Mixed-Use Building with Retail
For Sale
$1,150,000
224-228 W 3rd Street, Pueblo, CO 81003
MULTI_FAMILY - Pueblo, CO
Property Size9,000 SF
Lot Size0.14 Acres
Price / SF$127.78
Days on Market174
Property Features for 224-228 W 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Elementary school district
Pueblo-60
Middle school district
Pueblo-60
High school district
Pueblo-60
Standard status
Active
Size
9,000 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3213
Utilities
Heating system
Wall Furnace, Natural Gas, Forced Air
Cooling system
Wall Unit(s), Central Air
Building Details
Year built
1900
Listing Agency:
Keller Williams Performance Realty · Keller Williams Realty
(719) 583-1100
Listed By:
Angie Perdios
(719) 269-7355
Added: Feb 6
Changed: Jul 28
Last Checked: Jul 30 at 10:06PM
MLS# 5157579
Copyright © 2026 elevateMLS. 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.
The property at 224-228 W 3rd Street includes approximately 9,000 square feet of total rentable space, with about 2,500 square feet of commercial space and seven residential apartments. The residential mix consists of three two-bedroom units and four one-bedroom units. The building’s history includes operation as a beauty salon and barber shop since 1946, and the commercial space is currently set up accordingly. Recent improvements include a new roof installed in 2022 and remodel work completed in 2021–2022.
Set in downtown Pueblo, the building benefits from nearby activity along the Arkansas Riverwalk. Parking is available both on-site and in the immediate area, including four off-street spaces, plus additional on-street and paid city parking garage options across the street. A bus station and the Pueblo Bulls Ice Hockey arena are also located across the street.
For tenants or operators, the combination of ground-floor commercial space and on-site residential units can support mixed-use occupancy goals. The unit mix is straightforward, with three two-bedroom apartments and four one-bedroom apartments, which may simplify leasing by aligning with common household sizes. Off-street parking plus nearby garage and on-street options provide practical access for residents, staff, and customers.
Set in downtown Pueblo, the building benefits from nearby activity along the Arkansas Riverwalk. Parking is available both on-site and in the immediate area, including four off-street spaces, plus additional on-street and paid city parking garage options across the street. A bus station and the Pueblo Bulls Ice Hockey arena are also located across the street.
For tenants or operators, the combination of ground-floor commercial space and on-site residential units can support mixed-use occupancy goals. The unit mix is straightforward, with three two-bedroom apartments and four one-bedroom apartments, which may simplify leasing by aligning with common household sizes. Off-street parking plus nearby garage and on-street options provide practical access for residents, staff, and customers.
Key Highlights
- Approximately 9,000 SF total rentable space with about 2,500 SF of commercial space available
- 7 residential apartments: three 2‑bedroom units and four 1‑bedroom units
- Off‑street parking for 4 spaces plus 12+ on‑street spaces and a paid city parking garage across the street
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $145.8k | $16.20 |
| − Vacancy | −$5.8k | −$0.65 |
| EGI | $140.0k | $15.55 |
| − OpEx | −$52.5k | −$5.83 |
| NOI | $87.5k | $9.72 |
9,000 SF · lease $16.20/SF/yr · vacancy 4.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$1.25M
$1.09M – $1.46M
NOI $87,480 @ 7.0% cap · market cap 7.61%
Second Best
Retail
$1.18M
$1.04M – $1.38M
NOI $82,873 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,280 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
2,151
Businesses Nearby
Explore this area
Business Placement
Demographics for 81003, CO
15,169
Population
6,233
Households
2.4
Avg Household Size
38
Median Age
18%
College-Educated
80%
High-School Grad
12.2 sq mi
ZIP Area
1,243
Density / Sq Mi
$43,750
Median Household Income
$33,941
Median Earnings
$847
Median Rent
$178,600
Median Home Value
Market
Properties on Market for Mixed-use properties in Pueblo
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes 2,500 sf commercial space and seven residential apartments, with off-street and nearby parking options.
Where is this mixed-use property located?
The property is located at 224-228 W 3rd Street Pueblo, CO.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Approximately 9,000 SF total rentable space with about 2,500 SF of commercial space available; 7 residential apartments: three 2‑bedroom units and four 1‑bedroom units; Off‑street parking for 4 spaces plus 12+ on‑street spaces and a paid city parking garage across the street
