Remodeled Duplex with Attached
For Sale
$437,000
3227-3229 Baltimore Ave, Pueblo, CO 81008
MULTI_FAMILY - Pueblo, CO
Property Size3,010 SF
Lot Size0.15 Acres
Price / SF$145.18
Days on Market35
Property Features for 3227-3229 Baltimore Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-3
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 1
Parking
1
Parking features
Garage - Attached
Patio and Porch features
Patio
Interior features
New Paint
Fencing
Wood
Basement
Finished, Full
Appliances
Dishwasher-All, Refrigerator-All, Electric Range-All, Microwave Built-In-Some, Range Hood-Some
Subdivision
Northside/Avenues
Lot features
Lawn- Rear, Rock- Rear, Trees- Rear, Rock- Front
Elementary school
60
Middle school
60
High school
60
Standard status
Active
APN
0514424023
Size
3,010 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 7 + S 1 FT OF 8 BLK 20 COUNTRY CLUB HEIGHTS 8TH
Tax Annual Amount
2717
Legal Description
LOT 7 + S 1 FT OF 8 BLK 20 COUNTRY CLUB HEIGHTS 8TH
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1972
Floors in Building
3
Number of units
2
Flooring type
New floor coverings
Building materials
Frame, Copper Plumbing
Roof type
Composition
Listing Agency:
CB Realty
(719) 550-2500
Listed By:
John Chudzinski
(719) 232-4515
Added: Jul 12
Changed: Aug 5
Last Checked: Aug 15 at 5:06AM
MLS# 239806
Copyright © 2026 Pueblo Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully remodeled duplex offers two separate, home-like units, each with three bedrooms, two updated bathrooms, and an attached one-car garage. The property includes a patio and wood fencing, and updates noted throughout the interior such as new paint and new floor coverings. Heating is provided via forced air systems using natural gas. The duplex is served by public water and public sewer, and the roof is a composition roof. Appliances listed for the units include dishwashers, refrigerators, electric ranges, built-in microwaves (some), and range hoods (some).
The property is on a 0.15-acre lot and was built in 1972. One unit is currently vacant, while the other unit has an established lease. Zoning is R-3.
With the split backyard layout creating two distinct outdoor spaces, the duplex supports either immediate owner-occupancy for the vacant unit or continued rental income through the leased unit.
The property is on a 0.15-acre lot and was built in 1972. One unit is currently vacant, while the other unit has an established lease. Zoning is R-3.
With the split backyard layout creating two distinct outdoor spaces, the duplex supports either immediate owner-occupancy for the vacant unit or continued rental income through the leased unit.
Key Highlights
- Fully remodeled duplex with two separate three‑bedroom, two‑bath units
- One unit currently vacant; the other has an established lease
- Each unit includes an attached one‑car garage
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
$24,638
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
5.64%
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%
$492,760
$492.8K
Cap Rate 7%
$351,971
$352.0K
Cap Rate 9%
$273,756
$273.8K
Market Conditions
NOI Build-Up for 3,010 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
$36.5K $12.12/SF
− Vacancy
−$1.3K −$0.43/SF
EGI
$35.2K $11.69/SF
− OpEx
−$10.6K −$3.51/SF
NOI
$24.6K $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%
$492,760
Cap Rate 7%
$351,971
Cap Rate 9%
$273,756
Alternative Uses
Best Use
Multifamily LT 5
$352.0K
$308.0K – $410.6K
NOI $24,638 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$317.0K
$277.4K – $369.9K
NOI $22,192 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$627.2K
$548.8K – $731.8K
NOI $43,906 @ 7.0% cap · market cap 10.05%
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
712
Businesses Nearby
Explore this area
Business Placement
Demographics for 81008, CO
11,868
Population
5,302
Households
2.2
Avg Household Size
41
Median Age
33%
College-Educated
94%
High-School Grad
102.2 sq mi
ZIP Area
116
Density / Sq Mi
$68,389
Median Household Income
$45,445
Median Earnings
$1,396
Median Rent
$280,400
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 - Fully remodeled duplex in Pueblo, zoned R-3, with two attached one-car garages and forced-air natural gas heating.
Where is this duplex located?
The property is located at 3227-3229 Baltimore Ave Pueblo, CO.
What is the asking price?
The asking price for this property is $437,000.
What are key features of this property?
This property features: Fully remodeled duplex with two separate three‑bedroom, two‑bath units; One unit currently vacant; the other has an established lease; Each unit includes an attached one‑car garage
