Ranch-Style Duplex with
For Sale
$449,900
622 Prairie Rd, Colorado Springs, CO 80909
Two independent living spaces provide separate entrances, kitchens, laundry areas, and living rooms.
Property Size2,329 SF
Price / SF$193.17
Days on Market42
Property Features for 622 Prairie Rd
General Information
Standard status
Active
Size
2,329 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1947
Construction
ranch-style
Listing Agency:
(719) 351-1326
Listed By:
Christine Callender
(719) 351-1326
Source:
Christinecallender
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 6:34PM
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 Christine Callender
Investment Insights
Based on property information with market context.
Built in 1947, this duplex contains 2,329 square feet across two separate ranch-style living spaces. Each unit has its own entrance, kitchen, laundry area, and living room, creating a clearly divided layout. The front residence measures 1165 square feet and includes 2 bedrooms, an office or non-conforming bedroom, and 2 bathrooms. The rear residence offers approximately 1,164 square feet with 2 bedrooms and 2 bathrooms.
A detached one-car garage and additional off-street parking serve the property at 622 Prairie Rd in Colorado Springs. The home is positioned near downtown Colorado Springs, parks, shopping, dining, schools, medical facilities, and major transportation corridors.
A detached one-car garage and additional off-street parking serve the property at 622 Prairie Rd in Colorado Springs. The home is positioned near downtown Colorado Springs, parks, shopping, dining, schools, medical facilities, and major transportation corridors.
Key Highlights
- 2,329‑square‑foot duplex with two separate ranch‑style living spaces
- Front unit: 1165 square feet, 2 bedrooms, office or non‑conforming bedroom, and 2 bathrooms
- Rear unit: approximately 1,164 square feet with 2 bedrooms and 2 bathrooms
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
$30,505
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
6.78%
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%
$610,100
$610.1K
Cap Rate 7%
$435,786
$435.8K
Cap Rate 9%
$338,944
$338.9K
Market Conditions
NOI Build-Up for 2,329 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
$46.1K $19.80/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$43.6K $18.71/SF
− OpEx
−$13.1K −$5.61/SF
NOI
$30.5K $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%
$610,100
Cap Rate 7%
$435,786
Cap Rate 9%
$338,944
Alternative Uses
Best Use
Multifamily LT 5
$435.8K
$381.3K – $508.4K
NOI $30,505 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$403.9K
$353.4K – $471.2K
NOI $28,270 @ 7.0% cap · market cap 6.28%
Theoretical Best
Specialty Retail
$459.9K
$402.5K – $536.6K
NOI $32,196 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,607
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
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 - Two independent living spaces provide separate entrances, kitchens, laundry areas, and living rooms.
Where is this duplex located?
The property is located at 622 Prairie Rd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,329‑square‑foot duplex with two separate ranch‑style living spaces; Front unit: 1165 square feet, 2 bedrooms, office or non‑conforming bedroom, and 2 bathrooms; Rear unit: approximately 1,164 square feet with 2 bedrooms and 2 bathrooms
