Stabilized Multifamily Investment
1518 South Corona Avenue Colorado Springs, CO 80905
For Sale
Contact for pricing
Pending
Multifamily property in Colorado Springs with immediate income.
Property Size2,915 SF
Days on Market145
Property Features for 1518 South Corona Avenue
General Information
Standard status
Pending
Size
2,915 SF
Property subtype
Multifamily
Building Details
Year Built
1954
Listing Agency:
Kenney and Company
Listed By:
Aaron Moore · License #CO FA.100045037
Source:
Crexi
Added: Mar 4
Changed: Jul 6
Last Checked: Jul 25 at 3:30PM
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 For Apartment 5plus
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 | $67.9k | $23.28 |
| − Vacancy | −$3.5k | −$1.21 |
| EGI | $64.3k | $22.07 |
| − OpEx | −$28.9k | −$9.93 |
| NOI | $35.4k | $12.14 |
2,915 SF · lease $23.28/SF/yr · vacancy 5.20% · expense 45.00%
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
Location Intelligence
Current Use
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.
