Stabilized Multifamily Investment
For Sale
Contact for pricing
Pending
1518 South Corona Avenue, Colorado Springs, CO 80905
Multifamily property in Colorado Springs with immediate income.
Property Size2,915 SF
Days on Market188
Property Features for 1518 South Corona Avenue
General Information
Standard status
Pending
Size
2,915 SF
Class
B
Property subtype
Multifamily
Zoning
MX-M
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$81,770
Building Details
Year Built
1954
Year Renovated
2024
Stories
1
Units
6
Listing Agency:
Kenney and Company
Listed By:
Aaron Moore · License #CO FA.100045037
Source:
Crexi
Added: Mar 4
Changed: Aug 13
Last Checked: Sep 8 at 7:23AM
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 Kenney and Company
Investment Insights
Based on property information with market context.
The property at 1518 S Corona Ave presents a stabilized multifamily investment opportunity in Colorado Springs, offering immediate income and strong operating performance. The property consists of six renovated one-bedroom units, each averaging approximately 420–450 square feet, designed for efficient workforce housing. The building size is 2915 square feet. The property generates $7,645 in monthly rents, which translates to approximately $97,340 in annual gross income and $81,770 in net operating income. The in-place cap rate is 8.8%. Major capital improvements have been completed within the last 24 months, including new appliances, flooring, windows, doors, and building system upgrades. The roof was replaced in 2024, reducing near-term capital requirements. A RUB utility reimbursement system supports operational efficiency, helping maintain an operating expense ratio of approximately 16%, which is below market averages. Located in Colorado Springs, the property benefits from a diverse employment base anchored by military, aerospace, healthcare, and defense contractors. Continued population growth and a limited workforce housing supply position the property for stable occupancy and steady rent growth. This investment is suitable for cash-flow investors, owner-operators, and 1031 exchange buyers seeking stabilized income in a strong growth market.
Key Highlights
- Generating $81,770 net operating income with an 8.8% in‑place cap rate at the $925,000 asking price.
- Recent major capital improvements including new appliances, flooring, windows, doors, and building system upgrades.
- New roof replaced in 2024, reducing near‑term capital requirements.
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
$35,383
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
3.83%
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%
$707,660
$707.7K
Cap Rate 7%
$505,471
$505.5K
Cap Rate 9%
$393,144
$393.1K
Market Conditions
NOI Build-Up for 2,915 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
$67.9K $23.28/SF
− Vacancy
−$3.5K −$1.21/SF
EGI
$64.3K $22.07/SF
− OpEx
−$28.9K −$9.93/SF
NOI
$35.4K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /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%
$707,660
Cap Rate 7%
$505,471
Cap Rate 9%
$393,144
Alternative Uses
Best Use
Apartment 5plus
$505.5K
$442.3K – $589.7K
NOI $35,383 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$575.7K
$503.7K – $671.6K
NOI $40,297 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 80905, CO
17,592
Population
8,933
Households
2
Avg Household Size
38
Median Age
39%
College-Educated
92%
High-School Grad
5.1 sq mi
ZIP Area
3,449
Density / Sq Mi
$64,496
Median Household Income
$40,876
Median Earnings
$1,449
Median Rent
$349,500
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 - Multifamily property in Colorado Springs with immediate income.
Where is this apartment building located?
The property is located at 1518 South Corona Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Generating $81,770 net operating income with an 8.8% in‑place cap rate at the $925,000 asking price.; Recent major capital improvements including new appliances, flooring, windows, doors, and building system upgrades.; New roof replaced in 2024, reducing near‑term capital requirements.
