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    1512/1518 S Corona Ave Colorado Springs, CO 80905

    Sponsored
    For Sale
    $2,175,000

    MULTI_FAMILY - Colorado Springs, CO

    Type:Apartment
    Lot size:
    0.37 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 5 at 2:06 am

    Property Features for 1512/1518 S Corona Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    Basement
    Partial, Crawl Space
    Lot size
    0.37 Acres

    Utilities

    Heating system
    Baseboard, Forced Air, Electric (Heating), Natural Gas

    Building Details

    Year built
    1954
    Roof type
    Shingle

    We can help!

    Listing Contact
    Aaron Moore
    Aaron Moore

    Kenney & Company (719) 550-1515

    Listing agent Aaron Moore (719) 287-8881

    Listing date Mar 4, 2026

    MLS# 6028994 Listing URL

    Copyright © 2026 Pikes Peak Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Stabilized Multifamily Asset in Colorado

    This is a 14-unit stabilized multifamily asset located in Colorado Springs, Colorado. The property is a turnkey investment that delivers immediate cash flow with institutional-quality operating performance, supported by a proven rent roll and a low expense structure. The property is fully occupied with 14 leased one-bedroom/one-bath units, ranging from 420 to 450 square feet. Trailing twelve-month financials reflect an 8.8% in-place cap rate with an operating expense ratio of 16%. All major capital improvements have been completed within the last 24 months, including new appliances, flooring, windows, doors, and electrical upgrades planned for 2025. The roof of the 1518 building was replaced in 2024. A RUB utility reimbursement system enhances NOI stability and offsets operating costs. The property is situated on a lot of 0.3747 acres. Located in Colorado Springs, one of Colorado's fastest-growing markets, the property benefits from a diverse employment base anchored by military and defense installations including Fort Carson, Peterson Space Force Base, and Schriever Space Force Base.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.818062
    Latitude
    38.812145

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    FAQs

    What type of property is this?
    Apartment building - 14-unit multifamily property with immediate cash flow in Colorado Springs.
    Where is this apartment building located?
    The property is located at 1512/1518 S Corona Ave Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $2,175,000.
    What are key features of this property?
    This property features: - Attractive 8.8% in-place cap rate with a low 16% operating expense ratio, delivering immediate cash flow.; - Fully occupied with 14 leased one-bedroom/one-bath units, providing a proven rent roll.; - **All major capital improvements completed within the last 24 months, including new appliances, flooring, windows, doors, electrical upgrades (2025), and roof replacement on the 1518 building (2024).**
    (719) 287-8881
    Request Owner's contact information
    1512/1518 S Corona Ave Colorado Springs, CO 80905
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    Colorado Springs, CO 80905
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1512/1518 S Corona Ave Colorado Springs, CO 80905
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    We can help!
    Listing Contact
    Aaron Moore
    Aaron Moore
    Real Estate License ID: 100045037
    (719) 287-8881 (719) 550-1515
    Learn more
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