Duplex with Walkout
For Sale
$629,000
411 Olive Street, Colorado Springs, CO 80904
Two separate living spaces include kitchens, laundry areas, and independent exterior access.
Property Size1,521 SF
Price / SF$413.54
Days on Market10
Property Features for 411 Olive Street
General Information
Standard status
Active
Size
1,521 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/3/4BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,400
Amenities
covered deck
backyard
laundry
Building Details
Year Built
1948
Listing Agency:
Keller Williams Premier Realty
(719) 445-0234
Listed By:
Noah Walz
(913) 300-1762
Source:
Exitrealty
Added: Aug 29
Changed: Sep 5
Last Checked: Sep 7 at 5:18AM
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 Keller Williams Premier Realty
Investment Insights
Based on property information with market context.
This 1,521-square-foot duplex, built in 1948, is arranged as two distinct living spaces. The main level provides two bedrooms, a full bathroom, living area, updated kitchen with stone countertops, laundry, a covered deck, and backyard access. The finished walkout basement adds two bedrooms, a three-quarter bathroom, a second kitchen, living room, laundry, and its own exterior entry.
Both spaces are currently used as short-term and mid-term rentals, with stays commonly running about one month. The property is located in Colorado Springs’ Westside near Old Colorado City and Downtown Colorado Springs, with restaurants, shops, breweries, galleries, entertainment, and year-round events nearby. Garden of the Gods, Red Rock Canyon Open Space, Manitou Springs, and Colorado College are also within easy reach.
Both spaces are currently used as short-term and mid-term rentals, with stays commonly running about one month. The property is located in Colorado Springs’ Westside near Old Colorado City and Downtown Colorado Springs, with restaurants, shops, breweries, galleries, entertainment, and year-round events nearby. Garden of the Gods, Red Rock Canyon Open Space, Manitou Springs, and Colorado College are also within easy reach.
Key Highlights
- Two separate living spaces within a 1,521‑square‑foot duplex
- Main level includes 2 bedrooms, a full bathroom, kitchen, laundry, covered deck, and backyard access
- Finished walkout basement with 2 bedrooms, 3/4 bathroom, second kitchen, laundry, and exterior entry
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
$19,922
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
3.17%
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%
$398,440
$398.4K
Cap Rate 7%
$284,600
$284.6K
Cap Rate 9%
$221,356
$221.4K
Market Conditions
NOI Build-Up for 1,521 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
$30.1K $19.80/SF
− Vacancy
−$1.7K −$1.09/SF
EGI
$28.5K $18.71/SF
− OpEx
−$8.5K −$5.61/SF
NOI
$19.9K $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%
$398,440
Cap Rate 7%
$284,600
Cap Rate 9%
$221,356
Alternative Uses
Best Use
Multifamily LT 5
$284.6K
$249.0K – $332.0K
NOI $19,922 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$263.7K
$230.8K – $307.7K
NOI $18,462 @ 7.0% cap · market cap 2.94%
Theoretical Best
Specialty Retail
$300.4K
$262.8K – $350.4K
NOI $21,026 @ 7.0% cap · market cap 3.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Explore this area
Business Placement
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
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?
Duplex - Two separate living spaces include kitchens, laundry areas, and independent exterior access.
Where is this duplex located?
The property is located at 411 Olive Street Colorado Springs, CO.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Two separate living spaces within a 1,521‑square‑foot duplex; Main level includes 2 bedrooms, a full bathroom, kitchen, laundry, covered deck, and backyard access; Finished walkout basement with 2 bedrooms, 3/4 bathroom, second kitchen, laundry, and exterior entry
