Updated Four-Unit
New
For Sale
$650,000
2112 Friendship Place, Colorado Springs, CO 80904
Updated interiors and private entrances support a fully occupied multifamily property.
Property Size2,912 SF
Price / SF$223.21
Days on Market6
Property Features for 2112 Friendship Place
General Information
Standard status
Active
Size
2,912 SF
Total Parking Spaces
8
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Cap Rate
6%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,413
Building Details
Year Built
1973
Listing Agency:
Atlas Real Estate Group LLC
(720) 220-8500
Listed By:
Michael Hills
(720) 220-8500
Source:
Pikespeakdreamhomesrealty
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 11 at 1:54PM
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 Atlas Real Estate Group LLC
Investment Insights
Based on property information with market context.
This four-unit quadplex contains approximately 2,912 square feet, with each unit offering 2 bedrooms, 1 full bath, a private exterior entrance, and private patio space. Improvements include remodeled kitchens, updated flooring, fresh paint, and modern finishes. The property was built in 1973 and is fully occupied, with a reported 6% cap rate.
The asset is located near Garden of the Gods, Old Colorado City Historic District, Manitou Springs, and Red Rock Canyon Open Space. Shopping, dining, breweries, and services are available along West Colorado Avenue, with access to US-24 and I-25 among the nearby transportation connections.
The asset is located near Garden of the Gods, Old Colorado City Historic District, Manitou Springs, and Red Rock Canyon Open Space. Shopping, dining, breweries, and services are available along West Colorado Avenue, with access to US-24 and I-25 among the nearby transportation connections.
Key Highlights
- Four‑unit quadplex with approximately 2,912 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Private exterior entrances and private patio space for each unit
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
$38,141
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
5.87%
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%
$762,820
$762.8K
Cap Rate 7%
$544,871
$544.9K
Cap Rate 9%
$423,789
$423.8K
Market Conditions
NOI Build-Up for 2,912 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
$57.7K $19.80/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$54.5K $18.71/SF
− OpEx
−$16.3K −$5.61/SF
NOI
$38.1K $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%
$762,820
Cap Rate 7%
$544,871
Cap Rate 9%
$423,789
Alternative Uses
Best Use
Multifamily LT 5
$544.9K
$476.8K – $635.7K
NOI $38,141 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$504.9K
$441.8K – $589.1K
NOI $35,346 @ 7.0% cap · market cap 5.44%
Theoretical Best
Specialty Retail
$575.1K
$503.2K – $670.9K
NOI $40,255 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
Explore this area
Business Placement
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
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?
Quadplex - Updated interiors and private entrances support a fully occupied multifamily property.
Where is this quadplex located?
The property is located at 2112 Friendship Place Colorado Springs, CO.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit quadplex with approximately 2,912 square feet; Each unit includes 2 bedrooms and 1 full bath; Private exterior entrances and private patio space for each unit
