New Construction
New
For Sale
$665,000
2511 Busch Ave, Colorado Springs, CO 80904
Two separately metered residences offer private patios and furnished mid-term rental operation.
Property Size2,432 SF
Price / SF$273.44
Days on Market2
Property Features for 2511 Busch Ave
General Information
Standard status
Active
Size
2,432 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Furnished
Yes
Utilities to Site
Yes
Amenities
stainless steel appliances
washer/dryer
private rear concrete patio
landscaping
Building Details
Year Built
2026
Buildings
1
Construction
modular
Listing Agency:
Pulse Real Estate Group LLC
Listed By:
Scott Coddington · License #IRE012034
(719) 238-3536
Source:
Coloradopropertyfinder
Added: Sep 4
Last Checked: Sep 4 at 2:12PM
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 Pulse Real Estate Group LLC
Investment Insights
Based on property information with market context.
This 2,432-square-foot duplex, built in 2026, contains two residences with matching 3-bedroom, 2-bathroom layouts. Each unit combines an open kitchen, dining, and living area with dark wood cabinetry, stainless steel appliances, durable flooring, contemporary fixtures, large windows, and walk-out access to a private rear concrete patio. Full-size washer and dryer connections are provided in both residences.
The property includes 2x6 wall construction, a stucco exterior, individually metered utilities, separate 200-amp electrical service, high-efficiency natural gas forced-air furnaces, and a fully encapsulated crawl space. The furnaces are plumbed for future central air, and the modular design is IRC-certified. A newly paved driveway provides off-street parking, with landscaping and foothill and mountain scenery surrounding the property.
Both residences are furnished and operating as 30+ day mid-term rentals. The property is located in Colorado Springs’ Westside, with access to Old Colorado City, Garden of the Gods, Red Rock Canyon Open Space, Manitou Springs, Downtown Colorado Springs, and the greater Pikes Peak recreation area. The development is planned to include four multifamily properties, with two additional properties under construction next door.
The property includes 2x6 wall construction, a stucco exterior, individually metered utilities, separate 200-amp electrical service, high-efficiency natural gas forced-air furnaces, and a fully encapsulated crawl space. The furnaces are plumbed for future central air, and the modular design is IRC-certified. A newly paved driveway provides off-street parking, with landscaping and foothill and mountain scenery surrounding the property.
Both residences are furnished and operating as 30+ day mid-term rentals. The property is located in Colorado Springs’ Westside, with access to Old Colorado City, Garden of the Gods, Red Rock Canyon Open Space, Manitou Springs, Downtown Colorado Springs, and the greater Pikes Peak recreation area. The development is planned to include four multifamily properties, with two additional properties under construction next door.
Key Highlights
- 2,432‑square‑foot duplex with two 3‑bedroom, 2‑bathroom residences
- Built in 2026 with IRC‑certified modular design and 2x6 wall construction
- Individually metered utilities and separate 200‑amp electrical service for each residence
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
$31,854
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
4.79%
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%
$637,080
$637.1K
Cap Rate 7%
$455,057
$455.1K
Cap Rate 9%
$353,933
$353.9K
Market Conditions
NOI Build-Up for 2,432 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
$48.2K $19.80/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$45.5K $18.71/SF
− OpEx
−$13.7K −$5.61/SF
NOI
$31.9K $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%
$637,080
Cap Rate 7%
$455,057
Cap Rate 9%
$353,933
Alternative Uses
Best Use
Multifamily LT 5
$455.1K
$398.2K – $530.9K
NOI $31,854 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$421.7K
$369.0K – $492.0K
NOI $29,520 @ 7.0% cap · market cap 4.44%
Theoretical Best
Specialty Retail
$480.3K
$420.3K – $560.3K
NOI $33,620 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
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?
Duplex - Two separately metered residences offer private patios and furnished mid-term rental operation.
Where is this duplex located?
The property is located at 2511 Busch Ave Colorado Springs, CO.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: 2,432‑square‑foot duplex with two 3‑bedroom, 2‑bathroom residences; Built in 2026 with IRC‑certified modular design and 2x6 wall construction; Individually metered utilities and separate 200‑amp electrical service for each residence
