Four-Unit Duplex
For Sale
$660,000
3006 & 3014 N Institute St, Colorado Springs, CO 80907
Single-story rental property includes one vacant unit suitable for owner occupancy.
Property Size2,304 SF
Price / SF$286.46
Days on Market8
Property Features for 3006 & 3014 N Institute St
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1954
Buildings
2
Stories
1
Listing Agency:
Cushman & Wakefield
Listed By:
Lee Wagner · License #100084704
(417) 459-2155
Source:
Teamuniteddenver
Added: Aug 26
Changed: Aug 28
Last Checked: Sep 1 at 9:56PM
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
Investment Insights
Based on property information with market context.
This Colorado Springs multifamily property consists of two duplex buildings with a combined 2,304 square feet of building area. Constructed in 1954, the single-story configuration contains four separate residences, each offering 2 bedrooms and 1 bathroom.
One unit is currently vacant and available for immediate occupancy, while the property’s four-unit layout supports rental operations across multiple residences. The buildings are located at 3006 and 3014 N Institute St in Colorado Springs, providing a compact residential income property at a manageable scale.
One unit is currently vacant and available for immediate occupancy, while the property’s four-unit layout supports rental operations across multiple residences. The buildings are located at 3006 and 3014 N Institute St in Colorado Springs, providing a compact residential income property at a manageable scale.
Key Highlights
- Two duplex buildings provide four individual residential units
- 2,304 square feet of total building area
- Each unit includes 2 bedrooms and 1 bathroom
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
$30,177
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
4.57%
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%
$603,540
$603.5K
Cap Rate 7%
$431,100
$431.1K
Cap Rate 9%
$335,300
$335.3K
Market Conditions
NOI Build-Up for 2,304 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
$45.6K $19.80/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$43.1K $18.71/SF
− OpEx
−$12.9K −$5.61/SF
NOI
$30.2K $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%
$603,540
Cap Rate 7%
$431,100
Cap Rate 9%
$335,300
Alternative Uses
Best Use
Multifamily LT 5
$431.1K
$377.2K – $503.0K
NOI $30,177 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$399.5K
$349.6K – $466.1K
NOI $27,966 @ 7.0% cap · market cap 4.24%
Theoretical Best
Specialty Retail
$455.0K
$398.1K – $530.8K
NOI $31,850 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
987
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?
Duplex - Single-story rental property includes one vacant unit suitable for owner occupancy.
Where is this duplex located?
The property is located at 3006 & 3014 N Institute St Colorado Springs, CO.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Two duplex buildings provide four individual residential units; 2,304 square feet of total building area; Each unit includes 2 bedrooms and 1 bathroom
