Apartment Building with Commercial
For Sale
$998,500
224 - 228 W 3rd St, Pueblo, CO 81003
MULTI_FAMILY - Pueblo, CO
Property Size9,000 SF
Lot Size0.14 Acres
Price / SF$110.94
Days on Market80
Property Features for 224 - 228 W 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-4
Bedrooms
6
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 6, Bathroom 7, Bathroom 5, Bathroom 3, Bedroom 5, Bathroom 2, Bathroom 8, Bedroom 2, Bathroom 1, Bathroom 9, Bedroom 6, Bedroom 3, Bathroom 4, Bedroom 4, Bedroom 1
Parking features
On Street
Security features
Security System
Window features
Vinyl Frames, Window Coverings, Double Pane Windows
Patio and Porch features
Patio
Interior features
New Paint, Ceiling Fan(s), Walk-In Closet(s)
Exterior features
Outdoor Lighting-Rear
Fireplace
1
Basement
Partial, Full, Crawl Space
Appliances
Dishwasher-Some, Garbage Disposal-Some, Refrigerator-All, Gas Range-Some, Microwave Built-In-Some, Washer-Some, Dryer-Some, Gas Cooktop-Some, Electric Cooktop-Some, Built-in Oven-None
Subdivision
Union Historical
Lot features
Corner Lot
Elementary school
D-60
Middle school
D-60
High school
D-60
Standard status
Active
APN
0536129006
Size
9,000 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
W 43 FT 5 1/2 IN LOT 8 BLK 32 PUEBLO
Tax Annual Amount
3213
Legal Description
W 43 FT 5 1/2 IN LOT 8 BLK 32 PUEBLO
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Forced Air, Natural Gas
Cooling system
Central Air, Wall Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
7
Flooring type
Hardwood, New floor coverings
Building materials
Frame, Brick, Stucco, Concrete, Copper Plumbing, Plastic Plumbing
Roof type
Rubber, Flat
Listing Agency:
Keller Williams Performance Realty · Keller Williams Realty
(719) 583-1100
Listed By:
Chris Pisciotta · License #100002693
(719) 240-2059
Added: May 21
Changed: Aug 3
Last Checked: Aug 8 at 2:06PM
MLS# 236543
Copyright © 2026 Pueblo Association of Realtors. 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 apartment building offers a mixed-use configuration with approximately 9,000 square feet of total rentable space. The main level includes commercial storefront space of approximately 2,000 square feet plus residential units, while the upper level provides five apartments. Interior features include new paint, ceiling fans, and walk-in closets, and the property includes a fireplace. Heating is provided by wall furnaces and forced air with natural gas, and cooling is available via central air and wall units.
Built in 1900, the property is served by public water and a public sewer system. Exterior features include outdoor lighting at the rear, and parking is supported by on-street parking plus four off-street parking spaces. A paid city parking garage is located directly across the street, and the property is positioned directly across from the bus station and the Pueblo Bulls Ice Hockey Arena. The roof was installed in 2022, and extensive remodeling was completed between 2021 and 2022.
Zoned B-4, the property is located in Historic Downtown Pueblo and is described as generating an 8% cap rate, supported by residential rental income and an owner commercial lease income guarantee for one year.
Built in 1900, the property is served by public water and a public sewer system. Exterior features include outdoor lighting at the rear, and parking is supported by on-street parking plus four off-street parking spaces. A paid city parking garage is located directly across the street, and the property is positioned directly across from the bus station and the Pueblo Bulls Ice Hockey Arena. The roof was installed in 2022, and extensive remodeling was completed between 2021 and 2022.
Zoned B-4, the property is located in Historic Downtown Pueblo and is described as generating an 8% cap rate, supported by residential rental income and an owner commercial lease income guarantee for one year.
Key Highlights
- 0.138‑acre lot
- Approximately 9,000 SF total rentable space
- Approximately 2,000 SF commercial storefront space
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
8.76%
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 8.76%
Second Best
Retail
$1.18M
$1.04M – $1.38M
NOI $82,873 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,280 @ 7.0% cap · market cap 13.15%
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
2,151
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
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - B-4 zoned apartment building with an on-site commercial storefront and on-street parking in downtown Pueblo.
Where is this apartment building located?
The property is located at 224 - 228 W 3rd St Pueblo, CO.
What is the asking price?
The asking price for this property is $998,500.
What are key features of this property?
This property features: 0.138‑acre lot; Approximately 9,000 SF total rentable space; Approximately 2,000 SF commercial storefront space
