9-Unit Remodeled Apartment
For Sale
$895,000
1228-1230 E Evans Ave, Pueblo, CO 81004
Recently renovated multifamily property with separately metered utilities, resident parking, and additional basement storage.
Property Size4,999 SF
Price / SF$179.04
Days on Market49
Property Features for 1228-1230 E Evans Ave
General Information
Standard status
Active
Size
4,999 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
9
Amenities
off-street parking
in-unit laundry hookups
privacy fence
Building Details
Year Built
1905
Buildings
1
Listing Agency:
Buy Smart Colorado
(719) 216-4057
Listed By:
Caleb Skelton · License #FA100077073
Source:
Seehomesincolorado
Added: Jul 15
Changed: Aug 31
Last Checked: Aug 31 at 5:51PM
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 Buy Smart Colorado
Investment Insights
Based on property information with market context.
Located at 1228-1230 E Evans Ave in Pueblo, Colorado, this 9-unit apartment building was originally constructed in 1905 and has received extensive interior and exterior improvements. Renovations include luxury vinyl plank flooring, refreshed bathrooms, updated heating systems, granite countertops, new paint, and improved common areas. Most apartments include new appliances and in-unit laundry hookups.
A sizable unfinished basement has its own exterior entrance and can serve as landlord storage. The property is enclosed by a 6-foot steel privacy fence around the front and rear areas, with a dedicated rear parking lot providing off-street parking. Each unit has separate gas and electric metering, while water and trash service remain the landlord’s responsibility. Long-term leases are in place across the property.
A sizable unfinished basement has its own exterior entrance and can serve as landlord storage. The property is enclosed by a 6-foot steel privacy fence around the front and rear areas, with a dedicated rear parking lot providing off-street parking. Each unit has separate gas and electric metering, while water and trash service remain the landlord’s responsibility. Long-term leases are in place across the property.
Key Highlights
- 9‑unit apartment building at 1228‑1230 E Evans Ave, Pueblo, CO 81004
- Extensively renovated with new flooring, bathrooms, heating systems, granite countertops, and paint
- Most units include new appliances and in‑unit laundry hookups
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
$36,856
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
4.12%
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%
$737,120
$737.1K
Cap Rate 7%
$526,514
$526.5K
Cap Rate 9%
$409,511
$409.5K
Market Conditions
NOI Build-Up for 4,999 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
$69.6K $13.92/SF
− Vacancy
−$2.6K −$0.52/SF
EGI
$67.0K $13.40/SF
− OpEx
−$30.2K −$6.03/SF
NOI
$36.9K $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%
$737,120
Cap Rate 7%
$526,514
Cap Rate 9%
$409,511
Alternative Uses
Best Use
Apartment 5plus
$526.5K
$460.7K – $614.3K
NOI $36,856 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$911.5K – $1.22M
NOI $72,919 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
426
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Recently renovated multifamily property with separately metered utilities, resident parking, and additional basement storage.
Where is this apartment building located?
The property is located at 1228-1230 E Evans Ave Pueblo, CO.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 9‑unit apartment building at 1228‑1230 E Evans Ave, Pueblo, CO 81004; Extensively renovated with new flooring, bathrooms, heating systems, granite countertops, and paint; Most units include new appliances and in‑unit laundry hookups
