Mitre Office Building | 1155 Academy Park Loop
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Mitre Office Building 1155 Academy Park Loop
50,012 SF Office Building Colorado Springs, CO 80910 $9,500,000 ($190/SF) 9.74% Cap Rate
Investment Highlights
- Purchase an asset well below replacement cost.
- Strong credit and established tenant.
- NNN lease with limited Landlord responsibilities.
Executive Summary
Introducing an exceptional investment opportunity at 1155 Academy Park Loop, Colorado Springs—an office building poised as a valuable acquisition in a thriving market. This impressive property spans 50,012 square feet with a 5-year net lease with MITRE Corporation, a nonprofit corporation in the Science and Technology field with solid credit and over $2.2B in revenue in 2022, ensuring a stable and reliable income stream for an investor.
The building is offered at a sale price of $9,500,000, reflecting a cap rate of 9.74% and a price per square foot of $189.95, which is well below replacement cost. This attractive yield underscores the investment’s potential for substantial returns, bolstered by the security of a long-term lease with a reputable and financially robust tenant.
- Purchase an asset well below replacement cost.
- NNN lease with limited Landlord responsibilities.
- Strong credit and established tenant.
- Construction of the original 35,000 SF building was completed in 2002 by Panatonni Construction Co., a leading developer.
- Construction of 15,000 SF addition was completed by Panatonni in 2005, which included a secure loading bay, among other improvements.
- Significant improvements done in the last decade to upgrade the facility to meet the Tenant’s needs.
- Located in an Enterprise Zone
The building is offered at a sale price of $9,500,000, reflecting a cap rate of 9.74% and a price per square foot of $189.95, which is well below replacement cost. This attractive yield underscores the investment’s potential for substantial returns, bolstered by the security of a long-term lease with a reputable and financially robust tenant.
- Purchase an asset well below replacement cost.
- NNN lease with limited Landlord responsibilities.
- Strong credit and established tenant.
- Construction of the original 35,000 SF building was completed in 2002 by Panatonni Construction Co., a leading developer.
- Construction of 15,000 SF addition was completed by Panatonni in 2005, which included a secure loading bay, among other improvements.
- Significant improvements done in the last decade to upgrade the facility to meet the Tenant’s needs.
- Located in an Enterprise Zone
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
50,012 SF
Building Class
B
Year Built/Renovated
2001/2014
Price
$9,500,000
Price Per SF
$190
Cap Rate
9.74%
NOI
$925,222
Tenancy
Single
Building Height
1 Story
Typical Floor Size
50,012 SF
Slab To Slab
12’
Building FAR
0.26
Lot Size
4.46 AC
Zoning
PBC-NP, CO Springs
Parking
160 Spaces (3.2 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Convenience Store
- Signage
- Car Charging Station
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PROPERTY TAXES
| Parcel Number | 64224-09-003 | Improvements Assessment | $1,919,660 |
| Land Assessment | $192,420 | Total Assessment | $2,112,080 |
PROPERTY TAXES
Parcel Number
64224-09-003
Land Assessment
$192,420
Improvements Assessment
$1,919,660
Total Assessment
$2,112,080
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Mitre Office Building | 1155 Academy Park Loop
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