Westside Condo with Mountain
590 Observatory Drive, Colorado Springs, CO 80904
Two-story condo featuring double primary suites and oversized garage.
Type:Condo/Townhome
Property size:
1,324 SFPrice / SF:
$237/SF- Added:
- Mar 24, 2026
- Days on Market:
- 59
- Last Refresh:
- Apr 6 at 1:53 am
Property Features for 590 Observatory Drive
General Information
- Standard status
- Active
- Size
- 1,324 SF
- Property subtype
- Condo/Townhome
Building Details
- Year Built
- 1986
Listing agent Lauren Collier License #100035892
Listing office Live Dream Colorado LLC (719) 272-1765
Listing date Mar 24, 2026
Source Exitrealty
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 Live Dream Colorado LLC
HighLights
- Double primary suites offer flexibility and privacy.
- Enjoy Pikes Peak views from the upper‑level bedroom and dining room balcony.
- New furnace and A/C (2022) and PEX plumbing (2023) provide modern comfort and peace of mind.
- Oversized one‑car garage provides ample parking and storage.
- HOA covers exterior maintenance, landscaping, trash, and snow removal for easy living.
- Convenient location near Downtown, Old Colorado City, I‑25, Hwy 24, Garden of the Gods, and Bear Creek Regional Park.
Overview
This two-story condo is located on the Westside in a quiet area. The second-floor unit features secure interior access and guest parking. The property is conveniently located near Downtown and Old Colorado City. The main level features wood laminate flooring, a vaulted ceiling, and windows that provide natural light. The kitchen includes stainless-steel appliances. A wood-burning fireplace is located in the living room. The dining room has a balcony with views of Pikes Peak. The main level primary suite includes a private balcony overlooking green space, a vaulted ceiling, a walk-in closet, and an ensuite full bathroom. Upstairs, the loft-style second primary suite also boasts Pikes Peak views, a high vaulted ceiling, a walk-in closet, an attached full bathroom, and a second closet for additional storage. There is also a nook suitable for a desk. The oversized one-car garage provides room for parking and storage. A new furnace and A/C were added in 2022. New PEX plumbing was installed in 2023. The HOA maintains the stucco exterior and landscaping of the green spaces and provides trash and snow removal. The roof is made of stone-coated steel, and the decks are composite. A washer, dryer, Amazon Echo, Nest Thermostat, and video doorbell are included. The property offers quick access to I-25 and Hwy 24 and is near Garden of the Gods and Bear Creek Regional Park. The property size is 1324 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$178.6K
NOI $16,071 @ 9.00% cap · cautious / downside scenario
Moderate
$229.6K
NOI $16,071 @ 7.00% cap · market / base-case scenario
Aggressive
$321.4K
NOI $16,071 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.8k | $23.28 |
| − Vacancy | −$1.6k | −$1.21 |
| EGI | $29.2k | $22.07 |
| − OpEx | −$13.1k | −$9.93 |
| NOI | $16.1k | $12.14 |
1,324 SF · lease $23.28/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$229.6K
$200.9K – $267.9K
NOI $16,071 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$261.5K
$228.8K – $305.1K
NOI $18,303 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Residential income properties
Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.8420355
- Latitude
- 38.8424648
Nearby Similar for Sale
FAQs
What type of property is this?
Residential income property - Two-story condo featuring double primary suites and oversized garage.
Where is this residential income property located?
The property is located at 590 Observatory Drive Colorado Springs, CO.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Double primary suites offer flexibility and privacy.; Enjoy Pikes Peak views from the upper‑level bedroom and dining room balcony.; New furnace and A/C (2022) and PEX plumbing (2023) provide modern comfort and peace of mind.
