Remodeled Duplex Zoned
For Sale
$390,000
1822 E Pikes Peak Avenue, Colorado Springs, CO 80909
Freshly remodeled duplex with commercial zoning and steady rental income.
Property Size2,240 SF
Price / SF$174.11
Days on Market468
Property Features for 1822 E Pikes Peak Avenue
General Information
Standard status
Active
Size
2,240 SF
Taxes and HOA fees
Annual Taxes
$1,209
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
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
$29,339
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
7.52%
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%
$586,780
$586.8K
Cap Rate 7%
$419,129
$419.1K
Cap Rate 9%
$325,989
$326.0K
Market Conditions
NOI Build-Up for 2,240 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
$44.4K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$41.9K $18.71/SF
− OpEx
−$12.6K −$5.61/SF
NOI
$29.3K $13.10/SF
Area
Colorado Springs, CO
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$586,780
Cap Rate 7%
$419,129
Cap Rate 9%
$325,989
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,548
Businesses Nearby
Explore this area
Business Placement
Demographics for 80909, CO
37,302
Population
16,572
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
7.9 sq mi
ZIP Area
4,722
Density / Sq Mi
$61,777
Median Household Income
$36,894
Median Earnings
$1,227
Median Rent
$352,400
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?
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).
