Pueblo Multifamily Investment
For Sale
$2,600,000
2101-2111 N Queens Ave, Pueblo, CO 81001
MULTI_FAMILY - Pueblo, CO
Property Size22,464 SF
Lot Size1.22 Acres
Price / SF$115.74
Days on Market131
Property Features for 2101-2111 N Queens Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
48
Bathrooms
24
Full bathrooms
24
Rooms
Bedroom 22, Bedroom 42, Bedroom 19, Bedroom 20, Bedroom 33, Bedroom 21, Bedroom 17, Bathroom 3, Bathroom 16, Bedroom 23, Bedroom 25, Bathroom 7, Bathroom 24, Bedroom 9, Bedroom 2, Bedroom 45, Bedroom 12, Bedroom 16, Bedroom 24, Bedroom 8, Bedroom 11, Bedroom 32, Bedroom 4, Bedroom 18, Bedroom 34, Bedroom 29, Bedroom 30, Bedroom 35, Bathroom 5, Bathroom 17, Bedroom 28, Bedroom 26, Bedroom 44, Bedroom 46, Bedroom 1, Bathroom 6, Bedroom 36, Bathroom 2, Bedroom 7, Bedroom 48, Bedroom 3, Bedroom 14, Bathroom 15, Bathroom 21, Bedroom 38, Bathroom 14, Bathroom 20, Bedroom 43, Bathroom 9, Bedroom 27, Bedroom 40, Bathroom 23, Bedroom 39, Bathroom 19, Bathroom 12, Bathroom 22, Bathroom 13, Bathroom 1, Bedroom 37, Bedroom 10, Bedroom 13, Bathroom 10, Bedroom 31, Bedroom 5, Bedroom 41, Bathroom 18, Bedroom 6, Bedroom 47, Bathroom 4, Bathroom 8, Bedroom 15, Bathroom 11
Parking features
None
Window features
Window Coverings, Double Pane Windows
Patio and Porch features
Patio, Deck
Interior features
New Paint, Ceiling Fan(s)
Fencing
Wood
Fireplace
1
Appliances
Dishwasher-Some, Garbage Disposal-All, Refrigerator-All, Gas Range-None, Electric Range-All, Range Hood-All, Washer-Some, Dryer-Some
Subdivision
Belmont
Lot features
Corner Lot, Rock- Rear, Rock- Front, Trees- Front
Elementary school
60
Middle school
60
High school
60
Standard status
Active
APN
6 total
Size
22,464 SF
Lot size
1.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
6-4PLEX BUILDINGS EACH WITH A SEPARATE ADDRESS, PARCEL NUMBER AND LEGAL DESCRIPTION (legal description might be incomplete) Lot 9 Santa Cruz Subdivision (2101) Lot 10 Santa Cruz Subdivision (2103) Lot
Tax Annual Amount
13730
Legal Description
6-4PLEX BUILDINGS EACH WITH A SEPARATE ADDRESS, PARCEL NUMBER AND LEGAL DESCRIPTION (legal description might be incomplete) Lot 9 Santa Cruz Subdivision (2101) Lot 10 Santa Cruz Subdivision (2103) Lot
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Oil
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1987
Floors in Building
2
Number of units
24
Flooring type
Tile, New floor coverings
Building materials
Frame, Stucco, Copper Plumbing, Plastic Plumbing
Roof type
Composition
Listing Agency:
Carlsson Real Estate, Inc
(719) 671-1282
Listed By:
Karen Carlsson
(719) 671-1282
Added: Apr 2
Changed: Aug 2
Last Checked: Aug 10 at 5:06PM
MLS# 234031
Copyright © 2026 Pueblo Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property is located in Pueblo, Colorado. The property has R-4 zoning. The lot size is 1.224 acres. The property size is 22464 square feet.
Key Highlights
- Fireplace included in the home
- Heating includes oil and natural gas; cooling provided by wall unit(s)
- New paint and new floor coverings with tile flooring
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
$165,621
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
6.37%
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%
$3,312,420
$3.3M
Cap Rate 7%
$2,366,014
$2.4M
Cap Rate 9%
$1,840,233
$1.8M
Market Conditions
NOI Build-Up for 22,464 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
$312.7K $13.92/SF
− Vacancy
−$11.6K −$0.52/SF
EGI
$301.1K $13.40/SF
− OpEx
−$135.5K −$6.03/SF
NOI
$165.6K $7.37/SF
Area
Pueblo, CO
Vacancy
3.70%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
45.00%
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%
$3,312,420
Cap Rate 7%
$2,366,014
Cap Rate 9%
$1,840,233
Alternative Uses
Best Use
Apartment 5plus
$2.37M
$2.07M – $2.76M
NOI $165,621 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.68M
$4.10M – $5.46M
NOI $327,674 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
Explore this area
Business Placement
Demographics for 81001, CO
31,107
Population
13,651
Households
2.3
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
32.0 sq mi
ZIP Area
972
Density / Sq Mi
$47,086
Median Household Income
$35,204
Median Earnings
$1,027
Median Rent
$208,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property in Pueblo, Colorado, with R-4 zoning.
Where is this apartment building located?
The property is located at 2101-2111 N Queens Ave Pueblo, CO.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Fireplace included in the home; Heating includes oil and natural gas; cooling provided by wall unit(s); New paint and new floor coverings with tile flooring
