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980 Elkton Drive, Colorado Springs, CO 80907

BK
CO CO FA100045203
Marcus & Millichap - Denver
MR
CO FA100103604
Marcus & Millichap - Denver
Listed by Marcus & Millichap - Denver
$10,050,000
1 day on market
Updated 1 day ago

980 Elkton Drive

Details
Property Type Industrial
Sub Type Flex
Square Footage 53,797
Cap Rate 6.62%
NOI $665,004
Occupancy 66.8%
Tenancy Multi
Pro-Forma Cap Rate 9.20%
Pro-Forma NOI $924,868
Price per SqFt $187
Class B
Year Built 1994
Buildings 1
Acreage 4.350
Investment Type Value Add
Ground Lease No
Loading Docks 6

Industrial | 6.62% CAP | 53,797 SqFt

Marketing description

980 Elkton Drive is a well-maintained 53,797 SF industrial flex asset located on 4.35 acres in Colorado Springs' premier Garden of the Gods corridor. The property offers durable in-place income, and clear upside through lease-up or owner-user occupancy.

Built in 1994, 980 Elkton features reinforced concrete construction, a clean modern facade, clear heights up to 18 feet, six grade-level loading doors, and wraparound parking for efficient ingress and egress. The roof, HVAC, and parking lot are all in good condition, creating simplified post-acquisition management & reduced capex concerns.

The property is anchored by American Medical Response, which leases 28,281 SF through September 2035. Dark Wolf leases 6,928 SF through June 2029, further supporting the asset's in-place income.

The remaining 17,840 SF vacancy is in clean-slate, warm shell condition, making it usable for a wide range of operators without requiring heavy improvements. This creates a straightforward lease-up path while also giving owner-users the ability to occupy a meaningful portion of the building.

The asset is positioned in the Garden of the Gods industrial corridor, a tech and defense-driven submarket with close proximity to I-25, strong local amenities, and attractive nearby housing options. This location supports long-term demand from industrial, service, medical, technology, and defense-oriented users.

Investment highlights

  • 6.62% Going-In Cap Rate
  • 9.2% Stabilized Cap Rate Upon Lease-Up
  • 70% LTV Debt Guidance with Three-Year Interest-Only Period
  • Projected 26.8% Levered IRR / 2.40x Equity Multiple on Year 4 Exit

Listing Contacts

BK
CO CO FA100045203
Marcus & Millichap - Denver
MR
CO FA100103604
Marcus & Millichap - Denver
Listed by Marcus & Millichap - Denver

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$665,004.00
$55,417.00/mo

Valuation Metrics

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DSCR
6.62%
Cap Rate
6.62%
ROI

Map

Zoning

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BP CommercialSpecial CommercialBusiness Park
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Last updated May 8, 2026 For deeper zoning details, reports are available at Zoneomics

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Property History

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Additional Information

Name
Brandon Kramer
License
CO FA100045203
Brokerage
Marcus & Millichap
Title
Vice President
Brokerage Address
1144 15th Street
Name
Maxwell Rist
License
FA100103604
Brokerage Phone
3033282042
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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