Industrial Space Overview
For developers, this is a rare gem in Colorado Springs' Palmer Park neighborhood. Two addresses/parcels at 2727 and 2701 Palmer Park Blvd., encompassing 6.59 acres, are now available for purchase. The incredible views of the city and mountains from these two lots are breathtaking, making Pikes Peak appear close enough to touch.
Currently, a 48,046 square foot industrial warehouse is situated on Lot 2727, while an auto shop totaling 1,361 square feet is located on 2701. Together, these parcels span 287,202 square feet and are priced at $9,475,000, equating to $32.99 per square foot.
After consultation with the City of Colorado Springs Planning Department, it is believed that the optimal use for these parcels would be their development into 230 apartment units. Underwriting has confirmed the feasibility of constructing and selling 230 apartments on the site by 2024. The current PBC zoning permits this development, and the City Planning Department has approved it.
The project's total hard costs are estimated to range from $40 to $45 million. If completed and sold in 2024, projections indicate that it could generate $1.80 per square foot in rent, translating to an approximate $72 million sale price or $316,000 per unit.
Currently, a 48,046 square foot industrial warehouse is situated on Lot 2727, while an auto shop totaling 1,361 square feet is located on 2701. Together, these parcels span 287,202 square feet and are priced at $9,475,000, equating to $32.99 per square foot.
After consultation with the City of Colorado Springs Planning Department, it is believed that the optimal use for these parcels would be their development into 230 apartment units. Underwriting has confirmed the feasibility of constructing and selling 230 apartments on the site by 2024. The current PBC zoning permits this development, and the City Planning Department has approved it.
The project's total hard costs are estimated to range from $40 to $45 million. If completed and sold in 2024, projections indicate that it could generate $1.80 per square foot in rent, translating to an approximate $72 million sale price or $316,000 per unit.
