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 Market152
Property Features for 33 University Drive
General Information
Standard status
Active
Size
3,111 SF
Property subtype
Multi Family
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 16
Changed: Sep 2
Last Checked: Sep 14 at 7:14AM
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.
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 = 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
$40,747
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
5.91%
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%
$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
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
$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 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%
$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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
917
Businesses Nearby
Explore this area
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
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-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.
