Fourplex With Seven Garage
For Sale
$799,000
5535 Tomah Dr, Colorado Springs, CO 80918
Four two-story units include private attached garages and in-unit laundry hookups.
Property Size3,348 SF
Days on Market19
Property Features for 5535 Tomah Dr
General Information
Standard status
Active
Size
3,348 SF
Total Parking Spaces
7
Property subtype
Investment
Lease Term
Month-to-month
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,720
Amenities
in-unit laundry hookups
Building Details
Building Size
3,348 SF
Year Built
1973
Listing Agency:
(719) 323-1442
Listed By:
Denae Howell
(719) 323-1442
Source:
Elliman
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 31 at 4:44PM
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 Denae Howell
Investment Insights
Based on property information with market context.
Built in 1973, this fourplex contains four residential units of approximately 850 square feet each. Every unit has two bedrooms, one full bathroom, full-size laundry hookups, and a private attached one-car garage. The two-story layouts include separate living and dining areas, kitchens, and bedrooms and bathrooms on the upper level. A detached three-car garage adds additional enclosed space, bringing the property total to seven garage spaces. No HOA is reported, and a new roof is scheduled for installation before closing.
The property is located in Colorado Springs, CO 80918, with access to Academy Blvd and Austin Bluffs Pkwy. UCCS, shopping, dining, employment centers, and major commuter routes are identified nearby. Front-facing mountain views are available from each unit, while the surrounding area has a 70 Walk Score, 50 Bike Score, and 34 Transit Score.
The property is located in Colorado Springs, CO 80918, with access to Academy Blvd and Austin Bluffs Pkwy. UCCS, shopping, dining, employment centers, and major commuter routes are identified nearby. Front-facing mountain views are available from each unit, while the surrounding area has a 70 Walk Score, 50 Bike Score, and 34 Transit Score.
Key Highlights
- Four units, each approximately 850 sq ft with 2 bedrooms and 1 full bath
- Seven total garage spaces: four attached one‑car garages and one detached 3‑car garage
- Two‑story unit layouts with separate living and dining areas
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
$43,990
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
5.51%
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%
$879,800
$879.8K
Cap Rate 7%
$628,429
$628.4K
Cap Rate 9%
$488,778
$488.8K
Market Conditions
NOI Build-Up for 3,348 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
$66.3K $19.80/SF
− Vacancy
−$3.4K −$1.03/SF
EGI
$62.8K $18.77/SF
− OpEx
−$18.9K −$5.63/SF
NOI
$44.0K $13.14/SF
Area
ZIP 80918
Vacancy
5.20%
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%
$879,800
Cap Rate 7%
$628,429
Cap Rate 9%
$488,778
Alternative Uses
Best Use
Multifamily LT 5
$628.4K
$549.9K – $733.2K
NOI $43,990 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$581.8K
$509.1K – $678.7K
NOI $40,724 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$855.7K
$748.8K – $998.3K
NOI $59,900 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 80918, CO
47,453
Population
20,447
Households
2.3
Avg Household Size
37
Median Age
38%
College-Educated
95%
High-School Grad
12.0 sq mi
ZIP Area
3,954
Density / Sq Mi
$82,743
Median Household Income
$42,596
Median Earnings
$1,572
Median Rent
$414,400
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?
Quadplex - Four two-story units include private attached garages and in-unit laundry hookups.
Where is this quadplex located?
The property is located at 5535 Tomah Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four units, each approximately 850 sq ft with 2 bedrooms and 1 full bath; Seven total garage spaces: four attached one‑car garages and one detached 3‑car garage; Two‑story unit layouts with separate living and dining areas
