Updated Quadplex With New
For Sale
$565,000
4060 Airport Rd, Colorado Springs, CO 80910
Four two-bedroom residences include updated interiors, with two units occupied and recent leasing activity supporting ongoing rental demand.
Property Size3,008 SF
Price / SF$187.83
Days on Market38
Property Features for 4060 Airport Rd
General Information
Standard status
Active
Size
3,008 SF
Property subtype
Multi-Family
Occupancy
50%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1971
Buildings
1
Listing Agency:
HomeSmart
(303) 858-8100
Listed By:
Raphael Shattenkirk
Source:
Teamuniteddenver
Added: Jul 25
Changed: Aug 30
Last Checked: Aug 30 at 8:49PM
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 HomeSmart
Investment Insights
Based on property information with market context.
This four-unit residential income property contains 3,008 square feet arranged as four two-bedroom, one-bath apartments. Units have been updated, and major building systems are described as being in good condition. A new roof was installed in the last year, adding a recent capital improvement to the property.
Two apartments are currently occupied, while recent leasing activity indicates continued demand for the units. The property is located at 4060 Airport Rd in Colorado Springs, with access to shopping, employment centers, schools, and major transportation routes. Constructed in 1971, the building also offers an established rental history across its four-unit configuration.
Two apartments are currently occupied, while recent leasing activity indicates continued demand for the units. The property is located at 4060 Airport Rd in Colorado Springs, with access to shopping, employment centers, schools, and major transportation routes. Constructed in 1971, the building also offers an established rental history across its four-unit configuration.
Key Highlights
- Four‑unit property with four 2 bed, 1 bath apartments
- 3,008 square feet of residential income property
- Two units currently occupied
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
$39,398
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
6.97%
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%
$787,960
$788.0K
Cap Rate 7%
$562,829
$562.8K
Cap Rate 9%
$437,756
$437.8K
Market Conditions
NOI Build-Up for 3,008 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
$59.6K $19.80/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$56.3K $18.71/SF
− OpEx
−$16.9K −$5.61/SF
NOI
$39.4K $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%
$787,960
Cap Rate 7%
$562,829
Cap Rate 9%
$437,756
Alternative Uses
Best Use
Multifamily LT 5
$562.8K
$492.5K – $656.6K
NOI $39,398 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$521.6K
$456.4K – $608.5K
NOI $36,512 @ 7.0% cap · market cap 6.46%
Theoretical Best
Specialty Retail
$594.0K
$519.8K – $693.1K
NOI $41,583 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
558
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences include updated interiors, with two units occupied and recent leasing activity supporting ongoing rental demand.
Where is this quadplex located?
The property is located at 4060 Airport Rd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Four‑unit property with four 2 bed, 1 bath apartments; 3,008 square feet of residential income property; Two units currently occupied
