Remodeled Duplex Zoned
1822 E Pikes Peak Avenue Colorado Springs, CO 80909
For Sale
$390,000
Freshly remodeled duplex with commercial zoning and steady rental income.
Property Size2,240 SF
Price / SF$174.11
Days on Market421
Property Features for 1822 E Pikes Peak Avenue
General Information
- Standard status
- Active
- Size
- 2,240 SF
Building Details
- Year Built
- 1951
Listing Agency:
HOUSE CALLS REALTY
Listed By:
NICHOLAS BOWMAN
Source:
Corcoran
Added: May 29, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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
Investment Insights
Based on property information with market context.
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.
Key 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).
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
NOI $29,339 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$388.4K
$339.9K – $453.2K
NOI $27,190 @ 7.0% cap · market cap 6.97%
Theoretical Best
Specialty Retail
$442.4K
$387.1K – $516.1K
NOI $30,966 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Paws&Claws88
Dog Walker
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).
