Two-Unit
New
For Sale
$375,000
3308 N Hancock Ave, Colorado Springs, CO 80907
Residential income property with separate layouts for two households and a compact ownership profile.
Property Size1,152 SF
Price / SF$325.52
Days on Market4
Property Features for 3308 N Hancock Ave
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1955
Listing Agency:
MODUS Real Estate
Listed By:
Andrew Stephens · License #100098946
(720) 496-8868
Source:
Teamuniteddenver
Added: Sep 11
Last Checked: Sep 14 at 6:28PM
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 MODUS Real Estate
Investment Insights
Based on property information with market context.
Built in 1955, this duplex contains two separate residential units, each arranged with two bedrooms and one bathroom. Together, the property provides four bedrooms and two bathrooms within a straightforward two-unit configuration. The 1,152-square-foot building offers distinct living spaces for each household and supports operation as a small residential income property.
Located at 3308 N Hancock Ave in Colorado Springs, the property is positioned in an established residential area with access to nearby retail, dining, employment centers, and major transportation routes. Its limited unit count creates a relatively simple configuration for ownership and management, while the separate residences provide flexibility for an owner occupant or a buyer seeking rental units.
Located at 3308 N Hancock Ave in Colorado Springs, the property is positioned in an established residential area with access to nearby retail, dining, employment centers, and major transportation routes. Its limited unit count creates a relatively simple configuration for ownership and management, while the separate residences provide flexibility for an owner occupant or a buyer seeking rental units.
Key Highlights
- Two separate residential units in one duplex
- Each unit includes 2 bedrooms and 1 bathroom
- 4 total bedrooms and 2 total bathrooms
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
$15,089
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
4.02%
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%
$301,780
$301.8K
Cap Rate 7%
$215,557
$215.6K
Cap Rate 9%
$167,656
$167.7K
Market Conditions
NOI Build-Up for 1,152 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
$22.8K $19.80/SF
− Vacancy
−$1.3K −$1.09/SF
EGI
$21.6K $18.71/SF
− OpEx
−$6.5K −$5.61/SF
NOI
$15.1K $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%
$301,780
Cap Rate 7%
$215,557
Cap Rate 9%
$167,656
Alternative Uses
Best Use
Multifamily LT 5
$215.6K
$188.6K – $251.5K
NOI $15,089 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$199.8K
$174.8K – $233.1K
NOI $13,983 @ 7.0% cap · market cap 3.73%
Theoretical Best
Specialty Retail
$227.5K
$199.1K – $265.4K
NOI $15,925 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,468
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Residential income property with separate layouts for two households and a compact ownership profile.
Where is this duplex located?
The property is located at 3308 N Hancock Ave Colorado Springs, CO.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two separate residential units in one duplex; Each unit includes 2 bedrooms and 1 bathroom; 4 total bedrooms and 2 total bathrooms
