Remodeled Mixed-Use Property with Private
For Sale
$675,000
323 S Union Ave, Pueblo, CO 81003
COMMERCIAL - Pueblo, CO
Property Size2,760 SF
Lot Size0.07 Acres
Price / SF$244.57
Days on Market50
Property Features for 323 S Union Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HB
Subdivision
Union Historical
Lot features
Interior Lot, Business Park, Shopping Center, Office Center, Historic Business District
Elementary school
60
Middle school
60
High school
60
Standard status
Active
APN
0536409014
Size
2,760 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
NE 9 IN LOT 28 ALL 27 EXC 8 FT BY 90 FT OFF NE SIDE BLK 48 SOUTH PUEBLO
Tax Annual Amount
7446
Legal Description
NE 9 IN LOT 28 ALL 27 EXC 8 FT BY 90 FT OFF NE SIDE BLK 48 SOUTH PUEBLO
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Electric (Heating), Radiant
Cooling system
Ceiling Fan(s), Evaporative Cooling
Water source
Public
Building Details
Year built
1908
Floors in Building
2
Roof type
Flat, Tar/Gravel
Listing Agency:
Keller Williams Advantage
(303) 986-4300
Listed By:
The Top Shelf Team
(719) 289-6494
Added: Jul 12
Changed: Aug 18
Last Checked: Aug 30 at 5:06AM
MLS# 234391
Copyright © 2026 Pueblo 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.
Investment Insights
Based on property information with market context.
This 2,760-square-foot mixed-use property dates to 1908 and is currently occupied for office and short-term rental purposes. The layout includes 8 rooms, 5 restrooms, and an additional shower. Interior character remains through original built-in bookcases, a library ladder, and a detailed banister. Recent work includes remodeling, front facade restoration, and new exterior paint.
The property sits at 323 S Union Ave in Pueblo’s historic district, along Union Avenue and near the Historic Riverwalk. Private parking is provided in Neon Alley, with newly painted parking lines. The building has HB zoning, a flat tar-and-gravel roof, public water and sewer, natural gas, baseboard, electric, and radiant heating, plus ceiling fans and evaporative cooling.
The property sits at 323 S Union Ave in Pueblo’s historic district, along Union Avenue and near the Historic Riverwalk. Private parking is provided in Neon Alley, with newly painted parking lines. The building has HB zoning, a flat tar-and-gravel roof, public water and sewer, natural gas, baseboard, electric, and radiant heating, plus ceiling fans and evaporative cooling.
Key Highlights
- 2,760‑square‑foot mixed‑use property built in 1908
- Currently used for office space and short‑term rentals
- 8 rooms, 5 restrooms, and an additional shower
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,243
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$604,860
$604.9K
Cap Rate 7%
$432,043
$432.0K
Cap Rate 9%
$336,033
$336.0K
Market Conditions
NOI Build-Up for 2,760 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.4K $15.00/SF
− Vacancy
−$1.1K −$0.39/SF
EGI
$40.3K $14.61/SF
− OpEx
−$10.1K −$3.65/SF
NOI
$30.2K $10.96/SF
Area
Pueblo, CO
Vacancy
2.60%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$604,860
Cap Rate 7%
$432,043
Cap Rate 9%
$336,033
Alternative Uses
Best Use
Office B
$432.0K
$378.0K – $504.1K
NOI $30,243 @ 7.0% cap · market cap 4.48%
Second Best
Mixed Use
$383.2K
$335.3K – $447.1K
NOI $26,827 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$575.1K
$503.2K – $671.0K
NOI $40,259 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,057
Businesses Nearby
Explore this area
Business Placement
Demographics for 81003, CO
15,169
Population
6,233
Households
2.4
Avg Household Size
38
Median Age
18%
College-Educated
80%
High-School Grad
12.2 sq mi
ZIP Area
1,243
Density / Sq Mi
$43,750
Median Household Income
$33,941
Median Earnings
$847
Median Rent
$178,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Built in 1908, the property combines office and short-term rental use with historic interior details.
Where is this mixed-use property located?
The property is located at 323 S Union Ave Pueblo, CO.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,760‑square‑foot mixed‑use property built in 1908; Currently used for office space and short‑term rentals; 8 rooms, 5 restrooms, and an additional shower
