Renovated Quadplex with Separate
For Sale
$1,550,000
812 Colorado Avenue, Colorado Springs, CO 80905
Updated west-side property with remodeled apartments, a detached cottage, gated parking, and on-site laundry.
Property Size4,780 SF
Price / SF$324.27
Days on Market14
Property Features for 812 Colorado Avenue
General Information
Standard status
Active
Size
4,780 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 4BR/2BA, 1 x 3BR/1BA, 1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$1,233
Amenities
free laundry
free wifi
security cameras
fully fenced yard
Building Details
Year Built
1890
Year Renovated
2023
Buildings
2
Listing Agency:
Recon Realty
Listed By:
Philip Treglia
(719) 208-5784
Source:
Exitrealty
Added: Aug 25
Changed: Sep 5
Last Checked: Sep 7 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 Recon Realty
Investment Insights
Based on property information with market context.
This renovated quadplex property includes four apartments in the front building plus a separate, self-contained cottage with its own address. The 4,780-square-foot property was built in 1890 and underwent extensive renovations in 2023, including updated kitchens, bathrooms, windows, appliances, cabinetry, countertops, sinks, and luxury vinyl flooring. Apartment layouts include one four-bedroom, two-bath unit; two three-bedroom, one-bath units; and one two-bedroom, one-bath unit. The property also provides laundry facilities, Wi-Fi, a fully fenced yard, security cameras, and gated off-street parking.
Located on Colorado Avenue in Old Colorado City, the property is within walking distance of restaurants, bars, and coffee shops, with bike access to downtown. Units offer views toward the mountains, downtown, and Colorado Avenue.
Located on Colorado Avenue in Old Colorado City, the property is within walking distance of restaurants, bars, and coffee shops, with bike access to downtown. Units offer views toward the mountains, downtown, and Colorado Avenue.
Key Highlights
- 4,780 SF property with four front‑building apartments and a separate self‑contained cottage
- Extensive renovation completed in 2023, including kitchens, baths, windows, appliances, and flooring
- Unit mix includes 4/2, two 3/1 apartments, and a 2/1 apartment
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
$62,607
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
4.04%
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%
$1,252,140
$1.3M
Cap Rate 7%
$894,386
$894.4K
Cap Rate 9%
$695,633
$695.6K
Market Conditions
NOI Build-Up for 4,780 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
$94.6K $19.80/SF
− Vacancy
−$5.2K −$1.09/SF
EGI
$89.4K $18.71/SF
− OpEx
−$26.8K −$5.61/SF
NOI
$62.6K $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 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%
$1,252,140
Cap Rate 7%
$894,386
Cap Rate 9%
$695,633
Alternative Uses
Best Use
Multifamily LT 5
$894.4K
$782.6K – $1.04M
NOI $62,607 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$828.9K
$725.3K – $967.0K
NOI $58,021 @ 7.0% cap · market cap 3.74%
Theoretical Best
Specialty Retail
$944.0K
$826.0K – $1.10M
NOI $66,079 @ 7.0% cap · market cap 4.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,029
Businesses Nearby
Explore this area
Business Placement
Demographics for 80905, CO
17,592
Population
8,933
Households
2
Avg Household Size
38
Median Age
39%
College-Educated
92%
High-School Grad
5.1 sq mi
ZIP Area
3,449
Density / Sq Mi
$64,496
Median Household Income
$40,876
Median Earnings
$1,449
Median Rent
$349,500
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?
Quadplex - Updated west-side property with remodeled apartments, a detached cottage, gated parking, and on-site laundry.
Where is this quadplex located?
The property is located at 812 Colorado Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 4,780 SF property with four front‑building apartments and a separate self‑contained cottage; Extensive renovation completed in 2023, including kitchens, baths, windows, appliances, and flooring; Unit mix includes 4/2, two 3/1 apartments, and a 2/1 apartment
