Five-Unit Apartment
For Sale
$690,000
21 Bonfoy Ave, Colorado Springs, CO 80909
Multifamily property with five distinct living units and recent roof and furnace improvements.
Property Size3,495 SF
Days on Market60
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Property Features for 21 Bonfoy Ave
General Information
Standard status
Active
Size
3,495 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
In-place rents sit below market. As leases roll, an owner can mark rents to market and expand NOI without altering operations.
An income-producing asset with year-over-year NOI growth. Buyers acquire proven, in-place cash flow rather than pro forma projections.
A varied unit mix of a main house, basement apartment, detached cottage, and two duplex units provides five distinct income streams.
Building Details
Building Size
3,495 SF
Units
5
Listed By:
Jason Hornik · License #License(s): CO: FA. 100070708
(303) 328-2064
Source:
Marcusmillichap
Added: Aug 17
Changed: Oct 7
Last Checked: Oct 14 at 7:41PM
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 Jason Hornik
Investment Insights
Based on property information with market context.
This 3,550-square-foot apartment property, built in 1932, contains five separate units arranged across a main house, basement apartment, detached cottage, and two duplex units. The configuration creates a varied residential layout within one multifamily asset. Recent work to the roof, furnace, and other major systems addresses key building components.
The property is located at 21 Bonfoy Avenue in Colorado Springs, adjoining Memorial Park and minutes from downtown. Its east-central setting provides access to major employers, retail, and recreation, while the area’s military presence supports rental demand throughout the city.
The property is located at 21 Bonfoy Avenue in Colorado Springs, adjoining Memorial Park and minutes from downtown. Its east-central setting provides access to major employers, retail, and recreation, while the area’s military presence supports rental demand throughout the city.
Key Highlights
- Five‑unit apartment property with a main house, basement apartment, detached cottage, and two duplex units
- 3,550 square feet on a 1932‑built property
- Recent improvements to the roof, furnace, and other major systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,423
Cap Rate
6.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$848,460
$848.5K
Cap Rate 7%
$606,043
$606.0K
Cap Rate 9%
$471,367
$471.4K
Market Conditions
NOI Build-Up for 3,495 SF
Gross rent
$81.4K $23.28/SF
− Vacancy
−$4.2K −$1.21/SF
EGI
$77.1K $22.07/SF
− OpEx
−$34.7K −$9.93/SF
NOI
$42.4K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$848,460
Cap Rate 7%
$606,043
Cap Rate 9%
$471,367
Alternative Uses
Best Use
Apartment 5plus
$606.0K
$530.3K – $707.1K
NOI $42,423 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$690.2K
$603.9K – $805.3K
NOI $48,315 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,598
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with five distinct living units and recent roof and furnace improvements.
Where is this apartment building located?
The property is located at 21 Bonfoy Ave Colorado Springs, CO.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Five‑unit apartment property with a main house, basement apartment, detached cottage, and two duplex units; 3,550 square feet on a 1932‑built property; Recent improvements to the roof, furnace, and other major systems
