot in the rear that is part of the sale.