Two-Unit Duplex with
New
For Sale
$599,000
1208 W Colorado Avenue, Colorado Springs, CO 80904
Mixed-use zoning and separate outdoor areas support flexible occupancy across the two residences.
Property Size1,519 SF
Price / SF$394.34
Days on Market7
Property Features for 1208 W Colorado Avenue
General Information
Standard status
Active
Size
1,519 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
Mixed-Use
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Sprinkler System
Yes
Amenities
wrap around back deck
fully fenced grass yards
laundry
Building Details
Year Built
1890
Buildings
2
Listing Agency:
Slifer Smith & Frampton - Summit County
Listed By:
Smart City Realty Colorado
(720) 504-0873
Source:
Smartcityrealtycolorado
Added: Sep 29
Changed: Oct 4
Last Checked: Oct 4 at 9:41AM
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 Slifer Smith & Frampton - Summit County
Investment Insights
Based on property information with market context.
This duplex pairs a restored 1890s home with a separate accessory dwelling unit. The main residence offers two bedrooms, two bathrooms, 1,097 square feet of living area and an approximately 300-square-foot finished loft. Its kitchen has stainless steel appliances, an island, coffered ceilings and 36-inch cabinetry. Both bedroom suites have private bathrooms, and one bedroom has its own exterior entrance. Newer mechanical systems, HVAC, windows and paint are among the updates.
The 600-square-foot ADU has one bedroom, one bathroom, a kitchen with granite counters and an island bar, a second laundry area, and lofted flex or storage space. Each residence has a yard; the property also includes a wraparound rear deck, fenced grass areas and a sprinkler system. A concrete walkway links the buildings to gated tandem parking for two cars or an RV. CSU utilities are paid by the tenant and are not separately metered. The property is zoned mixed-use.
The 600-square-foot ADU has one bedroom, one bathroom, a kitchen with granite counters and an island bar, a second laundry area, and lofted flex or storage space. Each residence has a yard; the property also includes a wraparound rear deck, fenced grass areas and a sprinkler system. A concrete walkway links the buildings to gated tandem parking for two cars or an RV. CSU utilities are paid by the tenant and are not separately metered. The property is zoned mixed-use.
Key Highlights
- Duplex configuration includes a restored main home and a separate ADU
- Main home: 2 bedrooms, 2 baths, 1,097 sq ft, plus an approximately 300 sqft finished loft
- ADU measures 600 sqft and includes 1 bedroom, 1 full bath, kitchen, laundry, and lofted flex or storage space
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
$19,895
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
3.32%
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%
$397,900
$397.9K
Cap Rate 7%
$284,214
$284.2K
Cap Rate 9%
$221,056
$221.1K
Market Conditions
NOI Build-Up for 1,519 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
$30.1K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$28.4K $18.71/SF
− OpEx
−$8.5K −$5.61/SF
NOI
$19.9K $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%
$397,900
Cap Rate 7%
$284,214
Cap Rate 9%
$221,056
Alternative Uses
Best Use
Multifamily LT 5
$284.2K
$248.7K – $331.6K
NOI $19,895 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$263.4K
$230.5K – $307.3K
NOI $18,438 @ 7.0% cap · market cap 3.08%
Theoretical Best
Specialty Retail
$300.0K
$262.5K – $350.0K
NOI $20,999 @ 7.0% cap · market cap 3.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
839
Businesses Nearby
Explore this area
Business Placement
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Mixed-use zoning and separate outdoor areas support flexible occupancy across the two residences.
Where is this duplex located?
The property is located at 1208 W Colorado Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Duplex configuration includes a restored main home and a separate ADU; Main home: 2 bedrooms, 2 baths, 1,097 sq ft, plus an approximately 300 sqft finished loft; ADU measures 600 sqft and includes 1 bedroom, 1 full bath, kitchen, laundry, and lofted flex or storage space
