Remodeled Duplex with Historic
For Sale
$599,900
2321 W Bijou Street, Colorado Springs, CO 80904
Updated two-unit property with stainless steel appliances, luxury vinyl plank flooring, and both residences leased.
Property Size1,664 SF
Price / SF$360.52
Days on Market43
Property Features for 2321 W Bijou Street
General Information
Standard status
Active
Size
1,664 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,392
Building Details
Year Built
1895
Listing Agency:
Buy Smart Colorado
(719) 216-4057
Listed By:
Caleb Skelton
(719) 216-4057
Source:
Exitrealty
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 29 at 8:10AM
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 Buy Smart Colorado
Investment Insights
Based on property information with market context.
Built in 1895, this duplex combines historic character with comprehensive interior updates. Both residences feature luxury vinyl plank flooring, matching stainless steel appliances, and contemporary finishes. The property is fully remodeled and both units are leased, providing an established income profile for an owner-user or investor.
Located at 2321 W Bijou St in Colorado Springs’ Old Colorado City, the property is minutes from shops, restaurants, breweries, and entertainment along historic Colorado Avenue. Downtown Colorado Springs, I-25, parks, and outdoor recreation are also conveniently accessible.
Located at 2321 W Bijou St in Colorado Springs’ Old Colorado City, the property is minutes from shops, restaurants, breweries, and entertainment along historic Colorado Avenue. Downtown Colorado Springs, I-25, parks, and outdoor recreation are also conveniently accessible.
Key Highlights
- Fully remodeled duplex built in 1895
- Both units are leased through 2027
- Luxury vinyl plank flooring in each unit
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
$21,795
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
3.63%
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%
$435,900
$435.9K
Cap Rate 7%
$311,357
$311.4K
Cap Rate 9%
$242,167
$242.2K
Market Conditions
NOI Build-Up for 1,664 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
$32.9K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$31.1K $18.71/SF
− OpEx
−$9.3K −$5.61/SF
NOI
$21.8K $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%
$435,900
Cap Rate 7%
$311,357
Cap Rate 9%
$242,167
Alternative Uses
Best Use
Multifamily LT 5
$311.4K
$272.4K – $363.3K
NOI $21,795 @ 7.0% cap · market cap 3.63%
Second Best
Apartment 5plus
$288.5K
$252.5K – $336.6K
NOI $20,198 @ 7.0% cap · market cap 3.37%
Theoretical Best
Specialty Retail
$328.6K
$287.5K – $383.4K
NOI $23,003 @ 7.0% cap · market cap 3.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
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?
Duplex - Updated two-unit property with stainless steel appliances, luxury vinyl plank flooring, and both residences leased.
Where is this duplex located?
The property is located at 2321 W Bijou Street Colorado Springs, CO.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Fully remodeled duplex built in 1895; Both units are leased through 2027; Luxury vinyl plank flooring in each unit
