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    Investor-Ready 4-Plex with Parking Title is generated by Realmo AI

    1020 Chiricahua Loop, Colorado Springs, CO 80915

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    New
    For Sale
    $595,000

    MULTI_FAMILY - Colorado Springs, CO

    Lot size:
    0.23 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 1:06 pm

    Property Features for 1020 Chiricahua Loop

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    3278

    Utilities

    Heating system
    Baseboard, Hot Water(Heating), Natural Gas

    Building Details

    Year built
    1973
    Roof type
    Shingle

    We can help!

    Listing Contact
    Kristan Rigdon ASN CNE EPRO GRI
    Kristan Rigdon ASN CNE EPRO GRI

    Listing agent Kristan Rigdon ASN CNE EPRO GRI

    Listing office HomeSmart 7222 Commerce Ctr Dr Ste 120, Greenwood Village, CO

    Listing date Jun 3, 2026

    MLS# 2987656 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

    • Investor‑ready 4‑plex built in 1973 with extensive capital improvements
    • Major upgrades include new roof, boiler/water heater system, and exterior paint (2025), plus replacement windows (2022 & 2024)
    • Additional improvements: coin‑operated washer & dryer (2024), new back fence/steel post reinforcement (2024), and stair & concrete work for garden‑level units (2022)
    • Sewer line cleaning and camera scoping (2022, 2024, 2025) and annual backflow testing/inspections (2022–2025)
    • Unit updates across all 4 units from 2021–2026: new flooring (carpet & LVP) and multiple new appliances and interior paint
    • 10 total off‑street parking spaces (front and west sides) plus additional parking along the east side; common coin‑op W/D on site

    Overview

    This investor-ready 4-plex is consistently updated and well maintained, with extensive capital improvements completed over the past several years. Building work includes a new roof, boiler/water heater system, and exterior paint (2025), along with replacement windows (2022 and 2024), and exterior upgrades such as a new fence line with steel post reinforcement (2024). Additional maintenance includes stair and concrete improvements for the garden-level units (2022), exterior maintenance and tree removals (2022 and 2025), and sewer line cleaning with camera scoping (2022, 2024, and 2025), plus annual backflow testing and inspections from 2022 through 2025.

    The property offers a common coin-operated washer and dryer for added owner income and tenant convenience. Off-street parking is available in front and on the west side of the building, with additional parking along the east side for a total of 10 spaces. Each apartment is configured with two bedrooms and one bathroom, an eat-in kitchen, and appliances including refrigerator, electric range oven, dishwasher, and disposal. Interior updates vary by unit and include new flooring and painting, along with new stoves, dishwashers, fridges, and select window replacements, depending on the unit. Each unit also features a private front patio with a storage closet.

    With one unit currently vacant, this 4-plex also presents an owner-occupant opportunity for a buyer looking to offset living costs with rental income while taking advantage of a property with documented upgrades and a proven layout.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Accounting Firm Pharmacy

    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
    -104.703425
    Latitude
    38.846982

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    FAQs

    What type of property is this?
    Quadplex - Updated 4-plex featuring two-bedroom units, private patios, and a coin laundry with ample off-street parking.
    Where is this quadplex located?
    The property is located at 1020 Chiricahua Loop Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: Investor‑ready 4‑plex built in 1973 with extensive capital improvements; Major upgrades include new roof, boiler/water heater system, and exterior paint (2025), plus replacement windows (2022 & 2024); Additional improvements: coin‑operated washer & dryer (2024), new back fence/steel post reinforcement (2024), and stair & concrete work for garden‑level units (2022)
    (303) 858-8100
    We can help!
    Listing Contact
    Kristan Rigdon ASN CNE EPRO GRI
    Kristan Rigdon ASN CNE EPRO GRI
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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.

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