Two-Story Multifamily
For Sale
$840,000
624 Prairie Road, Colorado Springs, CO 80909
Two buildings totaling eight units on an 11,250 square foot lot, built in 1952 with pitched shingle roofs.
Property Size4,708 SF
Days on Market116
Property Features for 624 Prairie Road
General Information
Standard status
Active
Size
4,708 SF
Property subtype
Multifamily
Building Details
Building Size
4,708 SF
Year Built
1952
Listing Agency:
Unique Properties, Inc
Listed By:
Will McCauley · License #CO #100087986
(781) 733-3732
Source:
Uniqueprop
Added: May 14
Changed: Sep 5
Last Checked: Sep 5 at 7:05AM
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, Inc
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
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
$57,147
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
6.80%
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%
$1,142,940
$1.1M
Cap Rate 7%
$816,386
$816.4K
Cap Rate 9%
$634,967
$635.0K
Market Conditions
NOI Build-Up for 4,708 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
$109.6K $23.28/SF
− Vacancy
−$5.7K −$1.21/SF
EGI
$103.9K $22.07/SF
− OpEx
−$46.8K −$9.93/SF
NOI
$57.1K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,142,940
Cap Rate 7%
$816,386
Cap Rate 9%
$634,967
Alternative Uses
Best Use
Apartment 5plus
$816.4K
$714.3K – $952.5K
NOI $57,147 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$929.8K
$813.5K – $1.08M
NOI $65,083 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
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 $840,000.
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
