Colorado Springs Multifamily Investment
For Sale
$840,000
2305 Split Rock Drive, Colorado Springs, CO 80919
Four-unit property in growing Colorado Springs with stable rental demand.
Property Size4,772 SF
Price / SF$176.03
Days on Market158
Property Features for 2305 Split Rock Drive
General Information
Standard status
Active
Size
4,772 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,672
Building Details
Year Built
1984
Listing Agency:
Cushman & Wakefield
(719) 238-9074
Listed By:
Nic Polaski · License #100099164
(719) 238-9074
Source:
Exitrealty
Added: Mar 27
Changed: Aug 25
Last Checked: Aug 31 at 4:17PM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
The property at 2305 Split Rock Drive is a four-unit multifamily property located in Colorado Springs, Colorado. Constructed in 1984, the building has approximately 4,772 square feet of space. The property is situated in a quiet residential neighborhood in southeastern Colorado Springs, providing convenient access to commuter routes, retail centers, grocery stores, and everyday services. Nearby parks, schools, and community amenities contribute to a comfortable living environment. The location appeals to workforce renters and long-term residents. Colorado Springs is experiencing economic and population growth, supported by a diverse employment base including defense, aerospace, healthcare, technology, and education sectors. Major nearby employers such as Fort Carson, Peterson Space Force Base, and several national defense contractors support steady housing demand throughout the region. This property offers investors a stable, small-scale residential asset with manageable operations and consistent rental demand and is positioned to benefit from Colorado Springs’ long-term economic growth.
Key Highlights
- Four‑unit multifamily property in rapidly growing Colorado Springs
- Stable investment with consistent rental demand
- Convenient location near major commuter routes, retail, and services
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
$62,502
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
7.44%
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%
$1,250,040
$1.3M
Cap Rate 7%
$892,886
$892.9K
Cap Rate 9%
$694,467
$694.5K
Market Conditions
NOI Build-Up for 4,772 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
$94.5K $19.80/SF
− Vacancy
−$5.2K −$1.09/SF
EGI
$89.3K $18.71/SF
− OpEx
−$26.8K −$5.61/SF
NOI
$62.5K $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%
$1,250,040
Cap Rate 7%
$892,886
Cap Rate 9%
$694,467
Alternative Uses
Best Use
Multifamily LT 5
$892.9K
$781.3K – $1.04M
NOI $62,502 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$827.5K
$724.0K – $965.4K
NOI $57,923 @ 7.0% cap · market cap 6.90%
Theoretical Best
Specialty Retail
$942.4K
$824.6K – $1.10M
NOI $65,968 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
167
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 - Four-unit property in growing Colorado Springs with stable rental demand.
Where is this quadplex located?
The property is located at 2305 Split Rock Drive Colorado Springs, CO.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: Four‑unit multifamily property in rapidly growing Colorado Springs; Stable investment with consistent rental demand; Convenient location near major commuter routes, retail, and services
