Two-Story Multifamily
624 Prairie Road Colorado Springs, CO 80909
624 Prairie Road, Colorado Springs, CO, 80909
$920,000
For Sale
$920,000
Two buildings totaling eight units on an 11,250 square foot lot, built in 1952 with pitched shingle roofs.
Property Size4,708 SF
Price / SF$195.41
Days on Market70
Property Features for 624 Prairie Road
General Information
- Standard status
- Active
- Size
- 4,708 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1952
Listing agency
UNIQUE PROPERTIES LLC
(303) 321-5888
Listed by
WILL MCCAULEY · License #100087986
Source
Corcoran
Added: May 14 Updated: Jul 20 at 11:16PM Checked: Jul 22 at 9:38AM
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 UNIQUE PROPERTIES LLC
Investment Insights
Based on property information with market context.
Offered for sale is a two-building multifamily property built in 1952, featuring stucco exterior construction and pitched composition shingle roofs. The buildings provide a total of eight units, including six one-bedroom, one-bath units and two two-bedroom, one-bath units, arranged in a two-story configuration. The property also includes one garage parking space.
Located at 624 Prairie Rd in Colorado Springs, the asset is described as just a few blocks from the U.S. Olympic Training Center and Boulder Park, providing nearby access to outdoor recreation and green space.
The current unit mix offers a blend of one-bedroom and two-bedroom layouts within the overall eight-unit setup across the two buildings.
Located at 624 Prairie Rd in Colorado Springs, the asset is described as just a few blocks from the U.S. Olympic Training Center and Boulder Park, providing nearby access to outdoor recreation and green space.
The current unit mix offers a blend of one-bedroom and two-bedroom layouts within the overall eight-unit setup across the two buildings.
Key Highlights
- Multifamily asset at 624 Prairie Rd: two buildings totaling approx. 4,708 SF of rentable space
- Built in 1952 with stucco exterior and pitched composition shingle roofs
- Eight‑unit mix: six 1 bed/1 bath and two 2 bed/1 bath units
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $109.6k | $23.28 |
| − Vacancy | −$5.7k | −$1.21 |
| EGI | $103.9k | $22.07 |
| − OpEx | −$46.8k | −$9.93 |
| NOI | $57.1k | $12.14 |
4,708 SF · lease $23.28/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$816.4K
$714.3K – $952.5K
NOI $57,147 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$929.8K
$813.5K – $1.08M
NOI $65,083 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Two buildings totaling eight units on an 11,250 square foot lot, built in 1952 with pitched shingle roofs.
Where is this apartment building located?
The property is located at 624 Prairie Road Colorado Springs, CO.
What is the asking price?
The asking price for this property is $920,000.
What are key features of this property?
This property features: Multifamily asset at 624 Prairie Rd: two buildings totaling approx. 4,708 SF of rentable space; Built in 1952 with stucco exterior and pitched composition shingle roofs; Eight‑unit mix: six 1 bed/1 bath and two 2 bed/1 bath units
