All-Brick Multi-Use
For Sale
$849,900
Pending
731 N Cascade Avenue, Colorado Springs, CO 80903
MULTI_FAMILY - Colorado Springs, CO
Property Size4,100 SF
Lot Size0.10 Acres
Days on Market45
Property Features for 731 N Cascade Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Fireplace
1
Basement
Full
Elementary school district
Colorado Springs 11
Middle school district
Colorado Springs 11
High school district
Colorado Springs 11
Standard status
Pending
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1911
Roof type
Shingle
Listing Agency:
Park Avenue Properties of Colorado Springs, LLC
(719) 548-9900
Listed By:
Tanya Stevenson ABR CDPE GRI PSA · License #040004755
(719) 963-6582
Added: Jun 29
Changed: Aug 10
Last Checked: Aug 12 at 9:06AM
MLS# 2664105
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.
All-brick multi-use property on a prominent corner lot featuring four bedrooms and three bathrooms, an updated kitchen and bathrooms, and a detached garage. The interior includes an expansive basement with abundant storage, along with original architectural details and generous room sizes. Front and rear courtyard areas and mature landscaping are supported by brick privacy walls, creating defined outdoor space at both the entry and back of the property.
The home is situated in Colorado Springs’ historic Old North End and is directly across from Colorado College. With flexible zoning noted for multiple use scenarios, the property is described as suitable for residential use, professional offices, a gallery space, or a combination of uses.
A versatile layout and thoughtful updates provide practical options for an owner-occupant seeking a distinctive residence or for an end user looking for a work-and-show space configuration under the flexible zoning framework.
The home is situated in Colorado Springs’ historic Old North End and is directly across from Colorado College. With flexible zoning noted for multiple use scenarios, the property is described as suitable for residential use, professional offices, a gallery space, or a combination of uses.
A versatile layout and thoughtful updates provide practical options for an owner-occupant seeking a distinctive residence or for an end user looking for a work-and-show space configuration under the flexible zoning framework.
Key Highlights
- All‑brick property built in 1911 on a prominent corner lot directly across from Colorado College in Colorado Springs’ Old North End
- Over 4,100 SF with flexible zoning allowing residential use, professional offices, a gallery space, or a combination of uses
- 4 spacious bedrooms and 3 bathrooms, with generous room sizes and original architectural details
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
$49,767
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
5.86%
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%
$995,340
$995.3K
Cap Rate 7%
$710,957
$711.0K
Cap Rate 9%
$552,967
$553.0K
Market Conditions
NOI Build-Up for 4,100 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
$95.4K $23.28/SF
− Vacancy
−$5.0K −$1.21/SF
EGI
$90.5K $22.07/SF
− OpEx
−$40.7K −$9.93/SF
NOI
$49.8K $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%
$995,340
Cap Rate 7%
$710,957
Cap Rate 9%
$552,967
Alternative Uses
Best Use
Apartment 5plus
$711.0K
$622.1K – $829.5K
NOI $49,767 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$809.7K
$708.5K – $944.6K
NOI $56,678 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,251
Businesses Nearby
Explore this area
Business Placement
Demographics for 80903, CO
15,944
Population
8,340
Households
1.9
Avg Household Size
34
Median Age
39%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
2,953
Density / Sq Mi
$59,292
Median Household Income
$35,251
Median Earnings
$1,221
Median Rent
$420,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - All-brick corner property across from Colorado College with flexible zoning supporting residential, offices, and gallery use.
Where is this single family property located?
The property is located at 731 N Cascade Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: All‑brick property built in 1911 on a prominent corner lot directly across from Colorado College in Colorado Springs’ Old North End; Over 4,100 SF with flexible zoning allowing residential use, professional offices, a gallery space, or a combination of uses; 4 spacious bedrooms and 3 bathrooms, with generous room sizes and original architectural details
