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    Historic Multifamily Apartment Building Title is generated by Realmo AI

    602 Macon Avenue, Canon City, CO 81212

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    For Sale
    $1,200,000

    MULTI_FAMILY - Canon City, CO

    Property size:
    5,631 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $213/SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 4:06 pm

    Property Features for 602 Macon Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    1
    Bathrooms
    1
    Rooms
    Bathroom 1, Bedroom 1
    Window features
    Double Pane Windows, Vinyl Frames
    Standard status
    Active
    APN
    11013210
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    SUBD: CANON CITY LOTS 9 & 10 BLK 13 CANON CITY
    Tax Annual Amount
    4222

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1902
    Number of units
    1

    We can help!

    Listing Contact
    Tony R. Greer
    Tony R. Greer

    Listing agent Tony R. Greer License #ER.040024209

    Listing office Keller Williams Performance Realty 901 Main Street, Canon City, CO

    Listing date Jun 3, 2026

    MLS# 8401505 Listing URL

    Copyright © 2026 Royal Gorge Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 15‑unit apartment complex with 1‑bedroom floor plans in approx. 5,631 SF of building space on a 10,560 SF lot
    • Listed on the National Register of Historic Places as part of the Canon City Downtown Historic District
    • Built in 1902 as the sanitarium of Dr. Ward; modernized historic structure with restored brick columns and low‑E double‑paned vinyl windows
    • Capital improvements include a new Heritage roof (2007) and 15 fully remodeled units with newer vinyl flooring
    • Coin‑operated laundry facility on site plus a detached 2‑car garage for additional revenue potential
    • Utilities include public water; heating is electric and cooling is via window unit(s)

    Overview

    This historic multifamily apartment building was constructed in 1902 as the sanitarium of Dr. Ward and has been modernized while preserving its historic character. The property contains 15 units, all described as 1-bedroom floor plans, totaling approximately 5,631 square feet of building space on a 10,560 square foot lot. Reported capital improvements include a Heritage roof installed in 2007, low-E double-paned vinyl windows, and restored brick columns. The offering also includes 15 fully remodeled units with newer vinyl flooring. Additional on-site income opportunities include a coin-operated laundry facility, along with a detached 2-car garage.

    The building is listed on the National Register of Historic Places as part of the Canon City Downtown Historic District. According to the remarks, the designation puts no restrictions on what can be done with the property. That status is also described as unlocking historic rehabilitation tax credit programs. A 20% federal Historic Tax Credit is noted for qualifying rehabilitation expenditures, and Colorado’s state program is described as offering an additional 20–25% credit, with transferable credits.

    For owners or investors seeking a historic residential income asset, the combination of remodeled 1-bedroom units, in-building coin laundry, and a detached garage supports a straightforward multifamily operating model. The National Register listing is presented as an enabling factor for qualifying improvements and tax credit monetization for future capital work, subject to program qualification.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Canon City
    County
    Fremont
    State
    Colorado
    Longitude
    -105.239607
    Latitude
    38.441859

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    FAQs

    What type of property is this?
    Apartment building - 15-unit apartment complex built in 1902 with remodeled interiors, coin laundry, and a detached garage.
    Where is this apartment building located?
    The property is located at 602 Macon Avenue Canon City, CO.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: 15‑unit apartment complex with 1‑bedroom floor plans in approx. 5,631 SF of building space on a 10,560 SF lot; Listed on the National Register of Historic Places as part of the Canon City Downtown Historic District; Built in 1902 as the sanitarium of Dr. Ward; modernized historic structure with restored brick columns and low‑E double‑paned vinyl windows
    (719) 671-5250
    We can help!
    Listing Contact
    Tony R. Greer
    Tony R. Greer
    Real Estate License ID: ER.040024209
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    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.

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