Mixed-Use Building with
For Sale
$1,150,000
224-228 W 3rd Street, Pueblo, CO 81003
Residential Income, Pueblo, CO
Property Size9,000 SF
Lot Size0.14 Acres
Price / SF$127.78
Days on Market208
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
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3213
Utilities
Heating system
Natural Gas, Wall Furnace, Forced Air
Cooling system
Central Air, Wall Unit(s)
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: Aug 19
Last Checked: Sep 2 at 12:06PM
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.
This mixed-use property contains 9,000 SF of total rentable space, including approximately 2,500 SF of commercial area configured for beauty salon and barber shop operations. The building also includes seven apartments: three two-bedroom units and four one-bedroom units. A roof replacement was completed in 2022, following remodeling work performed in 2021–2022.
The property is located in downtown Pueblo near the Arkansas Riverwalk, restaurants, retail, and other daily conveniences. A bus station and the Pueblo Bulls ice hockey arena are across the street, while a paid city parking garage is also directly across the street. On-site parking includes four off-street spaces, supplemented by more than 12 on-street spaces.
The property is located in downtown Pueblo near the Arkansas Riverwalk, restaurants, retail, and other daily conveniences. A bus station and the Pueblo Bulls ice hockey arena are across the street, while a paid city parking garage is also directly across the street. On-site parking includes four off-street spaces, supplemented by more than 12 on-street spaces.
Key Highlights
- 9,000 SF of total rentable space
- Approximately 2,500 SF of commercial area
- 7 apartments: 3 two‑bedroom and 4 one‑bedroom units
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
$87,480
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
7.61%
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%
$1,749,600
$1.7M
Cap Rate 7%
$1,249,714
$1.2M
Cap Rate 9%
$972,000
$972.0K
Market Conditions
NOI Build-Up for 9,000 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
$145.8K $16.20/SF
− Vacancy
−$5.8K −$0.65/SF
EGI
$140.0K $15.55/SF
− OpEx
−$52.5K −$5.83/SF
NOI
$87.5K $9.72/SF
Area
Pueblo, CO
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,749,600
Cap Rate 7%
$1,249,714
Cap Rate 9%
$972,000
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,057
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
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 - Downtown property combines commercial space, apartments, off-street parking, and proximity to transit, dining, shopping, and entertainment.
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: 9,000 SF of total rentable space; Approximately 2,500 SF of commercial area; 7 apartments: 3 two‑bedroom and 4 one‑bedroom units
