Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Bucolic 40-Acre Horse Property Title is generated by Realmo AI

    5228 Richards, Elizabeth, CO 80107

    View on Map
    Claim this Listing
    For Sale
    $980,000

    40-acre property with Front Range views, outbuilding, and pasture.

    Type:Land or Vacant Lot
    Property size:
    3,304 SF
    Lot size:
    40.00 Acres
    Price / SF:
    $296/SF
    Added:
    Dec 29, 2025
    Days on Market:
    157
    Last Refresh:
    Apr 5 at 9:44 pm

    Property Features for 5228 Richards

    General Information

    Standard status
    Active
    Size
    3,304 SF
    Lot size
    40.00 Acres
    Property subtype
    Land or Vacant Lot

    Building Details

    Year Built
    1997

    We can help!

    Listing Contact
    JED MACARTHUR

    Listing agent JED MACARTHUR

    Listing office RE/MAX of Boulder

    Listing date Dec 29, 2025

    Source Corcoran

    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 RE/MAX of Boulder

    HighLights

    • 40 acre property with sweeping Front Range and Pikes Peak views.
    • Large outbuilding with multiple stalls and fenced pasture, ideal for horses and livestock.
    • Remodeled kitchen with granite counters, stainless steel appliances, and apron front sink.
    • Primary bedroom with spa‑like en suite bath.
    • Efficient geo‑thermal heating and cooling system.
    • Private well and septic system.

    Overview

    This 40-acre property offers sweeping Front Range Pikes Peak views and includes a large outbuilding with multiple stalls and fenced pasture. The property is suitable for horses, gardening, and recreation. The interior features an open, sun-filled floor plan with hardwood floors on the main level and bamboo flooring at the lower level. The remodeled kitchen includes granite counters, stainless steel appliances, and an apron front sink. An expansive back deck offers an option for outdoor dining. The primary bedroom includes a spa-like en suite bath. The property has a private well, septic system, and a geothermal heating and cooling system. Trails and nearby park settings provide recreational opportunities, with Denver and Colorado Springs within a short trip.
    Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Building Supply Florist

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Elbert
    State
    Colorado
    Longitude
    -104.559
    Latitude
    39.2585

    Nearby Similar for Sale

    • $24
      14,767 SF

      Elizabeth Retail Center For Sale

      Prime shopping destination anchored by Safeway in Elizabeth, Colorado.
      210-240 S. Elizabeth Street, Elizabeth, CO 80107
      View Details
    • $1,000,000
      5,200 SF

      Stabilized Multifamily Investment Opportunity

      Well-maintained 8-unit property with strong rental demand in Elizabeth, CO.
      490 E Elm Street, Elizabeth, CO 80107
      View Details
    • $1,000,000

      Stabilized Multifamily Investment Opportunity

      Well-maintained 8-unit property near local amenities and Running Creek Park.
      490 E Elm St, Elizabeth, CO 80107
      View Details
    • $3,600,000

      Colorado Equestrian Retreat on 40 Acres

      Private 40-acre equestrian retreat with income potential near Elizabeth, CO.
      5350 Taylor Renee Cir, Elizabeth, CO 80107
      View Details
    • $3,600,000
      4,848 SF

      Equestrian Retreat with Income Potential

      40-acre equestrian retreat in Elbert County with commercial permit.
      5350 Taylor Renee, Elizabeth, CO 80107
      View Details
    • $1,250,000
      3,468 SF

      Turnkey Horse Property Near Elizabeth

      Upgraded equestrian facilities, ranch-style home, and convenient location.
      2560 Gold Creek, Elizabeth, CO 80107
      View Details
    • $1,499,999
      4,393 SF

      Equestrian Estate with Mountain Views

      Nearly 10-acre horse property with modern home and facilities.
      1498 Santa Fe, Elizabeth, CO 80107
      View Details
    • $4,200,000
      5,344 SF

      Discovery Farm: Equestrian Estate

      155-acre ranch with equestrian facilities and mountain views.
      30886 County Road 17/21, Elizabeth, CO 80107
      View Details
    • $1,975,000
      2,214 SF

      Commercial Land with Shop Building

      5.01 AC commercial land with shop building for sale.
      40900 Wind Spirit Ln, Elizabeth, CO
      View Details

    FAQs

    What type of property is this?
    Horse & equestrian property - 40-acre property with Front Range views, outbuilding, and pasture.
    Where is this horse & equestrian property located?
    The property is located at 5228 Richards Elizabeth, CO.
    What is the asking price?
    The asking price for this property is $980,000.
    What are key features of this property?
    This property features: 40 acre property with **sweeping Front Range and Pikes Peak views.**; **Large outbuilding with multiple stalls and fenced pasture, ideal for horses and livestock.**; Remodeled kitchen with granite counters, stainless steel appliances, and apron front sink.
    (303) 449-7000
    We can help!
    Listing Contact
    JED MACARTHUR
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5228 Richards, Elizabeth, CO 80107
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!