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    6714 Palace Dr Colorado Springs, CO 80918

    View on Map
    Sponsored
    Pending
    $745,000

    MULTI_FAMILY - Colorado Springs, CO

    Lot size:
    0.23 Acres
    Days on Market:
    20
    Last Refresh:
    Mar 19 at 5:06 am

    Property Features for 6714 Palace Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Fireplace
    1
    Basement
    Partial
    Lot size
    0.23 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Evaporative Cooling

    Building Details

    Year built
    1972
    Roof type
    Shingle

    We can help!

    Listing Contact
    Lorie Skabo
    Lorie Skabo

    HomeSmart Realty Group (303) 858-8100

    Listing agent Lorie Skabo (719) 258-7948

    Listing date Feb 27, 2026

    MLS# 9387662 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

    Updated Duplex in Colorado Springs

    This duplex is located on the north end of Colorado Springs. One unit, 6714 Palace, has been completely updated and is currently used as an AirBnB. The other unit, 6716 Palace, has a tenant in place until May and a proven rental history. Unit 6714 has been extensively remodeled, including new cabinets, countertops, appliances, plumbing, and light fixtures in the kitchen and baths, as well as new wood laminate and carpet throughout. Unit 6716 is in average-good condition with newer carpet. Both units feature newer vinyl windows, newer front doors, and newer interior paint. Each unit has two separate decks and two separate oversized garages. RV parking is available along both side lot lines, accommodating two RVs up to 35 feet long, providing additional rental income. There are also several additional off-street parking spots on the driveway. Unit 6714 has a 3-piece bath in the lower level, while unit 6716 has a half bath in the lower level. A new front door and door frame for 6716 Palace will be installed prior to closing, similar to the one at 6714. The additional income listed is for the RV parking on a month-to-month basis. The right-side unit is under a lease agreement through May.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

    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
    -104.797783
    Latitude
    38.92857

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex with updated unit and rental income potential.
    Where is this duplex located?
    The property is located at 6714 Palace Dr Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $745,000.
    What are key features of this property?
    This property features: - Updated unit 6714 is move-in ready or continue as a successful AirBnB.; - Income potential from renting out the second unit 6716 with existing tenant.; - RV parking on both sides of the property provides additional rental income.
    (719) 258-7948
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    6714 Palace Dr Colorado Springs, CO 80918
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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
    6714 Palace Dr Colorado Springs, CO 80918
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    We can help!
    Listing Contact
    Lorie Skabo
    Lorie Skabo
    (719) 258-7948 (303) 858-8100
    Learn more
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