Updated Garden-Style
For Sale
Contact for pricing
730-740 East Hills Rd., Colorado Springs, CO 80909
The community offers an even mix of one- and two-bedroom residences across two garden-style buildings.
Property Size18,928 SF
Price / SF$174.34
Days on Market15
Property Features for 730-740 East Hills Rd.
General Information
Standard status
Active
Size
18,928 SF
Class
B
Total Parking Spaces
51
Property subtype
Multifamily
Zoning
Residential
Occupancy
84%
Investment Type
Value Add
Net Operating Income
$167,089
Additional Details
Asking Price
$3,300,000
Multifamily Units
32
Building Details
Year Built
2000
Buildings
2
Stories
2
Units
32
Construction
garden-style
Listing Agency:
CBRE - Denver Downtown
Listed By:
Willy Holliday · License #CO 100098089
Source:
Crexi
Added: Jul 28
Changed: Aug 4
Last Checked: Aug 11 at 1:01PM
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 CBRE - Denver Downtown
Investment Insights
Based on property information with market context.
This 32-unit apartment community was completed in 2000 and is arranged across two garden-style buildings. The unit mix is evenly divided between one-bedroom and two-bedroom homes. Property improvements include new windows, updated appliances, and interior and exterior work completed throughout the asset. Residential zoning supports its existing multifamily use.
The property is located in Colorado Springs near downtown and the Aviation Corridor. Downtown Colorado Springs is associated with more than 32,000 jobs, while the Aviation Corridor represents approximately 50,000 jobs. Current operations include a voluntary affordability arrangement limiting resident eligibility to households earning 80%–100% of Area Median Income. The arrangement is administered through a terminable property-management agreement rather than a deed restriction or regulatory mandate, and may be ended by the owner with 30 days’ written notice.
In-place effective rents are approximately $201 per unit below comparable market rents, with an estimated 23% rental-revenue increase available through turnover and light modernization.
The property is located in Colorado Springs near downtown and the Aviation Corridor. Downtown Colorado Springs is associated with more than 32,000 jobs, while the Aviation Corridor represents approximately 50,000 jobs. Current operations include a voluntary affordability arrangement limiting resident eligibility to households earning 80%–100% of Area Median Income. The arrangement is administered through a terminable property-management agreement rather than a deed restriction or regulatory mandate, and may be ended by the owner with 30 days’ written notice.
In-place effective rents are approximately $201 per unit below comparable market rents, with an estimated 23% rental-revenue increase available through turnover and light modernization.
Key Highlights
- 32‑unit apartment community completed in 2000
- Even 50/50 mix of one‑bedroom and two‑bedroom units
- Two well‑maintained garden‑style buildings
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
$229,752
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
6.96%
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%
$4,595,040
$4.6M
Cap Rate 7%
$3,282,171
$3.3M
Cap Rate 9%
$2,552,800
$2.6M
Market Conditions
NOI Build-Up for 18,928 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
$440.6K $23.28/SF
− Vacancy
−$22.9K −$1.21/SF
EGI
$417.7K $22.07/SF
− OpEx
−$188.0K −$9.93/SF
NOI
$229.8K $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%
$4,595,040
Cap Rate 7%
$3,282,171
Cap Rate 9%
$2,552,800
Alternative Uses
Best Use
Apartment 5plus
$3.28M
$2.87M – $3.83M
NOI $229,752 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.74M
$3.27M – $4.36M
NOI $261,661 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
32
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - The community offers an even mix of one- and two-bedroom residences across two garden-style buildings.
Where is this apartment building located?
The property is located at 730-740 East Hills Rd. Colorado Springs, CO.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 32‑unit apartment community completed in 2000; Even 50/50 mix of one‑bedroom and two‑bedroom units; Two well‑maintained garden‑style buildings
