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    Remodeled Duplex Zoned Commercial Title is generated by Realmo AI

    1822 E Pikes Peak Avenue, Colorado Springs, CO 80909

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    For Sale
    $390,000

    Freshly remodeled duplex with commercial zoning and steady rental income.

    Property size:
    2,240 SF
    Price / SF:
    $174/SF
    Added:
    May 29, 2025
    Days on Market:
    376
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 1822 E Pikes Peak Avenue

    General Information

    Standard status
    Active
    Size
    2,240 SF

    Building Details

    Year Built
    1951

    We can help!

    Listing Contact
    NICHOLAS BOWMAN

    Listing agent NICHOLAS BOWMAN

    Listing office HOUSE CALLS REALTY

    Listing date May 29, 2025

    Source Corcoran

    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 HOUSE CALLS REALTY

    HighLights

    • Zoned commercial (C‑6) allowing for business use (office, hair studio, etc.).
    • Duplex with two units, providing rental income potential.
    • Steady rental history with potential to increase rents to market rates ($1500/$1400).
    • Freshly remodeled with refinished maple floors and new tile floors.
    • New furnace and AC unit servicing the upstairs unit.
    • Water and trash service paid by the owner.

    Overview

    This is a freshly remodeled duplex featuring refinished maple flooring in the upstairs bedrooms and new tile floors in the entries, bathrooms, and kitchens. The upstairs unit, serviced by a new furnace and AC, includes three bedrooms and one full bathroom. The kitchen is equipped with a dishwasher, disposal, and a gas stove, with an electric hookup also available. Zoned commercial (C-6), this property is suitable for various business uses such as an office or hair studio. The property provides parking space for three or four cars in front. The lower unit includes shared laundry facilities and a garage, along with another kitchen, a bedroom, an office/bedroom, and a full bathroom. A yard is located in the back, and a driveway leads to the garage off the easement. The owner covers water and trash services, while tenants are responsible for electric and gas expenses. The duplex has been a steady rental, with the top unit renting for $1350 and the lower unit for $1250. The owner suggests potential rent increases to the current market rates of approximately $1500 and $1400, respectively. The property may also be suitable for fully furnished rentals to traveling nurses, given its location. The finished space is 2016 square feet on a 4850 square foot lot.

    Local Financial Insights For Multifamily LT 5

    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 $44.4k $19.80
    − Vacancy −$2.4k −$1.09
    EGI $41.9k $18.71
    − OpEx −$12.6k −$5.61
    NOI $29.3k $13.10
    2,240 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $419.1K
    $366.7K – $489.0K (±1% cap)
    NOI $29,339 @ 7.0% cap · market cap 7.52%
    Second Best
    Apartment 5plus
    $388.4K
    $339.9K – $453.2K (±1% cap)
    NOI $27,190 @ 7.0% cap · market cap 6.97%
    Theoretical Best
    Specialty Retail
    $442.4K
    $387.1K – $516.1K (±1% cap)
    NOI $30,966 @ 7.0% cap · market cap 7.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Paws&Claws88 Dog Walker

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.794
    Latitude
    38.8332

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    FAQs

    What type of property is this?
    Duplex - Freshly remodeled duplex with commercial zoning and steady rental income.
    Where is this duplex located?
    The property is located at 1822 E Pikes Peak Avenue Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $390,000.
    What are key features of this property?
    This property features: Zoned commercial (C‑6) allowing for business use (office, hair studio, etc.).; Duplex with two units, providing rental income potential.; Steady rental history with potential to increase rents to market rates ($1500/$1400).
    We can help!
    Listing Contact
    NICHOLAS BOWMAN
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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