3-Unit Multifamily
New
For Sale
$550,000
1012 Iowa Avenue, Colorado Springs, CO 80909
Two fenced residences span three lots, with separate entrances serving the existing units.
Property Size2,488 SF
Price / SF$221.06
Days on Market2
Property Features for 1012 Iowa Avenue
General Information
Standard status
Active
Size
2,488 SF
Property subtype
Income
Site & Location
Neighborhood
Knob Hill
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,479
Amenities
Full Basement
Storm Window,Vinyl
Electric Hook-up
Basement,Main Level,Wood Burning
Stucco
All
12250.0
Municipal
0.2812
Building Details
Year Built
1941
Listing Agency:
REMAX PROPERTIES
(719) 337-1448
Listed By:
Mark Jones · License #FA40025962
(678) 677-6034
Source:
Markjoneshomes
Added: Oct 29
Last Checked: Oct 29 at 2:47PM
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 REMAX PROPERTIES
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Investment Insights
Based on property information with market context.
This 2,488-square-foot multifamily property contains three units with separate entrances. The main residence and a cottage are set across three lots, and both homes are fully fenced. The main house can be returned to a single-unit configuration. Built in 1941, the property includes a full basement and a wood-burning feature.
Memorial Hospital and the Olympic Training Center are within walking distance. Off-street parking is available.
Memorial Hospital and the Olympic Training Center are within walking distance. Off-street parking is available.
Key Highlights
- Three units with separate entrances
- 2,488 square feet across a main residence and cottage
- Two fully fenced homes on three lots
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,200
Cap Rate
5.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$604,000
$604.0K
Cap Rate 7%
$431,429
$431.4K
Cap Rate 9%
$335,556
$335.6K
Market Conditions
NOI Build-Up for 2,488 SF
Gross rent
$57.9K $23.28/SF
− Vacancy
−$3.0K −$1.21/SF
EGI
$54.9K $22.07/SF
− OpEx
−$24.7K −$9.93/SF
NOI
$30.2K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$604,000
Cap Rate 7%
$431,429
Cap Rate 9%
$335,556
Alternative Uses
Best Use
Apartment 5plus
$431.4K
$377.5K – $503.3K
NOI $30,200 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$491.3K
$429.9K – $573.2K
NOI $34,394 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,357
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two fenced residences span three lots, with separate entrances serving the existing units.
Where is this multifamily property located?
The property is located at 1012 Iowa Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three units with separate entrances; 2,488 square feet across a main residence and cottage; Two fully fenced homes on three lots
