Remodeled Duplex with Detached
For Sale
$680,000
908 W Colorado Avenue, Colorado Springs, CO 80905
Two updated residences provide a flexible multifamily configuration near Downtown Colorado Springs and Old Colorado City.
Property Size1,510 SF
Price / SF$450.33
Days on Market92
Property Features for 908 W Colorado Avenue
General Information
Standard status
Active
Size
1,510 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,425
Building Details
Year Built
1899
Listing Agency:
Cushman & Wakefield
(417) 459-2155
Listed By:
Lee Wagner · License #100084704
(417) 459-2155
Source:
Exitrealty
Added: May 13
Changed: Aug 8
Last Checked: Aug 12 at 5:33AM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
Located at 908 W Colorado Avenue, this duplex property includes a fully remodeled 3-bedroom, 2-bath main home and a detached 1-bedroom cottage. The property contains 1,510 square feet and was built in 1899, with renovations completed within the past two years. Modern finishes and tenant-paid utilities support streamlined residential operations.
The property sits between Downtown Colorado Springs and Old Colorado City, with access to I-25, Highway 24, local dining, retail, and outdoor amenities. The neighboring 910 W Colorado Avenue triplex has also been fully renovated and is available for purchase separately or with this property, subject to the seller’s preference.
The property sits between Downtown Colorado Springs and Old Colorado City, with access to I-25, Highway 24, local dining, retail, and outdoor amenities. The neighboring 910 W Colorado Avenue triplex has also been fully renovated and is available for purchase separately or with this property, subject to the seller’s preference.
Key Highlights
- Fully remodeled 3‑bedroom, 2‑bath main home
- Detached 1‑bedroom cottage
- 1,510 square feet on the property
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
$19,778
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
2.91%
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%
$395,560
$395.6K
Cap Rate 7%
$282,543
$282.5K
Cap Rate 9%
$219,756
$219.8K
Market Conditions
NOI Build-Up for 1,510 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
$29.9K $19.80/SF
− Vacancy
−$1.6K −$1.09/SF
EGI
$28.3K $18.71/SF
− OpEx
−$8.5K −$5.61/SF
NOI
$19.8K $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%
$395,560
Cap Rate 7%
$282,543
Cap Rate 9%
$219,756
Alternative Uses
Best Use
Multifamily LT 5
$282.5K
$247.2K – $329.6K
NOI $19,778 @ 7.0% cap · market cap 2.91%
Second Best
Apartment 5plus
$261.8K
$229.1K – $305.5K
NOI $18,329 @ 7.0% cap · market cap 2.70%
Theoretical Best
Specialty Retail
$298.2K
$260.9K – $347.9K
NOI $20,874 @ 7.0% cap · market cap 3.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,208
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residences provide a flexible multifamily configuration near Downtown Colorado Springs and Old Colorado City.
Where is this duplex located?
The property is located at 908 W Colorado Avenue Colorado Springs, CO.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Fully remodeled 3‑bedroom, 2‑bath main home; Detached 1‑bedroom cottage; 1,510 square feet on the property
