Remodeled Triplex with All Units
For Sale
$899,000
930 N El Paso Street, Colorado Springs, CO 80903
Remodeled triplex in Colorado Springs with all three units currently rented and multiple HVAC upgrades.
Property Size3,003 SF
Price / SF$299.37
Days on Market21
Property Features for 930 N El Paso Street
General Information
Standard status
Active
Size
3,003 SF
Property subtype
Multi Family
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$2,512
Building Details
Year Built
1906
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Real Estate Group Inc
(719) 896-1270
Listed By:
Brishen Combs · License #100072072
(719) 896-1270
Source:
Exitrealty
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 12 at 4:43AM
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 RE/MAX Real Estate Group Inc
Investment Insights
Based on property information with market context.
Remodeled triplex built in 1906 offering 3 separately updated units. The seller completed extensive interior improvements including updated kitchens and bathrooms in each unit, fresh paint, upgraded lighting, and remodels to indoor stairs and outdoor fire escape stairs. Several units received new HVAC components, including central AC, mini splits, and wall units, along with separated heating systems. Additional updates include new washer and dryer hookups, dishwasher hookups, new water heater, and a new radon system.
The exterior improvements include a new roof in 2026, freshened porch and storage areas, repaired fencing, and landscaping updates with a patio area, plants, and ambient lighting. The property also includes sealed exterior doors with keyless entry.
At 3,003 SF, this triplex is set up for an owner who wants to purchase a multi-unit building with current rental occupancy.
The exterior improvements include a new roof in 2026, freshened porch and storage areas, repaired fencing, and landscaping updates with a patio area, plants, and ambient lighting. The property also includes sealed exterior doors with keyless entry.
At 3,003 SF, this triplex is set up for an owner who wants to purchase a multi-unit building with current rental occupancy.
Key Highlights
- All 3 units are rented
- 3,003 SF triplex built in 1906
- Central AC added to the upper 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
$39,332
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
4.38%
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%
$786,640
$786.6K
Cap Rate 7%
$561,886
$561.9K
Cap Rate 9%
$437,022
$437.0K
Market Conditions
NOI Build-Up for 3,003 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
$59.5K $19.80/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$56.2K $18.71/SF
− OpEx
−$16.9K −$5.61/SF
NOI
$39.3K $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%
$786,640
Cap Rate 7%
$561,886
Cap Rate 9%
$437,022
Alternative Uses
Best Use
Multifamily LT 5
$561.9K
$491.7K – $655.5K
NOI $39,332 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$520.7K
$455.6K – $607.5K
NOI $36,451 @ 7.0% cap · market cap 4.05%
Theoretical Best
Specialty Retail
$593.0K
$518.9K – $691.9K
NOI $41,513 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,568
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Remodeled triplex in Colorado Springs with all three units currently rented and multiple HVAC upgrades.
Where is this triplex located?
The property is located at 930 N El Paso Street Colorado Springs, CO.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: All 3 units are rented; 3,003 SF triplex built in 1906; Central AC added to the upper unit
