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Stabilized Multifamily Investment Opportunity

490 E Elm St, Elizabeth, CO 80107

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For Sale

$1,000,000

Well-maintained 8-unit property near local amenities and Running Creek Park.

Type:Commercial

HighLights

Fully stabilized 8‑unit property with in‑place management, offering a turnkey investment.
Ideally located just off S. Main Street with walkable access to shops, restaurants, and a brewery.
Backs directly to Running Creek Trail and overlooks Running Creek Park, providing immediate access to open space and community events.
Balanced unit mix of four 1 Bedroom‑1 Bath and four 2 Bedroom‑2 Bath units.
Limited multifamily market in Elizabeth creates a meaningful supply constraint.
Convenient regional access, 25 minutes to Castle Rock and Parker, 40 minutes to the Denver Tech Center, and under an hour to Colorado Springs.

We can help!

Listing Contact

Sandi L Zimmerman

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For Sale

$1,000,000

Well-maintained 8-unit property near local amenities and Running Creek Park.

Type:Commercial

Added:: Apr 24, 2026
Days on Market:: 51
Last Refresh:: Apr 24 at 6:03 pm

Property Features for 490 E Elm St

General Information

Standard status: Active
Property subtype: Commercial

Building Details

Year Built: 1973

We can help!

Listing Contact

Sandi L Zimmerman

Listing agent Sandi L Zimmerman License #FA100084770

Listing office Shift Real Estate

Listing date Apr 24, 2026

Source Elliman

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 Shift Real Estate

HighLights

Fully stabilized 8‑unit property with in‑place management, offering a turnkey investment.
Ideally located just off S. Main Street with walkable access to shops, restaurants, and a brewery.
Backs directly to Running Creek Trail and overlooks Running Creek Park, providing immediate access to open space and community events.
Balanced unit mix of four 1 Bedroom‑1 Bath and four 2 Bedroom‑2 Bath units.
Limited multifamily market in Elizabeth creates a meaningful supply constraint.
Convenient regional access, 25 minutes to Castle Rock and Parker, 40 minutes to the Denver Tech Center, and under an hour to Colorado Springs.

Overview

This well-maintained 8-unit property presents a stabilized investment opportunity with in-place management and a fully stabilized rent roll. The property features a balanced unit mix of four 1 Bedroom-1 Bath units and four 2 Bedroom-2 Bath units, along with a coin-operated washer and dryer. Situated just off S. Main Street, the property provides walkable access to local shops, restaurants, and a brewery, placing residents at the center of Elizabeth’s small-town charm and daily activity. The property backs directly to Running Creek Trail and overlooks Running Creek Park, which hosts the Friday Night Market and summer concert series. This location provides tenants with immediate access to open space, community events, and one of the town’s gathering places. Elizabeth’s multifamily market remains limited, with just under 600 total apartment units county-wide, creating a supply constraint within a growing population base. Positioned 25 minutes from Castle Rock and Parker, 40 minutes from the Denver Tech Center, and under an hour from Colorado Springs, this location offers attainable rental housing with convenient regional access. The property has a bike score of 38, indicating it is somewhat bikeable, and a walk score of 50, indicating car-dependent access.

Location Intelligence

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Apartment buildings

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Local Demand

City: Elizabeth
County: Elbert
State: Colorado
Longitude: -104.5946045
Latitude: 39.3600669

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For sale
Apartment buildings
CO
Elizabeth
80107
490 E Elm St

What type of property is this?

Apartment building - Well-maintained 8-unit property near local amenities and Running Creek Park.

Where is this apartment building located?

The property is located at 490 E Elm St Elizabeth, CO.

What is the asking price?

The asking price for this property is $1,000,000.

What are key features of this property?

This property features: Fully stabilized 8‑unit property with in‑place management, offering a turnkey investment.; Ideally located just off S. Main Street with walkable access to shops, restaurants, and a brewery.; Backs directly to Running Creek Trail and overlooks Running Creek Park, providing immediate access to open space and community events.