Brick Fourplex with Private
For Sale
$629,900
Pending
1409 E Caramillo St, Colorado Springs, CO 80909
Ground-level 2BR/1BA fourplex with private entrances, individually metered utilities, and washer/dryer hookups.
Property Size3,105 SF
Lot Size0.35 Acres
Days on Market21
Property Features for 1409 E Caramillo St
General Information
Standard status
Pending
Size
3,105 SF
Lot size
0.35 Acres
Property subtype
Investment
Occupancy
75%
Lease Term
Month-to-month
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,125
Building Details
Building Size
3,105 SF
Year Built
1951
Construction
brick
Tenancy
Multi
Listing Agency:
eXp Realty, LLC
(719) 368-0343
Listed By:
Jed Johnson
(719) 368-0343
Source:
Elliman
Added: Jul 24
Changed: Aug 8
Last Checked: Jul 27 at 1:04PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This brick fourplex features four ground-level 2-bedroom, 1-bath units, each with its own private entrance and original hardwood floors. Gas and electric utilities are individually metered, with tenants responsible for their own utilities. Washer/dryer hookups are provided in the units. Off-street parking is available, and the property includes mature trees.
Three of the units are currently occupied on month-to-month terms at $3,025/month, with the fourth unit vacant and move-in ready. The building fronts the Patty Jewett golf course and is located on a double lot in Golf Club Acres.
Three of the units are currently occupied on month-to-month terms at $3,025/month, with the fourth unit vacant and move-in ready. The building fronts the Patty Jewett golf course and is located on a double lot in Golf Club Acres.
Key Highlights
- Brick fourplex built in 1951 on a 15,387 SF double lot in Golf Club Acres, directly across from Patty Jewett golf course
- Four ground‑level 2BR/1BA units with private entrances
- Original hardwood floors in all units
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
$40,668
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
6.46%
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%
$813,360
$813.4K
Cap Rate 7%
$580,971
$581.0K
Cap Rate 9%
$451,867
$451.9K
Market Conditions
NOI Build-Up for 3,105 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
$61.5K $19.80/SF
− Vacancy
−$3.4K −$1.09/SF
EGI
$58.1K $18.71/SF
− OpEx
−$17.4K −$5.61/SF
NOI
$40.7K $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%
$813,360
Cap Rate 7%
$580,971
Cap Rate 9%
$451,867
Alternative Uses
Best Use
Multifamily LT 5
$581.0K
$508.4K – $677.8K
NOI $40,668 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$538.4K
$471.1K – $628.2K
NOI $37,689 @ 7.0% cap · market cap 5.98%
Theoretical Best
Specialty Retail
$613.2K
$536.6K – $715.4K
NOI $42,924 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Explore this area
Business Placement
Demographics for 80909, CO
37,302
Population
16,572
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
7.9 sq mi
ZIP Area
4,722
Density / Sq Mi
$61,777
Median Household Income
$36,894
Median Earnings
$1,227
Median Rent
$352,400
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?
Quadplex - Ground-level 2BR/1BA fourplex with private entrances, individually metered utilities, and washer/dryer hookups.
Where is this quadplex located?
The property is located at 1409 E Caramillo St Colorado Springs, CO.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: Brick fourplex built in 1951 on a 15,387 SF double lot in Golf Club Acres, directly across from Patty Jewett golf course; Four ground‑level 2BR/1BA units with private entrances; Original hardwood floors in all units
