5-Unit Apartment
New
For Sale
$695,000
2913 Sage St, Colorado Springs, CO 80907
West-side Colorado Springs property with a varied unit mix and recently updated building systems.
Property Size3,456 SF
Days on Market4
Property Features for 2913 Sage St
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Commercial
Units
Unit Mix
1 x studio, 3 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$2,540
Building Details
Building Size
3,456 SF
Year Built
1972
Buildings
1
Units
5
Listing Agency:
(720) 496-8868
Listed By:
Andrew Stephens
(720) 496-8868
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 23 at 9:40AM
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 Andrew Stephens
Investment Insights
Based on property information with market context.
Located at 2913 Sage St in Colorado Springs, this apartment property contains five units: one studio, three one-bedroom, one-bath residences, and one three-bedroom, one-bath residence. The mix includes a larger three-bedroom unit alongside smaller apartments, providing varied residential configurations within the building. The property was built in 1972.
Several major mechanical and building components have been addressed. The roof is two years old, the boiler was replaced nine years ago, and its pump, expansion tank, auto fill valve, and air bleeder were replaced four years ago. All zone valves were replaced in spring 2026, while a new hot water heater was installed in 2026. Apartment 3 also received rebuilt shower valves.
The property is positioned on the west side of Colorado Springs near a variety of retail options. Walk Score is 2, Bike Score is 4, and Transit Score is 26.
Several major mechanical and building components have been addressed. The roof is two years old, the boiler was replaced nine years ago, and its pump, expansion tank, auto fill valve, and air bleeder were replaced four years ago. All zone valves were replaced in spring 2026, while a new hot water heater was installed in 2026. Apartment 3 also received rebuilt shower valves.
The property is positioned on the west side of Colorado Springs near a variety of retail options. Walk Score is 2, Bike Score is 4, and Transit Score is 26.
Key Highlights
- Five‑unit apartment property with a studio, three 1‑bedroom/1‑bath units, and one 3‑bedroom/1‑bath unit
- Roof is 2 years old and was recently inspected
- Boiler replaced 9 years ago; pump and related components replaced 4 years ago
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
$41,950
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
6.04%
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%
$839,000
$839.0K
Cap Rate 7%
$599,286
$599.3K
Cap Rate 9%
$466,111
$466.1K
Market Conditions
NOI Build-Up for 3,456 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
$80.5K $23.28/SF
− Vacancy
−$4.2K −$1.21/SF
EGI
$76.3K $22.07/SF
− OpEx
−$34.3K −$9.93/SF
NOI
$41.9K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$839,000
Cap Rate 7%
$599,286
Cap Rate 9%
$466,111
Alternative Uses
Best Use
Apartment 5plus
$599.3K
$524.4K – $699.2K
NOI $41,950 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$682.5K
$597.2K – $796.3K
NOI $47,776 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Explore this area
Business Placement
Demographics for 80907, CO
28,806
Population
13,250
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
93%
High-School Grad
9.8 sq mi
ZIP Area
2,939
Density / Sq Mi
$71,393
Median Household Income
$41,355
Median Earnings
$1,392
Median Rent
$371,200
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?
Apartment building - West-side Colorado Springs property with a varied unit mix and recently updated building systems.
Where is this apartment building located?
The property is located at 2913 Sage St Colorado Springs, CO.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Five‑unit apartment property with a studio, three 1‑bedroom/1‑bath units, and one 3‑bedroom/1‑bath unit; Roof is 2 years old and was recently inspected; Boiler replaced 9 years ago; pump and related components replaced 4 years ago
