Remodeled 9-Unit Apartment
For Sale
$895,000
1228-1230 E Evans Ave, Pueblo, CO 81004
Residential Income, Pueblo, CO
Property Size4,999 SF
Lot Size0.14 Acres
Price / SF$179.04
Days on Market47
Property Features for 1228-1230 E Evans Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-4
Bedrooms
9
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 2, Bathroom 6, Bathroom 7, Bedroom 2, Bedroom 3, Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 9, Bedroom 1, Bathroom 8, Bedroom 5, Bathroom 9, Bathroom 1, Bathroom 5, Bathroom 4, Bedroom 4, Bathroom 3
Parking features
None
Patio and Porch features
Porch
Interior features
New Paint
Basement
Partial
Appliances
Dishwasher-Some, Refrigerator-All
Subdivision
Minnequa Area
Elementary school
60
Middle school
60
High school
60
Standard status
Active
APN
1501417006
Size
4,999 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 15 + 16 BLK 49 CITY HALL PL
Tax Annual Amount
2065
Legal Description
LOTS 15 + 16 BLK 49 CITY HALL PL
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Wall Furnace
Water source
Public
Amenities
in-unit laundry hookups
parking lot
fenced yard
Building Details
Year built
1905
Floors in Building
2
Number of units
9
Flooring type
New floor coverings
Building materials
Frame, Stucco
Roof type
Flat
Listing Agency:
Buy Smart Colorado
(719) 310-8464
Listed By:
Caleb Skelton
(719) 216-4057
Added: Jul 23
Changed: Aug 22
Last Checked: Sep 7 at 1:06AM
MLS# 241343
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.
This 9-unit apartment building contains 4,999 square feet on a 0.14-acre parcel and has undergone extensive remodeling. Improvements include new floor coverings, refreshed bathrooms, updated heating systems, granite countertops, interior and exterior paint, and upgraded common areas. Most apartments have new appliances and in-unit laundry hookups. A sizable unfinished basement with its own exterior entrance provides additional storage space or future adaptability.
The property is enclosed by a 6-foot steel privacy fence around the front and rear areas. Each unit is separately metered for gas and electricity, while ownership handles water and trash service. Long-term leases are in place, and the building is zoned B-4. The structure was built in 1905 and includes public water and public sewer service.
The property is enclosed by a 6-foot steel privacy fence around the front and rear areas. Each unit is separately metered for gas and electricity, while ownership handles water and trash service. Long-term leases are in place, and the building is zoned B-4. The structure was built in 1905 and includes public water and public sewer service.
Key Highlights
- 9‑unit apartment building with 4,999 square feet
- Extensively remodeled with updated bathrooms, heating systems, flooring, countertops, and paint
- Unfinished basement with separate exterior access
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
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated apartment property with updated interiors, separate utility metering, secured grounds, and a flexible unfinished basement.
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 with 4,999 square feet; Extensively remodeled with updated bathrooms, heating systems, flooring, countertops, and paint; Unfinished basement with separate exterior access
