Six-Unit Apartment
New
For Sale
$725,000
902-906 Teal Ct, Colorado Springs, CO 80910
The building offers one- and two-bedroom residences with month-to-month leasing across the unit mix.
Property Size4,325 SF
Price / SF$167.63
Days on Market7
Property Features for 902-906 Teal Ct
General Information
Standard status
Active
Size
4,325 SF
Units
Unit Mix
5 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$3,039
Building Details
Year Built
1967
Buildings
1
Listing Agency:
MODUS Real Estate
(303) 974-4717
Listed By:
Andrew Stephens · License #100098946
(720) 496-8868
Source:
Exprealty
Added: Sep 8
Changed: Sep 13
Last Checked: Sep 14 at 12:55PM
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 MODUS Real Estate
Investment Insights
Based on property information with market context.
Located at 902-906 Teal Ct in Colorado Springs, this apartment property contains 4,325 square feet and was constructed in 1967. The six-unit configuration includes five one-bedroom, one-bath residences and one two-bedroom, one-bath residence. Several occupants have remained for multiple years, supporting an established tenant base.
Each residence is leased month to month, providing ownership with flexibility as units become available. Current operations do not charge residents separately for utilities, leaving a potential path to introduce a utility reimbursement structure. The property’s existing unit mix, leasing format, and tenant history provide a clear framework for ongoing management and future operational changes.
Each residence is leased month to month, providing ownership with flexibility as units become available. Current operations do not charge residents separately for utilities, leaving a potential path to introduce a utility reimbursement structure. The property’s existing unit mix, leasing format, and tenant history provide a clear framework for ongoing management and future operational changes.
Key Highlights
- Six‑unit apartment property at 902‑906 Teal Ct in Colorado Springs
- 4,325‑square‑foot building constructed in 1967
- Unit mix includes five one‑bedroom, one‑bath units and one two‑bedroom, one‑bath unit
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
$52,498
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
7.24%
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%
$1,049,960
$1.0M
Cap Rate 7%
$749,971
$750.0K
Cap Rate 9%
$583,311
$583.3K
Market Conditions
NOI Build-Up for 4,325 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
$100.7K $23.28/SF
− Vacancy
−$5.2K −$1.21/SF
EGI
$95.5K $22.07/SF
− OpEx
−$43.0K −$9.93/SF
NOI
$52.5K $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%
$1,049,960
Cap Rate 7%
$749,971
Cap Rate 9%
$583,311
Alternative Uses
Best Use
Apartment 5plus
$750.0K
$656.2K – $875.0K
NOI $52,498 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$854.1K
$747.4K – $996.5K
NOI $59,789 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 80910, CO
30,991
Population
13,940
Households
2.2
Avg Household Size
32
Median Age
25%
College-Educated
89%
High-School Grad
6.1 sq mi
ZIP Area
5,080
Density / Sq Mi
$56,681
Median Household Income
$37,110
Median Earnings
$1,299
Median Rent
$276,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - The building offers one- and two-bedroom residences with month-to-month leasing across the unit mix.
Where is this apartment building located?
The property is located at 902-906 Teal Ct Colorado Springs, CO.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Six‑unit apartment property at 902‑906 Teal Ct in Colorado Springs; 4,325‑square‑foot building constructed in 1967; Unit mix includes five one‑bedroom, one‑bath units and one two‑bedroom, one‑bath unit
