Two-Unit Duplex with
For Sale
$625,000
565-575 N Willamette Avenue, Colorado Springs, CO 80904
Each residence includes two bedrooms, two-and-a-half baths, kitchen, living, and laundry areas.
Property Size2,960 SF
Price / SF$211.15
Days on Market30
Property Features for 565-575 N Willamette Avenue
General Information
Standard status
Active
Size
2,960 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/2.5BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,135
Amenities
washer and dryer
Building Details
Year Built
1998
Listing Agency:
Cornerstone Real Estate Team
(719) 351-0152
Listed By:
Ashley Blasius ABR MRP
(719) 351-0152
Source:
Exitrealty
Added: Jul 17
Changed: Aug 14
Last Checked: Aug 14 at 5:36AM
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 Cornerstone Real Estate Team
Investment Insights
Based on property information with market context.
This 2960 SF duplex, built in 1998, contains two residences with a consistent two-bedroom, two-and-a-half-bath layout. Both units include a kitchen, living room, and laundry area equipped with a washer and dryer. An attached 2-car garage serves each residence, adding substantial on-site parking and storage capacity.
The property is located at 565-575 N Willamette Avenue in Colorado Springs, near Garden of the Gods, Red Rock Canyon Open Space, and the shops, galleries, and restaurants along West Colorado Avenue in Old Colorado City. Highway 24 provides a connection toward the Pikes Peak Highway and nearby mountain towns, while Interstate 25 supports regional commuting.
A two-unit configuration, matching floor plans, and attached garage access create a straightforward property layout. The property also has a tenant rental history and is described as suitable for an owner-occupant investor.
The property is located at 565-575 N Willamette Avenue in Colorado Springs, near Garden of the Gods, Red Rock Canyon Open Space, and the shops, galleries, and restaurants along West Colorado Avenue in Old Colorado City. Highway 24 provides a connection toward the Pikes Peak Highway and nearby mountain towns, while Interstate 25 supports regional commuting.
A two-unit configuration, matching floor plans, and attached garage access create a straightforward property layout. The property also has a tenant rental history and is described as suitable for an owner-occupant investor.
Key Highlights
- Two‑unit duplex with 2960 SF of total property size
- Each unit offers 2BR/2.5BA, kitchen, living room, and laundry area
- Washer and dryer included in each unit
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
$38,769
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
6.20%
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%
$775,380
$775.4K
Cap Rate 7%
$553,843
$553.8K
Cap Rate 9%
$430,767
$430.8K
Market Conditions
NOI Build-Up for 2,960 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
$58.6K $19.80/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$55.4K $18.71/SF
− OpEx
−$16.6K −$5.61/SF
NOI
$38.8K $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%
$775,380
Cap Rate 7%
$553,843
Cap Rate 9%
$430,767
Alternative Uses
Best Use
Multifamily LT 5
$553.8K
$484.6K – $646.2K
NOI $38,769 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$513.3K
$449.1K – $598.8K
NOI $35,929 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$584.6K
$511.5K – $682.0K
NOI $40,919 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,332
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 - Each residence includes two bedrooms, two-and-a-half baths, kitchen, living, and laundry areas.
Where is this duplex located?
The property is located at 565-575 N Willamette Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑unit duplex with 2960 SF of total property size; Each unit offers 2BR/2.5BA, kitchen, living room, and laundry area; Washer and dryer included in each unit
