Duplex with Detached
For Sale
$449,900
Pending
622 Prairie Road, Colorado Springs, CO 80909
Residential Income, Colorado Springs, CO
Property Size2,329 SF
Lot Size0.17 Acres
Days on Market48
Property Features for 622 Prairie Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Basement
Crawl Space
Elementary school district
Colorado Springs 11
Middle school district
Colorado Springs 11
High school district
Colorado Springs 11
Standard status
Pending
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1574
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Building Details
Year built
1947
Roof type
Shingle
Listing Agency:
Springs Lifestyles Real Estate Inc.
Listed By:
Kathy Stenberg GRI SFR
(719) 963-4867
Added: Jul 18
Changed: Aug 20
Last Checked: Sep 3 at 7:06AM
MLS# 1362158
Copyright © 2026 elevateMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1947, this 2,329-square-foot duplex contains two distinct ranch-style residences with separate entrances and functional living areas. The front residence measures 1,165 square feet and includes two bedrooms, an office or non-conforming bedroom, and two bathrooms. The rear residence offers approximately 1,164 square feet with two bedrooms and two bathrooms. Each side includes its own kitchen, laundry area, and living room.
The property also includes a detached one-car garage and additional off-street parking. Forced-air heating, ceiling fans, and a shingle roof are in place. The duplex is situated near downtown Colorado Springs, parks, shopping, dining, schools, medical facilities, and major transportation corridors.
The property also includes a detached one-car garage and additional off-street parking. Forced-air heating, ceiling fans, and a shingle roof are in place. The duplex is situated near downtown Colorado Springs, parks, shopping, dining, schools, medical facilities, and major transportation corridors.
Key Highlights
- 2,329‑square‑foot duplex on a 0.1722‑acre lot
- Front residence: 1,165 square feet, 2 bedrooms, office or non‑conforming bedroom, and 2 bathrooms
- Rear residence: 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 ranch-style residences provide separate entrances, kitchens, laundry areas, and living rooms.
Where is this duplex located?
The property is located at 622 Prairie Road 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 on a 0.1722‑acre lot; Front residence: 1,165 square feet, 2 bedrooms, office or non‑conforming bedroom, and 2 bathrooms; Rear residence: approximately 1,164 square feet with 2 bedrooms and 2 bathrooms
