Colorado Springs Multifamily Investment
33 University Dr Colorado Springs, CO 80910
For Sale
$690,000
Four-unit multifamily asset in Southeast Colorado Springs, renovated in 2021.
Property Size3,111 SF
Price / SF$221.79
Days on Market97
Property Features for 33 University Dr
General Information
Standard status
Active
Size
3,111 SF
Property subtype
Investment
Building Details
Year Built
1969
Listing Agency:
Cushman & Wakefield
(719) 238-9074
Listed By:
Nic Polaski · License #100099164
(719) 238-9074
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 28 at 9:10AM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
Located in Southeast Colorado Springs, 33 University Drive is a 4-unit multifamily property. Constructed in 1969 and renovated in 2021, the property contains 3,111 square feet. All four units feature a 2-bedroom, 1-bath layout. The property benefits from its positioning in the affordable rent segment of the Colorado Springs market, strong tenant demand, and proximity to retail, convenience, and employment areas. The location has a walk score of 63, indicating it is somewhat walkable, a bike score of 47, indicating it is somewhat bikeable, and a transit score of 39, indicating some transit options are available. This investment offers a balance of in-place cash flow paired with recent renovation upside. The property presents an opportunity for stable income with long-term appreciation potential.
Key Highlights
- Four‑unit multifamily asset providing in‑place cash flow.
- Renovated in 2021, offering potential for increased value.
- All units are 2‑bedroom, 1‑bath layouts, appealing to a broad tenant base.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.6k | $19.80 |
| − Vacancy | −$3.4k | −$1.09 |
| EGI | $58.2k | $18.71 |
| − OpEx | −$17.5k | −$5.61 |
| NOI | $40.7k | $13.10 |
3,111 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$582.1K
$509.3K – $679.1K
NOI $40,747 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$539.5K
$472.0K – $629.4K
NOI $37,762 @ 7.0% cap · market cap 5.47%
Theoretical Best
Specialty Retail
$614.4K
$537.6K – $716.8K
NOI $43,006 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily asset in Southeast Colorado Springs, renovated in 2021.
Where is this quadplex located?
The property is located at 33 University Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Four‑unit multifamily asset providing in‑place cash flow.; Renovated in 2021, offering potential for increased value.; All units are 2‑bedroom, 1‑bath layouts, appealing to a broad tenant base.
