Updated Duplex with Private
For Sale
$249,900
Pending
2429 E Evans Avenue, Pueblo, CO 81004
Two separate residences offer updated interiors, individual outdoor space, and flexible owner-occupant or rental use.
Property Size1,595 SF
Days on Market148
Property Features for 2429 E Evans Avenue
General Information
Standard status
Pending
Size
1,595 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2-3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,586
Amenities
privacy fencing
security lights
Building Details
Year Built
1941
Buildings
2
Listing Agency:
The Saucedo Real Estate Group
(719) 564-6622
Listed By:
Rosalind Saucedo · License #40019100
(719) 320-1822
Source:
Exitrealty
Added: Apr 13
Changed: Sep 4
Last Checked: Sep 7 at 6:16AM
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 The Saucedo Real Estate Group
Investment Insights
Based on property information with market context.
This duplex places two detached residences on one lot, each with its own yard and separate living environment. The front home includes one bath, refinished hardwood floors, an updated kitchen, new furnace, evaporative cooling, fresh paint, and a 27' x 14' lower-level room that can serve as a third bedroom, office, or family room. The rear residence contains 814 square feet, two bedrooms, one bath, refinished hardwood flooring, a large kitchen, a new split heating and cooling system, and a covered front patio.
Both homes include a range and refrigerator, with washer and dryer hookups provided. Six-foot privacy fencing divides and secures the residences, while security lighting serves the yard. Built in 1941, the property also features natural gas, forced air, mini-split and wall-unit systems, a fireplace, garbage disposals, patios, porches, composition surfaces, and flat roof sections.
Both homes include a range and refrigerator, with washer and dryer hookups provided. Six-foot privacy fencing divides and secures the residences, while security lighting serves the yard. Built in 1941, the property also features natural gas, forced air, mini-split and wall-unit systems, a fireplace, garbage disposals, patios, porches, composition surfaces, and flat roof sections.
Key Highlights
- Two residences positioned on one lot, each with a private yard
- Front home includes a 27' x 14' lower room adaptable as bedroom, office, or family room
- Rear residence offers 814 sq ft with 2 bedrooms and 1 bath
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
$13,056
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
5.22%
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%
$261,120
$261.1K
Cap Rate 7%
$186,514
$186.5K
Cap Rate 9%
$145,067
$145.1K
Market Conditions
NOI Build-Up for 1,595 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
$19.3K $12.12/SF
− Vacancy
−$680 −$0.43/SF
EGI
$18.7K $11.69/SF
− OpEx
−$5.6K −$3.51/SF
NOI
$13.1K $8.19/SF
Area
Pueblo, CO
Vacancy
3.52%
Lease Rate
$12.12 /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%
$261,120
Cap Rate 7%
$186,514
Cap Rate 9%
$145,067
Alternative Uses
Best Use
Multifamily LT 5
$186.5K
$163.2K – $217.6K
NOI $13,056 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$168.0K
$147.0K – $196.0K
NOI $11,760 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$332.4K
$290.8K – $387.8K
NOI $23,266 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 81004, CO
26,005
Population
12,597
Households
2.1
Avg Household Size
39
Median Age
20%
College-Educated
90%
High-School Grad
160.9 sq mi
ZIP Area
162
Density / Sq Mi
$48,620
Median Household Income
$33,925
Median Earnings
$1,002
Median Rent
$181,200
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?
Duplex - Two separate residences offer updated interiors, individual outdoor space, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 2429 E Evans Avenue Pueblo, CO.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two residences positioned on one lot, each with a private yard; Front home includes a 27' x 14' lower room adaptable as bedroom, office, or family room; Rear residence offers 814 sq ft with 2 bedrooms and 1 bath
