Four-Unit Apartment
New
For Sale
$670,000
935 Hathaway Dr, Colorado Springs, CO 80915
Fully occupied quadplex with four two-bedroom apartments in East Colorado Springs.
Property Size3,000 SF
Lot Size0.18 Acres
Price / SF$223.33
Days on Market3
Property Features for 935 Hathaway Dr
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.18 Acres
Property subtype
Investment
Occupancy
100%
Net Operating Income
$42,807
Financials
Asking Price
$670,000
Cap Rate
6.39%
Gross Income
$66,180
Average Monthly Rent
$1,378
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,934
Building Details
Building Size
3,000 SF
Year Built
1983
Buildings
1
Listing Agency:
(720) 496-8868
Listed By:
Andrew Stephens
(720) 496-8868
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 7 at 2:47AM
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 Andrew Stephens
Investment Insights
Based on property information with market context.
935 Hathaway Dr is a four-unit apartment property with a consistent residential layout: each apartment contains two bedrooms and one bathroom. The building totals 3,000 SF on a 7,841 SF lot, providing a compact multifamily configuration with all units leased and occupied. A utility bill-back program is designed to recover part of the master-metered water and sewer expense without a capital renovation program.
The property is in Colorado Springs’ Cimarron Hills neighborhood within the Powers submarket. Peterson Space Force Base, Schriever Space Force Base, and the Colorado Springs Airport are identified as nearby area institutions and transportation facilities. Walk Score is 61, Bike Score is 24, and Transit Score is 21.
Current in-place NOI is $42,807 with a 6.39% going-in cap rate. Year 1 underwriting projects NOI of $44,967 and a 6.71% cap rate.
The property is in Colorado Springs’ Cimarron Hills neighborhood within the Powers submarket. Peterson Space Force Base, Schriever Space Force Base, and the Colorado Springs Airport are identified as nearby area institutions and transportation facilities. Walk Score is 61, Bike Score is 24, and Transit Score is 21.
Current in-place NOI is $42,807 with a 6.39% going-in cap rate. Year 1 underwriting projects NOI of $44,967 and a 6.71% cap rate.
Key Highlights
- Four 2 bed / 1 bath units, each approximately 750 square feet
- 3,000 SF building on a 7,841 SF lot
- All four units leased and occupied
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
$39,293
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
5.86%
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%
$785,860
$785.9K
Cap Rate 7%
$561,329
$561.3K
Cap Rate 9%
$436,589
$436.6K
Market Conditions
NOI Build-Up for 3,000 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
$59.4K $19.80/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$56.1K $18.71/SF
− OpEx
−$16.8K −$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%
$785,860
Cap Rate 7%
$561,329
Cap Rate 9%
$436,589
Alternative Uses
Best Use
Multifamily LT 5
$561.3K
$491.2K – $654.9K
NOI $39,293 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$520.2K
$455.2K – $606.9K
NOI $36,415 @ 7.0% cap · market cap 5.44%
Theoretical Best
Specialty Retail
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Explore this area
Business Placement
Demographics for 80915, CO
22,548
Population
9,434
Households
2.4
Avg Household Size
35
Median Age
25%
College-Educated
94%
High-School Grad
7.9 sq mi
ZIP Area
2,854
Density / Sq Mi
$67,761
Median Household Income
$38,968
Median Earnings
$1,424
Median Rent
$328,200
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?
Quadplex - Fully occupied quadplex with four two-bedroom apartments in East Colorado Springs.
Where is this quadplex located?
The property is located at 935 Hathaway Dr Colorado Springs, CO.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Four 2 bed / 1 bath units, each approximately 750 square feet; 3,000 SF building on a 7,841 SF lot; All four units leased and occupied
