Updated
For Sale
$700,000
329 S Murray Boulevard A B C D, Colorado Springs, CO 80916
Four residential units with separate heating and water systems, in-unit laundry, and one recently vacated residence.
Property Size2,960 SF
Price / SF$236.49
Days on Market25
Property Features for 329 S Murray Boulevard A B C D
General Information
Standard status
Active
Size
2,960 SF
Property subtype
Multi Family
Occupancy
75%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,161
Amenities
stackable washer/dryer
Building Details
Year Built
1974
Buildings
1
Listing Agency:
Realty One Group Apex
(833) 764-2739
Listed By:
Kerri Kilgore CRS MRP SFR SRES
(719) 640-7669
Source:
Exitrealty
Added: Aug 14
Changed: Sep 5
Last Checked: Sep 7 at 6:48AM
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 Realty One Group Apex
Investment Insights
Based on property information with market context.
This 2,960-square-foot quadplex, built in 1974, contains four residential units with separate furnaces and water heaters for each residence. Every unit also has a stackable washer and dryer. A roof replacement was completed in 2026, while the furnaces and water heaters have been updated within approximately the last four years.
Three units are currently rented, and the fourth was recently vacated and is being advertised for rent. Residents pay all utilities. The property is positioned along the Murray Boulevard corridor in Colorado Springs, with access to employment, shopping, transportation, and major thoroughfares. The existing occupancy, individual mechanical systems, and recently completed improvements provide a defined operating profile for a multifamily buyer.
Three units are currently rented, and the fourth was recently vacated and is being advertised for rent. Residents pay all utilities. The property is positioned along the Murray Boulevard corridor in Colorado Springs, with access to employment, shopping, transportation, and major thoroughfares. The existing occupancy, individual mechanical systems, and recently completed improvements provide a defined operating profile for a multifamily buyer.
Key Highlights
- 2,960 SF quadplex built in 1974
- Four units, each with its own furnace and water heater
- New roof installed in 2026
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
$33,336
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
4.76%
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%
$666,720
$666.7K
Cap Rate 7%
$476,229
$476.2K
Cap Rate 9%
$370,400
$370.4K
Market Conditions
NOI Build-Up for 2,960 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
$53.6K $18.12/SF
− Vacancy
−$6.0K −$2.03/SF
EGI
$47.6K $16.09/SF
− OpEx
−$14.3K −$4.83/SF
NOI
$33.3K $11.26/SF
Area
ZIP 80916
Vacancy
11.21%
Lease Rate
$18.12 /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%
$666,720
Cap Rate 7%
$476,229
Cap Rate 9%
$370,400
Alternative Uses
Best Use
Multifamily LT 5
$476.2K
$416.7K – $555.6K
NOI $33,336 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$440.6K
$385.5K – $514.1K
NOI $30,843 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$687.4K
$601.5K – $802.0K
NOI $48,121 @ 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
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 80916, CO
39,990
Population
15,464
Households
2.6
Avg Household Size
30
Median Age
18%
College-Educated
88%
High-School Grad
18.4 sq mi
ZIP Area
2,173
Density / Sq Mi
$63,399
Median Household Income
$37,708
Median Earnings
$1,505
Median Rent
$289,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units with separate heating and water systems, in-unit laundry, and one recently vacated residence.
Where is this quadplex located?
The property is located at 329 S Murray Boulevard A B C D Colorado Springs, CO.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 2,960 SF quadplex built in 1974; Four units, each with its own furnace and water heater; New roof installed in 2026
