Four-Unit Townhome-Style
For Sale
Contact for pricing
2350 Split Rock Drive, Colorado Springs, CO 80919
Four residential units offer private entrances, laundry hookups, spacious bedrooms, and dedicated surface parking.
Property Size3,904 SF
Price / SF$224.13
Days on Market15
Property Features for 2350 Split Rock Drive
General Information
Standard status
Active
Size
3,904 SF
Total Parking Spaces
6
Property subtype
Multifamily
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Amenities
in unit washer & dryer hookups
Building Details
Year Built
1984
Listing Agency:
Cushman & Wakefield - Denver, Colorado
Listed By:
Lee Wagner · License #CO 100084704
(417) 459-2155
Source:
Crexi
Added: Aug 27
Changed: Sep 9
Last Checked: Sep 9 at 3:00PM
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 - Denver, Colorado
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 2350 Split Rock Drive contains 3,904 square feet and was built in 1984. Configured in a townhome style, the property includes four residential units, each with two bedrooms and 1.5 bathrooms. Units provide front and rear entrances, in-unit washer and dryer hookups, spacious bedrooms, and large closets. Six surface parking spaces serve the property.
The property is located in Colorado Springs, Colorado, within the 80919 area. Its setting includes established residential neighborhoods, with access to major roadways, employment centers, retail, dining, recreation, and everyday services. The surrounding northwest Colorado Springs area is also near outdoor attractions. The compact four-unit configuration and dedicated parking provide a straightforward multifamily layout.
The property is located in Colorado Springs, Colorado, within the 80919 area. Its setting includes established residential neighborhoods, with access to major roadways, employment centers, retail, dining, recreation, and everyday services. The surrounding northwest Colorado Springs area is also near outdoor attractions. The compact four-unit configuration and dedicated parking provide a straightforward multifamily layout.
Key Highlights
- Four‑unit multifamily property totaling 3,904 square feet
- Each unit includes 2BD and 1.5BA
- Townhome‑style configuration with front and rear entrances
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
$51,133
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
5.84%
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%
$1,022,660
$1.0M
Cap Rate 7%
$730,471
$730.5K
Cap Rate 9%
$568,144
$568.1K
Market Conditions
NOI Build-Up for 3,904 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
$77.3K $19.80/SF
− Vacancy
−$4.3K −$1.09/SF
EGI
$73.0K $18.71/SF
− OpEx
−$21.9K −$5.61/SF
NOI
$51.1K $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%
$1,022,660
Cap Rate 7%
$730,471
Cap Rate 9%
$568,144
Alternative Uses
Best Use
Multifamily LT 5
$730.5K
$639.2K – $852.2K
NOI $51,133 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$677.0K
$592.4K – $789.8K
NOI $47,388 @ 7.0% cap · market cap 5.42%
Theoretical Best
Specialty Retail
$771.0K
$674.6K – $899.5K
NOI $53,969 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer private entrances, laundry hookups, spacious bedrooms, and dedicated surface parking.
Where is this quadplex located?
The property is located at 2350 Split Rock Drive 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: Four‑unit multifamily property totaling 3,904 square feet; Each unit includes 2BD and 1.5BA; Townhome‑style configuration with front and rear entrances
