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    Two-Unit Residential Income Property Title is generated by Realmo AI

    2723 WOOD Avenue, Colorado Springs, CO 80909

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    New
    For Sale
    $599,000

    MULTI_FAMILY - Colorado Springs, CO

    Lot size:
    0.17 Acres
    Added:
    Jun 4, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 8 at 2:06 am

    Property Features for 2723 WOOD Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Basement
    Partial
    Standard status
    Active
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1641

    Utilities

    Heating system
    Hot Water(Heating)
    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    1924
    Roof type
    Shingle

    We can help!

    Listing Contact
    Constance Dejong CDPE CRS GRI

    Listing agent Constance Dejong CDPE CRS GRI

    Listing office HomeSmart 7222 Commerce Ctr Dr Ste 120, Greenwood Village, CO

    Listing date Jun 4, 2026

    MLS# 2176586 Listing URL

    Copyright © 2026 elevateMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two separate homes on one property: main house plus a detached cottage, each with 2 bedrooms and 1 full bath
    • Main house includes a covered front porch, a bonus room, and a basement for storage and workshop space
    • Cottage built in 1961 features a fireplace and a new, updated electrical panel
    • Updates noted on both homes: updated windows, flooring, kitchens, and bathrooms, plus fresh interior and exterior paint
    • Hot water heat (both homes) and ceiling fan(s) for cooling; roof is shingle with a new roof mentioned for the main house
    • Both homes offer fully equipped kitchens, laundry hookups, fenced yards, and plenty of parking; detached garage best for cottage

    Overview

    This for-sale residential income property includes a main house and a detached cottage, designed as two separate living units. Each unit offers two bedrooms and a full bathroom, along with fully equipped kitchens and laundry hookups. The main house includes a bonus room, an attractive covered front porch, and a basement that can support storage, a workshop, or other uses. The cottage features a fireplace and was built in 1961, with a new updated electrical panel noted as part of the recent upgrades. Both homes have updated windows, flooring, kitchens, and bathrooms, and the property also includes fresh interior and exterior paint. Improvements called out in the remarks include a new roof and a detached garage that is best suited to the cottage occupant. Both units also have fenced yards and large patios for outdoor space.

    Located at 2723 WOOD Avenue in Colorado Springs, Colorado (80909), the property sits on a lot of approximately 0.17 acres and is described as having plenty of parking.

    With two self-contained 2-bedroom, 2-bath layouts, this setup can fit buyers looking for a straightforward owner-occupant or rental configuration, while the fenced yards, patios, and separate garage option support day-to-day privacy for each household.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Daycare Center Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.82523
    Latitude
    38.872067

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    FAQs

    What type of property is this?
    Duplex - Updated two-home property with separate cottage and main house, each with 2 bedrooms and full baths.
    Where is this duplex located?
    The property is located at 2723 WOOD Avenue Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Two separate homes on one property: main house plus a detached cottage, each with 2 bedrooms and 1 full bath; Main house includes a covered front porch, a bonus room, and a basement for storage and workshop space; Cottage built in 1961 features a fireplace and a new, updated electrical panel
    (303) 858-8100
    We can help!
    Listing Contact
    Constance Dejong CDPE CRS GRI
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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