Four-Unit Multifamily
720 E Hills Rd, Colorado Springs, CO 80909
For Sale
New
$605,000
The building is fully occupied, and three of its leases are month-to-month.
Property Size2,905 SF
Days on Market3
Property Features for 720 E Hills Rd
General Information
Standard status
Size
Property subtype
Occupancy
Financials
Asking Price
Cap Rate
Site & Location
Neighborhood
Additional Details
Multifamily Units
Tenant in Place
Amenities
Immediate Rent Growth Opportunity – 100% occupied with three month-to-month leases, providing flexibility to increase rents toward market levels and implement utility bill-backs.
Recently Renovated & Improved – Three of four units renovated since 2024, complemented by new windows, extensive siding replacement, exterior paint, and roof improvements.
Attractive Basis & Financing – Offered at $605,000 with immediate in-place income, tenant-paid gas and electric, and eligibility for conventional 30-year residential financing.
Building Details
Building Size
Units
Listing Agency:
Denver Office
Listed By:
Jason Hornik
(303) 328-2064
Source:
Marcusmillichap
Added: Nov 8
Last Checked: Nov 10 at 5:01AM
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 Denver Office
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Investment Insights
Based on property information with market context.
This four-unit multifamily property in Colorado Springs is fully occupied. Three of the residences have undergone renovation work since 2024, and exterior improvements have also been completed.
Three leases are on a month-to-month basis, while the remaining unit’s lease term is not specified.
Three leases are on a month-to-month basis, while the remaining unit’s lease term is not specified.
Key Highlights
- Four‑unit multifamily property in Colorado Springs
- All four units are occupied
- Three of the four units renovated since 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,049
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$760,980
$761.0K
Cap Rate 7%
$543,557
$543.6K
Cap Rate 9%
$422,767
$422.8K
Market Conditions
NOI Build-Up for 2,905 SF
Gross rent
$57.5K $19.80/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$54.4K $18.71/SF
− OpEx
−$16.3K −$5.61/SF
NOI
$38.0K $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 Rate 5%
$760,980
Cap Rate 7%
$543,557
Cap Rate 9%
$422,767
Alternative Uses
Best Use
Multifamily LT 5
$543.6K
$475.6K – $634.2K
NOI $38,049 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$503.7K
$440.8K – $587.7K
NOI $35,261 @ 7.0% cap · market cap 5.83%
Theoretical Best
Specialty Retail
$573.7K
$502.0K – $669.3K
NOI $40,159 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,541
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
$352,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Quadplexes in Colorado Springs, CO
Properties on Market for Quadplexes in Colorado Springs
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - The building is fully occupied, and three of its leases are month-to-month.
Where is this quadplex located?
The property is located at 720 E Hills Rd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: Four‑unit multifamily property in Colorado Springs; All four units are occupied; Three of the four units renovated since 2024
