Multifamily Investment Property in Victor,
For Sale
Contact for pricing
133 N 3rd St, Victor, CO 80860
7-unit multifamily property in a historic mountain town.
Property Size4,763 SF
Price / SF$115.47
Days on Market211
Property Features for 133 N 3rd St
General Information
Standard status
Active
Size
4,763 SF
Property subtype
Multifamily
Zoning
C-1
Investment Type
Value Add
Net Operating Income
$49,896
Building Details
Year Built
1899
Year Renovated
2008
Units
7
Listing Agency:
Step Commercial Real Estate
Listed By:
Manuel Martin · License #FA100100336
Source:
Crexi
Added: Jan 23
Changed: Aug 21
Last Checked: Aug 21 at 10:23AM
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 Step Commercial Real Estate
Investment Insights
Based on property information with market context.
This 7-unit multifamily investment property, originally built in 1899 and renovated in 2008, is located in Victor, Colorado. The property offers seven residential units. It is positioned along the scenic Highway 67 corridor between Cripple Creek and Woodland Park. The property is situated within walking distance to local restaurants, shops, and historic attractions. The area sees steady demand for rental housing, supported by limited inventory and consistent tenant occupancy. The property could benefit from TLC and offers immediate upside through operational improvements, unit additions, unit upgrades, and rental optimization. The property is 4,763 square feet. Victor has experienced renewed interest from investors and visitors due to its rich mining history and proximity to outdoor recreation. Victor's proximity to Cripple Creek provides access to employment opportunities in gaming, tourism, and hospitality.
Key Highlights
- Attractive 8.3% cap rate based on proforma performance and a projected NOI of $54,096, indicating strong cash flow potential.
- Value‑add opportunity with potential for increased returns through operational improvements, unit additions, unit upgrades, and rental optimization.
- Stabilized 7‑unit multifamily property in a supply‑constrained rental market.
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
$47,086
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
8.56%
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%
$941,720
$941.7K
Cap Rate 7%
$672,657
$672.7K
Cap Rate 9%
$523,178
$523.2K
Market Conditions
NOI Build-Up for 4,763 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
$90.3K $18.96/SF
− Vacancy
−$4.7K −$0.99/SF
EGI
$85.6K $17.97/SF
− OpEx
−$38.5K −$8.09/SF
NOI
$47.1K $9.89/SF
Area
Teller County, CO
Vacancy
5.20%
Lease Rate
$18.96 /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%
$941,720
Cap Rate 7%
$672,657
Cap Rate 9%
$523,178
Alternative Uses
Best Use
Apartment 5plus
$672.7K
$588.6K – $784.8K
NOI $47,086 @ 7.0% cap · market cap 8.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,216 @ 7.0% cap · market cap 15.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 80860, CO
547
Population
409
Households
1.3
Avg Household Size
53
Median Age
17%
College-Educated
93%
High-School Grad
69.8 sq mi
ZIP Area
8
Density / Sq Mi
$53,333
Median Household Income
$29,955
Median Earnings
$615
Median Rent
$184,000
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 - 7-unit multifamily property in a historic mountain town.
Where is this apartment building located?
The property is located at 133 N 3rd St Victor, CO.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Attractive 8.3% cap rate based on proforma performance and a projected NOI of $54,096, indicating strong cash flow potential.; Value‑add opportunity with potential for increased returns through operational improvements, unit additions, unit upgrades, and rental optimization.; Stabilized 7‑unit multifamily property in a supply‑constrained rental market.
