Triplex With Private
For Sale
$389,900
Pending
216 E Evans Ave, Pueblo, CO 81004
Three-unit property with flexible living arrangements, basement storage, and classic architectural details.
Property Size3,344 SF
Days on Market167
Property Features for 216 E Evans Ave
General Information
Standard status
Pending
Size
3,344 SF
Total Parking Spaces
4
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
copper water lines are missing
Units
Unit Mix
1 x 4BR/2BA, 2 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,352
Building Details
Year Built
1906
Listing Agency:
Believers Realty, Inc.
(719) 544-0400
Listed By:
Mary Highline · License #00305021
(719) 250-2020
Source:
Exitrealty
Added: Mar 20
Changed: Aug 31
Last Checked: Aug 29 at 1:58PM
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 Believers Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1906, this 3,344-square-foot triplex combines a four-bedroom, two-bath unit with two separate one-bedroom apartments. The larger residence includes living, dining, and kitchen areas, while the upper apartment also has a separate office area. Classic open staircases and original unpainted woodwork add character throughout the property.
Private basements serve each side of the building and provide substantial storage, with one or two furnaces. Four private garage spaces offer dedicated parking and may provide an additional income option. The property is near a library, restaurant, bakery, and the River Walk. Copper water lines are missing and should be considered in evaluating the property.
Private basements serve each side of the building and provide substantial storage, with one or two furnaces. Four private garage spaces offer dedicated parking and may provide an additional income option. The property is near a library, restaurant, bakery, and the River Walk. Copper water lines are missing and should be considered in evaluating the property.
Key Highlights
- Three‑unit configuration includes one 4‑bedroom residence and two 1‑bedroom apartments
- 3,344‑square‑foot property built in 1906
- Four private garage spaces provide dedicated parking or rental potential
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
$27,372
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
7.02%
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%
$547,440
$547.4K
Cap Rate 7%
$391,029
$391.0K
Cap Rate 9%
$304,133
$304.1K
Market Conditions
NOI Build-Up for 3,344 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
$40.5K $12.12/SF
− Vacancy
−$1.4K −$0.43/SF
EGI
$39.1K $11.69/SF
− OpEx
−$11.7K −$3.51/SF
NOI
$27.4K $8.19/SF
Area
Pueblo, CO
Vacancy
3.52%
Lease Rate
$12.12 /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%
$547,440
Cap Rate 7%
$391,029
Cap Rate 9%
$304,133
Alternative Uses
Best Use
Multifamily LT 5
$391.0K
$342.2K – $456.2K
NOI $27,372 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$352.2K
$308.2K – $410.9K
NOI $24,654 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$696.8K
$609.7K – $813.0K
NOI $48,778 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,182
Businesses Nearby
Explore this area
Business Placement
Demographics for 81004, CO
26,005
Population
12,597
Households
2.1
Avg Household Size
39
Median Age
20%
College-Educated
90%
High-School Grad
160.9 sq mi
ZIP Area
162
Density / Sq Mi
$48,620
Median Household Income
$33,925
Median Earnings
$1,002
Median Rent
$181,200
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?
Triplex - Three-unit property with flexible living arrangements, basement storage, and classic architectural details.
Where is this triplex located?
The property is located at 216 E Evans Ave Pueblo, CO.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Three‑unit configuration includes one 4‑bedroom residence and two 1‑bedroom apartments; 3,344‑square‑foot property built in 1906; Four private garage spaces provide dedicated parking or rental potential
