Three-Unit Mixed-Use
For Sale
Contact for pricing
802 S Nevada Avenue, Colorado Springs, CO 80903
Includes an office component alongside two residential units for flexible occupancy options.
Property Size2,000 SF
Price / SF$347.50
Days on Market15
Property Features for 802 S Nevada Avenue
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multifamily, Office, Mixed Use
Investment Type
Owner/User
Additional Details
Office Units
1
Building Details
Units
3
Tenancy
Multi
Listing Agency:
CBRE - Colorado Springs
Listed By:
Andrew Oyler · License #CO FA.040020773
Source:
Crexi
Added: Aug 19
Changed: Aug 31
Last Checked: Sep 1 at 5:00AM
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 - Colorado Springs
Investment Insights
Based on property information with market context.
This 2,000-square-foot mixed-use property contains three units: two residential residences and one commercial office unit. The configuration supports an owner-user arrangement with office space on site, while the residential units provide separate occupancy options. It can also accommodate a fully leased setup spanning both residential and commercial uses.
The property is located at 802 S Nevada Avenue along the S Nevada Avenue corridor in Colorado Springs. It offers access to Downtown Colorado Springs and is situated near businesses, restaurants, residential neighborhoods, and other amenities. The combination of residential and office space creates a compact, multi-use commercial asset with distinct components for professional occupancy and residential use.
The property is located at 802 S Nevada Avenue along the S Nevada Avenue corridor in Colorado Springs. It offers access to Downtown Colorado Springs and is situated near businesses, restaurants, residential neighborhoods, and other amenities. The combination of residential and office space creates a compact, multi-use commercial asset with distinct components for professional occupancy and residential use.
Key Highlights
- 2,000‑square‑foot mixed‑use property at 802 S Nevada Avenue
- Three total units: two residential and one commercial office unit
- Office component supports professional occupancy or owner‑user use
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
$24,276
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
3.49%
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%
$485,520
$485.5K
Cap Rate 7%
$346,800
$346.8K
Cap Rate 9%
$269,733
$269.7K
Market Conditions
NOI Build-Up for 2,000 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
$46.6K $23.28/SF
− Vacancy
−$2.4K −$1.21/SF
EGI
$44.1K $22.07/SF
− OpEx
−$19.9K −$9.93/SF
NOI
$24.3K $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%
$485,520
Cap Rate 7%
$346,800
Cap Rate 9%
$269,733
Alternative Uses
Best Use
Apartment 5plus
$346.8K
$303.5K – $404.6K
NOI $24,276 @ 7.0% cap · market cap 3.49%
Second Best
Mixed Use
$318.9K
$279.0K – $372.0K
NOI $22,320 @ 7.0% cap · market cap 3.21%
Theoretical Best
Specialty Retail
$395.0K
$345.6K – $460.8K
NOI $27,648 @ 7.0% cap · market cap 3.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,665
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
Market
Vacancy Rate% for Office in Colorado Springs, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes an office component alongside two residential units for flexible occupancy options.
Where is this mixed-use property located?
The property is located at 802 S Nevada Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2,000‑square‑foot mixed‑use property at 802 S Nevada Avenue; Three total units: two residential and one commercial office unit; Office component supports professional occupancy or owner‑user use
