Multifamily Property with
For Sale
$2,500,000
1609 W Cheyenne Rd, Colorado Springs, CO 80906
Fully leased residential income property with multiple buildings and shared laundry facilities.
Property Size6,617 SF
Price / SF$377.81
Days on Market55
Property Features for 1609 W Cheyenne Rd
General Information
Standard status
Active
Size
6,617 SF
Property subtype
Multi-Family
Building Details
Year Built
1904
Listing Agency:
ERA Shields Real Estate
Listed By:
Alan Wilaby · License #813495
(719) 297-1760
Source:
Hudsonstonegateteam
Added: Aug 17
Changed: Oct 4
Last Checked: Oct 6 at 12:12AM
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 ERA Shields Real Estate
Investment Insights
Based on property information with market context.
The property comprises a 10-unit apartment building, one cottage, and two duplexes across three schedule numbers. The residences are positioned in a landscaped, tree-filled setting beside the stream in Cheyenne Canyon, west of Cresta Road and near the Broadmoor area. Units have been updated as they become available for re-leasing, and each residence includes miscellaneous appliances with equipment varying by unit.
The larger apartment building provides a coin-operated washer and dryer for tenant use. In the duplexes, tenants own their washer and dryer equipment when provided. The offering includes rental spreadsheets with income allocations available upon request. The property is located at 1609 W Cheyenne Rd, Colorado Springs, CO 80906.
The larger apartment building provides a coin-operated washer and dryer for tenant use. In the duplexes, tenants own their washer and dryer equipment when provided. The offering includes rental spreadsheets with income allocations available upon request. The property is located at 1609 W Cheyenne Rd, Colorado Springs, CO 80906.
Key Highlights
- 10‑unit apartment building included with one cottage and two duplexes
- Fully leased residences with updates completed as units return to the leasing cycle
- Tree‑filled residential setting beside the stream in Cheyenne Canyon
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,585
Cap Rate
3.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,751,700
$1.8M
Cap Rate 7%
$1,251,214
$1.3M
Cap Rate 9%
$973,167
$973.2K
Market Conditions
NOI Build-Up for 6,617 SF
Gross rent
$131.0K $19.80/SF
− Vacancy
−$5.9K −$0.89/SF
EGI
$125.1K $18.91/SF
− OpEx
−$37.5K −$5.67/SF
NOI
$87.6K $13.24/SF
Area
ZIP 80906
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,751,700
Cap Rate 7%
$1,251,214
Cap Rate 9%
$973,167
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.09M – $1.46M
NOI $87,585 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,166 @ 7.0% cap · market cap 3.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
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Business Placement
Demographics for 80906, CO
39,019
Population
16,771
Households
2.3
Avg Household Size
39
Median Age
49%
College-Educated
95%
High-School Grad
45.6 sq mi
ZIP Area
856
Density / Sq Mi
$88,047
Median Household Income
$47,314
Median Earnings
$1,634
Median Rent
$543,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased residential income property with multiple buildings and shared laundry facilities.
Where is this apartment building located?
The property is located at 1609 W Cheyenne Rd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 10‑unit apartment building included with one cottage and two duplexes; Fully leased residences with updates completed as units return to the leasing cycle; Tree‑filled residential setting beside the stream in Cheyenne Canyon
