Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2631 W Pikes Peak Ave Colorado Springs, CO 80904

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,525,000

    23-unit apartment building in the heart of Old Colorado City.

    Building Details

    Year built
    1948

    We can help!

    Listing Contact
    Elliott Polanchyck
    Source: Tcnworldwide

    Listing Agency: UNIQUE PROPERTIES LLC Listing Agent: Elliott Polanchyck

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    23-Unit Apartment Building For Sale

    The property at 2631 W Pikes Peak Avenue is a 23-unit apartment building located in Old Colorado City, a historic neighborhood in Colorado Springs. This property offers a prime location and value proposition for investors.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    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
    -104.864538
    Latitude
    38.849226

    Nearby Similar for Sale

    • New
      $815,000
      0.30 Acres

      Colorado Springs Office Building For Sale

      Two-story office building in Old Colorado City commercial corridor.
      2103 W Uintah St, Colorado Springs, CO 80904
      View Details
    • $385,000
      Pending

      Turnkey Office in Old Colorado

      Pristine, standalone office in historic Old Colorado City.
      1804 W Colorado Ave, Colorado Springs, CO 80904
      View Details
    • $1,990,000
      5,000 SF

      Turnkey Commercial Property For Sale

      5000 sq ft commercial property with co-op kitchen.
      4621 Austin Bluffs Pkwy, Colorado Springs, CO 80918
      View Details
    • New
      $1,250,000
      5,277 SF

      Freestanding Industrial Building For Sale

      Freestanding industrial building with visibility, functionality, and curb appeal.
      3930 Galley Rd, Colorado Springs, CO 80909
      View Details
    • New
      $2,200,000
      Pending

      Renovated Restaurant in Prime Location

      Fully renovated restaurant on 1.38 acres in high-traffic area.
      3680 N Citadel Dr, Colorado Springs, CO 80909
      View Details
    • $2,450,000
      4,626 SF

      Turnkey Restaurant Opportunity in Colorado

      Modern restaurant with pet exercise areas and mountain views.
      2207 Bott Ave, Colorado Springs, CO 80904
      View Details
    • $1,800,000
      6,027 SF

      Versatile Commercial & Event Opportunity

      Prime commercial property near Colorado Springs with event hosting potential.
      14275 S State Highway 115, Colorado Springs, CO 80926
      View Details
    • $3,290,310
      1.66 Acres

      Colorado Springs Commercial Redevelopment Opportunity

      Prime commercial property with high redevelopment potential in a desirable location.
      1850 Dominion Way, Colorado Springs, CO 80918
      View Details
    • Contact for pricing
      0.50 Acres

      Colorado Springs Office Suites Available

      Office suites available in well-maintained building with great access.
      6180 Lehman Dr, Colorado Springs, CO 80918
      View Details
    • $745,000
      Pending

      Updated Duplex in Colorado Springs

      Well-maintained duplex with updated unit and rental income potential.
      6714 Palace Dr, Colorado Springs, CO 80918
      View Details
    • $650,000
      0.23 Acres

      Historic Triplex in Old Colorado

      Historic triplex in Old Colorado City with investment potential.
      708 Cooper Ave, Colorado Springs, CO 80905
      View Details
    • $595,000
      Pending

      Creekside Duplex in Colorado Springs

      Duplex with remodeled unit, near park, ideal for investment.
      513 W Tyler St, Colorado Springs, CO 80907
      View Details

    FAQs

    What type of property is this?
    Apartment building - 23-unit apartment building in the heart of Old Colorado City.
    Where is this apartment building located?
    The property is located at 2631 W Pikes Peak Ave Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $1,525,000.
    What are key features of this property?
    This property features: - Prime location in the heart of Old Colorado City; - 23-unit apartment building; - Opportunity to acquire property in a vibrant and historic neighborhood
    (214) 616-2695
    Request Owner's contact information
    2631 W Pikes Peak Ave Colorado Springs, CO 80904
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2631 W Pikes Peak Ave
    Colorado Springs, CO 80904
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    2631 W Pikes Peak Ave Colorado Springs, CO 80904
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Elliott Polanchyck
    (214) 616-2695 (303) 321-5888
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!