Four-Unit Multifamily
For Sale
$875,000
2245 Split Rock Dr, Colorado Springs, CO 80919
Well-maintained 1983-built quadplex with four 2-bedroom, 2-bath units, fireplaces, private outdoor space, and washer/dryer hookups.
Property Size4,113 SF
Price / SF$212.74
Days on Market146
Property Features for 2245 Split Rock Dr
General Information
Standard status
Active
Size
4,113 SF
Property subtype
Multifamily
Zoning
R-5/CR HS
Additional Details
Multifamily Units
4
Building Details
Building Size
4,113 SF
Year Built
1983
Listing Agency:
Hoff & Leigh
(719) 630-2277
Listed By:
Brian Canady
(719) 433-1102
Source:
Hoffleigh
Added: Apr 16
Changed: Aug 8
Last Checked: Sep 7 at 4:32AM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
Well-maintained four-unit multifamily property built in 1983. The building offers four spacious units, each configured with 2 bedrooms and 2 bathrooms. Unit features include a fireplace, private outdoor space (balcony or fenced yard), washer and dryer hookups, and dedicated storage.
Recent capital improvements include updates to major systems and exterior components, which are intended to reduce near-term maintenance. The property is located in the Mountain Shadows/Oak Valley Ranch area, with proximity to Ute Valley Park and Garden of the Gods, along with nearby retail and dining amenities.
From a practical tenant-housing standpoint, this quadplex provides in-unit convenience through laundry hookups and outdoor private space, paired with functional layouts across all four units.
Recent capital improvements include updates to major systems and exterior components, which are intended to reduce near-term maintenance. The property is located in the Mountain Shadows/Oak Valley Ranch area, with proximity to Ute Valley Park and Garden of the Gods, along with nearby retail and dining amenities.
From a practical tenant-housing standpoint, this quadplex provides in-unit convenience through laundry hookups and outdoor private space, paired with functional layouts across all four units.
Key Highlights
- 1983‑built four‑unit multifamily (quadplex) with four spacious 2‑bedroom, 2‑bath units
- Each unit features a fireplace and functional layout designed for broad tenant appeal
- Private outdoor space per unit: balcony or fenced yard
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
$53,871
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
6.16%
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%
$1,077,420
$1.1M
Cap Rate 7%
$769,586
$769.6K
Cap Rate 9%
$598,567
$598.6K
Market Conditions
NOI Build-Up for 4,113 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
$81.4K $19.80/SF
− Vacancy
−$4.5K −$1.09/SF
EGI
$77.0K $18.71/SF
− OpEx
−$23.1K −$5.61/SF
NOI
$53.9K $13.10/SF
Area
Colorado Springs, CO
Vacancy
5.50%
Lease Rate
$19.80 /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%
$1,077,420
Cap Rate 7%
$769,586
Cap Rate 9%
$598,567
Alternative Uses
Best Use
Multifamily LT 5
$769.6K
$673.4K – $897.9K
NOI $53,871 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$713.2K
$624.1K – $832.1K
NOI $49,924 @ 7.0% cap · market cap 5.71%
Theoretical Best
Specialty Retail
$812.3K
$710.7K – $947.6K
NOI $56,858 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 80919, CO
28,909
Population
12,033
Households
2.4
Avg Household Size
43
Median Age
62%
College-Educated
98%
High-School Grad
27.4 sq mi
ZIP Area
1,055
Density / Sq Mi
$116,316
Median Household Income
$60,084
Median Earnings
$1,800
Median Rent
$570,200
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?
Quadplex - Well-maintained 1983-built quadplex with four 2-bedroom, 2-bath units, fireplaces, private outdoor space, and washer/dryer hookups.
Where is this quadplex located?
The property is located at 2245 Split Rock Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 1983‑built four‑unit multifamily (quadplex) with four spacious 2‑bedroom, 2‑bath units; Each unit features a fireplace and functional layout designed for broad tenant appeal; Private outdoor space per unit: balcony or fenced yard
