Victorian 4-Unit
For Sale
$900,000
1823 N Nevada Avenue, Colorado Springs, CO 80907
Three occupied apartments accompany a vacant, two-level residence with four bedrooms and two-and-a-half bathrooms.
Property Size5,180 SF
Price / SF$173.75
Days on Market15
Property Features for 1823 N Nevada Avenue
General Information
Standard status
Active
Size
5,180 SF
Property subtype
Residential Income
Zoning
R-2 HP
Occupancy
75%
Site & Location
Neighborhood
Old North End
Highway Access
Yes
Units
Unit Mix
1 x 4BR/2.5BA, 3 x 1BR
Multifamily Units
4
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$2,521
Building Details
Building Size
5,180 SF
Year Built
1904
Buildings
1
Stories
2
Construction
Victorian
Tenancy
Multi
Listing Agency:
Gateway Realty I-70 LLC
Listed By:
Mary Zimmerman · License #40038571
(303) 644-3344
Source:
Gatewayrealtyi-70
Added: Oct 10
Changed: Oct 23
Last Checked: Oct 23 at 3:14PM
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 Gateway Realty I-70 LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1904, this four-unit property pairs a Victorian main residence with three one-bedroom apartments. The vacant residence spans 3,004 square feet across two levels and includes four bedrooms, two-and-a-half bathrooms, two parlors, and an open kitchen. Hardwood floors, high ceilings, wood-beamed ceilings, chandeliers, custom tilework, and updated lighting add detail throughout. A fenced backyard serves the main home. Each of the three tenant-occupied apartments measures approximately 725 square feet.
The property is in Colorado Springs’ Old North End, near Colorado College, Monument Valley Park, downtown Colorado Springs, I-25, and Highway 24. Zoning is R-2 HP.
The property is in Colorado Springs’ Old North End, near Colorado College, Monument Valley Park, downtown Colorado Springs, I-25, and Highway 24. Zoning is R-2 HP.
Key Highlights
- Four residential units: one main residence and three one‑bedroom apartments
- Vacant main residence measures 3,004 square feet across two levels
- Three one‑bedroom apartments, approximately 725 square feet each, are tenant‑occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,846
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,356,920
$1.4M
Cap Rate 7%
$969,229
$969.2K
Cap Rate 9%
$753,844
$753.8K
Market Conditions
NOI Build-Up for 5,180 SF
Gross rent
$102.6K $19.80/SF
− Vacancy
−$5.6K −$1.09/SF
EGI
$96.9K $18.71/SF
− OpEx
−$29.1K −$5.61/SF
NOI
$67.8K $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 Rate 5%
$1,356,920
Cap Rate 7%
$969,229
Cap Rate 9%
$753,844
Alternative Uses
Best Use
Multifamily LT 5
$969.2K
$848.1K – $1.13M
NOI $67,846 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$898.2K
$786.0K – $1.05M
NOI $62,876 @ 7.0% cap · market cap 6.99%
Theoretical Best
Specialty Retail
$1.02M
$895.1K – $1.19M
NOI $71,608 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 80907, CO
28,806
Population
13,250
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
93%
High-School Grad
9.8 sq mi
ZIP Area
2,939
Density / Sq Mi
$71,393
Median Household Income
$41,355
Median Earnings
$1,392
Median Rent
$371,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Three occupied apartments accompany a vacant, two-level residence with four bedrooms and two-and-a-half bathrooms.
Where is this quadplex located?
The property is located at 1823 N Nevada Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Four residential units: one main residence and three one‑bedroom apartments; Vacant main residence measures 3,004 square feet across two levels; Three one‑bedroom apartments, approximately 725 square feet each, are tenant‑occupied
