Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Corner Lot Apartment Complex Opportunity Title is generated by Realmo AI

    703 E Costilla Street, Colorado Springs, CO 80903

    View on Map
    Claim this Listing
    For Sale
    $399,000

    LAND - Colorado Springs, CO

    Lot size:
    0.22 Acres
    Added:
    Apr 9, 2026
    Days on Market:
    55
    Last Refresh:
    Jun 2 at 7:06 am

    Property Features for 703 E Costilla Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.22 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    3155

    We can help!

    Listing Contact
    Daniel Jones

    Listing agent Daniel Jones

    Listing office Better Homes and Gardens Real Estate Kenney & Company 2120-a Academy Circle S, Colorado Springs, CO

    Listing date Apr 9, 2026

    MLS# 8066314 Listing URL

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

    HighLights

    • Opportunity Zone: Zero capital gains taxes after 10 years.
    • Shovel‑ready: Approved plans, permits ready, tap fees paid.
    • 10 luxury, Class A apartment units in downtown Colorado Springs' Hillside community.
    • Amazing mountain views and immediate proximity to downtown amenities.
    • 8 covered parking spots, 8 storage units, and 8 bike storage units.
    • Features include a dedicated dog wash and electric vehicle charging stations.

    Overview

    Located on a corner lot in downtown Colorado Springs' Hillside community, this property is a shovel-ready, urban infill apartment complex. It offers an opportunity to build 10 luxury, Class A units with mountain views and proximity to downtown amenities. The property's Opportunity Zone tax benefits allow for potentially paying zero capital gains taxes on the sale after building and owning the apartments for ten years. The project is ready for builder permits, with all drawings and site variances approved and stamped by the city, and tap fees already paid. The units will feature 9' interior ceilings, 8 tuck-under covered parking spots, 8 storage units, 8 bike storage units, a dedicated dog wash, and electric vehicle charging stations. The property is 0.2181 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Pharmacy Auto Repair Shop

    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
    -104.813056
    Latitude
    38.827483

    Nearby Similar for Sale

    • $1,600,000

      Colorado Springs Flex Office/Warehouse

      Functional office and warehouse space in prime Colorado Springs location.
      7302 Cole View, Colorado Springs, CO 80915
      View Details
    • $2,450,000
      4,626 SF

      Turnkey Restaurant Opportunity in Colorado

      Modern restaurant with pet exercise areas and mountain views.
      2207 Bott Ave., COLORADO SPRINGS, CO 80904
      View Details
    • $529,000

      Colorado Springs Commercial Land Parcel

      1.02-acre commercial lot in a growing Colorado Springs area.
      6452 Templeton Gap Road, Colorado Springs, CO 80923
      View Details
    • $1,050,000

      Freestanding Industrial Building For Sale

      Move-in ready industrial building with drive-through bays and fenced yard.
      3930 Galley Road, Colorado Springs, CO 80909
      View Details
    • $5,900,000

      Industrial Campus with High-Power Capacity

      Industrial facility in high-demand corridor suitable for various operations.
      4975 N 30th Street, Colorado Springs, CO 80919
      View Details
    • $1,399,900
      5,188 SF

      New Duplex in Creekwalk

      Newly built duplex with modern design and investment potential.
      135 Terrace Drive, Colorado Springs, CO 80906
      View Details
    • $2,295,000

      Turnkey Restaurant Opportunity

      Modern restaurant with pet exercise areas and mountain views.
      2207 Bott Avenue, Colorado Springs, CO 80904
      View Details
    • $989,900
      2,594 SF

      New Duplex Near UCCS

      To be built duplex with modern features near UCCS.
      4266 Orchid Street, Colorado Springs, CO 80917
      View Details
    • $545,000
      2,544 SF

      Desirable Duplex in Colorado Springs

      Duplex with detached garages near parks and downtown Colorado Springs.
      2406-2408 W Uintah Street, Colorado Springs, CO 80904
      View Details
    • $3,290,310

      Colorado Springs Commercial Redevelopment Opportunity

      Prime commercial property with high redevelopment potential in a desirable location.
      1850 Dominion Way, Colorado Springs, CO 80918
      View Details
    • $1,125,000
      1,585 SF

      Colorado Springs Multi-Family Acreage

      Rare opportunity: multi-family property on five acres near Fox Run Park.
      16265 Roller Coaster Road, Colorado Springs, CO 80921
      View Details
    • $575

      Colorado Springs Office Suite

      Centrally located office suites with shared amenities and utilities included.
      3775 E La Salle Street, Colorado Springs, CO 80909
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Shovel-ready apartment complex in downtown Colorado Springs' Hillside community.
    Where is this residential land & home lot located?
    The property is located at 703 E Costilla Street Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Opportunity Zone: Zero capital gains taxes after 10 years.; Shovel‑ready: Approved plans, permits ready, tap fees paid.; **10 luxury, Class A apartment units** in downtown Colorado Springs' Hillside community.
    (719) 550-1515
    We can help!
    Listing Contact
    Daniel Jones
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    703 E Costilla Street, Colorado Springs, CO 80903
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!