Remodeled 3-Unit Apartment
For Sale
$1,300,000
115 W Evans Ave, Pueblo, CO 81004
MULTI_FAMILY - Ranch - Pueblo, CO
Property Size8,631 SF
Lot Size0.22 Acres
Price / SF$150.62
Days on Market199
Property Features for 115 W Evans Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
B-4
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 8, Bedroom 7
Parking
4
Parking features
Garage - Detached, Open
Window features
Double Pane Windows
Patio and Porch features
Patio
Interior features
Walk-In Closet(s), Walk-in Shower
Fencing
Wood
Basement
Crawl Space
Appliances
Dishwasher-Some, Garbage Disposal-Some, Refrigerator-Some, Electric Range-Some, Microwave Built-In-Some, Range Hood-Some, Washer-Some, Electric Cooktop-Some
Subdivision
Central High School
Lot features
Trees- Front
Elementary school
60
Middle school
60
High school
60
Standard status
Active
APN
536304020
Size
8,631 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 24 + 25 BLK 116 SOUTH PUEBLO
Tax Annual Amount
1577
Legal Description
LOTS 24 + 25 BLK 116 SOUTH PUEBLO
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Electric (Heating), Forced Air
Water source
Public
Amenities
common laundry
Building Details
Year built
1900
Floors in Building
2
Number of units
5
Flooring type
Tile, New floor coverings
Building materials
Frame, Brick, Stucco, Plastic Plumbing
Roof type
Composition, Rubber
Architectural style
Ranch
Listing Agency:
Schwabe Real Estate Inc
(719) 546-3782
Listed By:
Bill Schwabe · License #EB00275181
(719) 406-1099
Added: Jan 22
Changed: Aug 2
Last Checked: Aug 9 at 3:06PM
MLS# 236389
Copyright © 2026 Pueblo 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.
Investment Insights
Based on property information with market context.
Remodeled apartment property at 115 W Evans Ave in Pueblo, Colorado, built in 1900. The site includes 3 buildings, including a 2-story building with 3 units. The main level has a 2-bedroom and studio configuration, along with common laundry, while the 2nd-floor unit is described as a 3-bedroom. A separate 2-bedroom unit is also noted as remodeled.
Remodel scope referenced in the materials includes plumbing, heating, electric, floors, tile work, and exposed brick, with additional supplies on site such as cabinets and fixtures. Exterior improvements include a patio and wood fencing. Parking is supported by a detached 5-car garage with 2 overhead doors and finished interior.
The property sits on a 0.218-acre lot with 8,631 SF of building area. Construction materials include frame, brick, stucco, and plastic plumbing. Heating is listed as natural gas with baseboard and electric (heating), plus forced air. Water and sewer are public, and the roofs are composition and rubber.
Remodel scope referenced in the materials includes plumbing, heating, electric, floors, tile work, and exposed brick, with additional supplies on site such as cabinets and fixtures. Exterior improvements include a patio and wood fencing. Parking is supported by a detached 5-car garage with 2 overhead doors and finished interior.
The property sits on a 0.218-acre lot with 8,631 SF of building area. Construction materials include frame, brick, stucco, and plastic plumbing. Heating is listed as natural gas with baseboard and electric (heating), plus forced air. Water and sewer are public, and the roofs are composition and rubber.
Key Highlights
- 3 buildings on a 0.218‑acre lot totaling 8,631 SF
- 2‑story building contains 3 units with common laundry
- Zoned B‑4 with public water and public sewer
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
$63,634
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
4.89%
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%
$1,272,680
$1.3M
Cap Rate 7%
$909,057
$909.1K
Cap Rate 9%
$707,044
$707.0K
Market Conditions
NOI Build-Up for 8,631 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
$120.1K $13.92/SF
− Vacancy
−$4.4K −$0.52/SF
EGI
$115.7K $13.40/SF
− OpEx
−$52.1K −$6.03/SF
NOI
$63.6K $7.37/SF
Area
Pueblo, CO
Vacancy
3.70%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
45.00%
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%
$1,272,680
Cap Rate 7%
$909,057
Cap Rate 9%
$707,044
Alternative Uses
Best Use
Apartment 5plus
$909.1K
$795.4K – $1.06M
NOI $63,634 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,897 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 81004, CO
26,005
Population
12,597
Households
2.1
Avg Household Size
39
Median Age
20%
College-Educated
90%
High-School Grad
160.9 sq mi
ZIP Area
162
Density / Sq Mi
$48,620
Median Household Income
$33,925
Median Earnings
$1,002
Median Rent
$181,200
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?
Apartment building - Zoned B-4, this remodeled 3-unit apartment building offers a patio, detached garage with overhead doors, and public utilities.
Where is this apartment building located?
The property is located at 115 W Evans Ave Pueblo, CO.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 3 buildings on a 0.218‑acre lot totaling 8,631 SF; 2‑story building contains 3 units with common laundry; Zoned B‑4 with public water and public sewer
