Historic Mixed-Use
For Sale
$1,150,000
224 - 228 W 3rd St 7, Pueblo, CO 81003
Combination commercial and residential building with apartment units, salon-ready space, and recent roof and remodeling improvements.
Property Size9,000 SF
Price / SF$127.78
Days on Market220
Property Features for 224 - 228 W 3rd St 7
General Information
Standard status
Active
Size
9,000 SF
Net Rentable
9,000 SF
Total Parking Spaces
4
Property subtype
Multi Family
Units
Unit Mix
3 x 2BR, 4 x 1BR
Multifamily Units
7
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,213
Building Details
Year Built
1900
Year Renovated
2022
Tenancy
Multi
Listing Agency:
Keller Williams Performance Realty
(719) 240-2059
Listed By:
Chris Pisciotta · License #100002693
(719) 240-2059
Source:
Exitrealty
Added: Jan 22
Changed: Aug 29
Last Checked: Aug 29 at 7:49PM
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 Keller Williams Performance Realty
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use property provides 9,000 square feet of total rentable area, including approximately 2,500 square feet of commercial space. The commercial portion is configured for a beauty salon and barber shop, a use established at the property since 1946. The residential component includes seven apartments: three two-bedroom units and four one-bedroom units.
Property improvements include a new roof completed in 2022 and remodeling performed during 2021–2022. Parking consists of four off-street spaces, more than 12 on-street spaces, and access to a paid city parking garage across the street. The property is located in downtown Pueblo near the Arkansas Riverwalk, restaurants, shopping, a bus station, and the Pueblo Bulls Ice Hockey arena.
Property improvements include a new roof completed in 2022 and remodeling performed during 2021–2022. Parking consists of four off-street spaces, more than 12 on-street spaces, and access to a paid city parking garage across the street. The property is located in downtown Pueblo near the Arkansas Riverwalk, restaurants, shopping, a bus station, and the Pueblo Bulls Ice Hockey arena.
Key Highlights
- 9,000 SF of total rentable space with approximately 2,500 SF of commercial area
- Seven apartments: three 2‑bedroom units and four 1‑bedroom units
- Commercial space configured for a beauty salon and barber shop since 1946
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
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Combination commercial and residential building with apartment units, salon-ready space, and recent roof and remodeling improvements.
Where is this mixed-use property located?
The property is located at 224 - 228 W 3rd St 7 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 with approximately 2,500 SF of commercial area; Seven apartments: three 2‑bedroom units and four 1‑bedroom units; Commercial space configured for a beauty salon and barber shop since 1946
