Six-Unit Apartment
For Sale
$1,400,000
524 Swope Avenue, Colorado Springs, CO 80909
Roof replacement was completed across the property in 2024.
Property Size4,800 SF
Price / SF$291.67
Days on Market74
Property Features for 524 Swope Avenue
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$1,983
Building Details
Year Built
1985
Listing Agency:
REMAX PROPERTIES
(719) 548-8600
Listed By:
Mark Jones GRI · License #FA40025962
(719) 337-1448
Source:
Exitrealty
Added: Aug 6
Changed: Sep 2
Last Checked: Sep 15 at 6:37AM
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 REMAX PROPERTIES
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Investment Insights
Based on property information with market context.
This six-unit apartment property contains 4,800 square feet and was built in 1985. Roofing for all units was completed in 2024, providing a recent improvement to the building's exterior systems.
The property is located in central Colorado Springs at 524 Swope Avenue. Residents have access to Downtown Colorado Springs, the Olympic & Paralympic Training Center, Memorial Hospital, shopping, dining, public transportation, and major commuter routes.
The property is located in central Colorado Springs at 524 Swope Avenue. Residents have access to Downtown Colorado Springs, the Olympic & Paralympic Training Center, Memorial Hospital, shopping, dining, public transportation, and major commuter routes.
Key Highlights
- Six‑unit multifamily property totaling 4,800 square feet
- Roofing for all units completed in 2024
- Built in 1985
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,263
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,165,260
$1.2M
Cap Rate 7%
$832,329
$832.3K
Cap Rate 9%
$647,367
$647.4K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$111.7K $23.28/SF
− Vacancy
−$5.8K −$1.21/SF
EGI
$105.9K $22.07/SF
− OpEx
−$47.7K −$9.93/SF
NOI
$58.3K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,165,260
Cap Rate 7%
$832,329
Cap Rate 9%
$647,367
Alternative Uses
Best Use
Apartment 5plus
$832.3K
$728.3K – $971.1K
NOI $58,263 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$947.9K
$829.4K – $1.11M
NOI $66,355 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,944
Businesses Nearby
Explore this area
Business Placement
Demographics for 80909, CO
37,302
Population
16,572
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
7.9 sq mi
ZIP Area
4,722
Density / Sq Mi
$61,777
Median Household Income
$36,894
Median Earnings
$1,227
Median Rent
$352,400
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
Frequently Asked Questions
What type of property is this?
Apartment building - Roof replacement was completed across the property in 2024.
Where is this apartment building located?
The property is located at 524 Swope Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Six‑unit multifamily property totaling 4,800 square feet; Roofing for all units completed in 2024; Built in 1985
