Colorado Springs Multifamily Investment
For Sale
$690,000
33 University Drive, Colorado Springs, CO 80910
Four-unit multifamily asset in Southeast Colorado Springs, renovated in 2021.
Property Size3,111 SF
Price / SF$221.79
Days on Market190
Property Features for 33 University Drive
General Information
Standard status
Active
Size
3,111 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Park Hill
Taxes and HOA fees
Annual Taxes
$1,408
Building Details
Year Built
1969
Listing Agency:
Cushman & Wakefield
(303) 292-3700
Listed By:
Lee Wagner · License #100084704
(417) 459-2155
Source:
Exitrealty
Added: Apr 24
Changed: Oct 28
Last Checked: Oct 28 at 7:53AM
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
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Investment Insights
Based on property information with market context.
Located in Southeast Colorado Springs, 33 University Drive is a 4-unit multifamily property. Constructed in 1969 and renovated in 2021, the property contains 3,111 square feet. All four units feature a 2-bedroom, 1-bath layout. The property benefits from its positioning in the affordable rent segment of the Colorado Springs market, strong tenant demand, and proximity to retail, convenience, and employment areas. The location has a walk score of 63, indicating it is somewhat walkable, a bike score of 47, indicating it is somewhat bikeable, and a transit score of 39, indicating some transit options are available. This investment offers a balance of in-place cash flow paired with recent renovation upside. The property presents an opportunity for stable income with long-term appreciation potential.
Key Highlights
- Four‑unit multifamily asset providing in‑place cash flow.
- Renovated in 2021, offering potential for increased value.
- All units are 2‑bedroom, 1‑bath layouts, appealing to a broad tenant base.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,747
Cap Rate
5.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$814,940
$814.9K
Cap Rate 7%
$582,100
$582.1K
Cap Rate 9%
$452,744
$452.7K
Market Conditions
NOI Build-Up for 3,111 SF
Gross rent
$61.6K $19.80/SF
− Vacancy
−$3.4K −$1.09/SF
EGI
$58.2K $18.71/SF
− OpEx
−$17.5K −$5.61/SF
NOI
$40.7K $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 Rate 5%
$814,940
Cap Rate 7%
$582,100
Cap Rate 9%
$452,744
Alternative Uses
Best Use
Multifamily LT 5
$582.1K
$509.3K – $679.1K
NOI $40,747 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$539.5K
$472.0K – $629.4K
NOI $37,762 @ 7.0% cap · market cap 5.47%
Theoretical Best
Specialty Retail
$614.4K
$537.6K – $716.8K
NOI $43,006 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
917
Businesses Nearby
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Business Placement
Demographics for 80910, CO
30,991
Population
13,940
Households
2.2
Avg Household Size
32
Median Age
25%
College-Educated
89%
High-School Grad
6.1 sq mi
ZIP Area
5,080
Density / Sq Mi
$56,681
Median Household Income
$37,110
Median Earnings
$1,299
Median Rent
$276,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily asset in Southeast Colorado Springs, renovated in 2021.
Where is this quadplex located?
The property is located at 33 University Drive Colorado Springs, CO.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Four‑unit multifamily asset providing in‑place cash flow.; Renovated in 2021, offering potential for increased value.; All units are 2‑bedroom, 1‑bath layouts, appealing to a broad tenant base.
