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    3129 El Paso St Colorado Springs, CO 80907

    Sponsored
    For Sale
    $1,325,000

    8-Unit Multifamily & Retail, High NOI

    Property size:
    6,580 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional Colorado Springs investment property, located at 3129 & 3133 N El Paso St, offers a unique blend of commercial and residential spaces. The 6,580 square foot property includes eight units: six multifamily units and one commercial unit, plus a single-family home. Currently operating at 100% occupancy, the property boasts a strong NOI of $78,058, with a pro-forma NOI of $84,752, representing a 5.89% cap rate and a pro-forma cap rate of 6.40%. The asking price is $1,325,000, or $165,625 per unit, and $201.37 per square foot. Built in 1954, this one-story building sits on a single lot with 14 parking spaces and is zoned C5. The property presents a turn-key investment opportunity with existing flexible leases allowing for immediate rent growth and a built-in $50 annual commercial rent increase over the next five years. Its prime location near the North Nevada Redevelopment Corridor and Downtown Colorado Springs offers high visibility and access to key amenities. The property's diverse offerings and potential for various uses make it a highly compelling investment in the heart of Colorado Springs. The parcel can be divided due to the two existing addresses.

    Property Features for 3129 El Paso St

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,580 SF
    Class
    C

    Building Details

    Year Built
    1954
    Buildings
    1
    Stories
    1
    Units
    8

    HighLights

    • Turn‑key investment opportunity with strong cash flow and predictable returns.
    • Excellent in‑place rents with immediate potential for rent growth.
    • Commercial space features a built‑in $50 annual rent increase for the next five years.
    • Parcel can be divided due to two existing addresses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.8125616
    Latitude
    38.878329

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    FAQs

    What type of property is this?
    Multifamily property - 8-Unit Multifamily & Retail, High NOI
    Where is this multifamily property located?
    The property is located at 3129 El Paso St Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $1,325,000.
    What are key features of this property?
    This property features: Turn-key investment opportunity with strong cash flow and predictable returns.; Excellent in-place rents with immediate potential for rent growth.; Commercial space features a built-in $50 annual rent increase for the next five years.
    Request Owner's contact information
    3129 El Paso St Colorado Springs, CO 80907
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    Colorado Springs, CO 80907
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3129 El Paso St Colorado Springs, CO 80907
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