Renovated Four-Unit
For Sale
Contact for pricing
1011-1013 Bennett Avenue, Colorado Springs, CO 80909
Recently renovated four-unit property with 2-bedroom layouts, in-unit laundry, and off-street parking.
Property Size3,600 SF
Price / SF$194.17
Days on Market65
Property Features for 1011-1013 Bennett Avenue
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
4
Property subtype
Retail, Multifamily
Zoning
R5
Building Details
Year Built
1985
Buildings
2
Units
4
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - Denver, Colorado
(417) 459-2155
Listed By:
Lee Wagner · License #CO 100084704
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 10 at 10:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield - Denver, Colorado
Investment Insights
Based on property information with market context.
1011-1013 Bennett Avenue is a recently renovated four-unit multifamily property offering two-bedroom, two-bath residences across 4 total units. Each unit features a functional floorplan with updated interiors and in-unit laundry, designed to support everyday livability. Off-street parking is also included, adding convenience for residents.
The asset is positioned in Colorado Springs and is described as being located in an infill setting with convenient access to major employment centers, military installations, and downtown Colorado Springs. This central convenience can be relevant for tenants who value shorter commutes and access to a range of area destinations.
For investors or owner-operators, this configuration provides an efficient unit mix of spacious 2-bedroom, 2-bath homes. The combination of recent renovations, in-unit laundry, and off-street parking may appeal to renters seeking modern in-home amenities while supporting practical day-to-day management. The property is being offered for sale as a 4-unit income-focused multifamily opportunity.
The asset is positioned in Colorado Springs and is described as being located in an infill setting with convenient access to major employment centers, military installations, and downtown Colorado Springs. This central convenience can be relevant for tenants who value shorter commutes and access to a range of area destinations.
For investors or owner-operators, this configuration provides an efficient unit mix of spacious 2-bedroom, 2-bath homes. The combination of recent renovations, in-unit laundry, and off-street parking may appeal to renters seeking modern in-home amenities while supporting practical day-to-day management. The property is being offered for sale as a 4-unit income-focused multifamily opportunity.
Key Highlights
- Recently renovated 4‑unit multifamily built in 1985
- All units are 2 bed / 2 bath, averaging about 800 SF each
- Units include in‑unit laundry
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
$47,152
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
6.75%
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%
$943,040
$943.0K
Cap Rate 7%
$673,600
$673.6K
Cap Rate 9%
$523,911
$523.9K
Market Conditions
NOI Build-Up for 3,600 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
$71.3K $19.80/SF
− Vacancy
−$3.9K −$1.09/SF
EGI
$67.4K $18.71/SF
− OpEx
−$20.2K −$5.61/SF
NOI
$47.2K $13.10/SF
Area
Colorado Springs, CO
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$943,040
Cap Rate 7%
$673,600
Cap Rate 9%
$523,911
Alternative Uses
Best Use
Multifamily LT 5
$673.6K
$589.4K – $785.9K
NOI $47,152 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$624.2K
$546.2K – $728.3K
NOI $43,697 @ 7.0% cap · market cap 6.25%
Theoretical Best
Specialty Retail
$710.9K
$622.1K – $829.4K
NOI $49,766 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
825
Businesses Nearby
Explore this area
Business Placement
Demographics for 80909, CO
37,302
Population
16,572
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
7.9 sq mi
ZIP Area
4,722
Density / Sq Mi
$61,777
Median Household Income
$36,894
Median Earnings
$1,227
Median Rent
$352,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Recently renovated four-unit property with 2-bedroom layouts, in-unit laundry, and off-street parking.
Where is this quadplex located?
The property is located at 1011-1013 Bennett Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Recently renovated 4‑unit multifamily built in 1985; All units are 2 bed / 2 bath, averaging about 800 SF each; Units include in‑unit laundry
