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    1427 Evans Ave Pueblo, CO 81004

    Sponsored
    For Sale
    $900,000

    11-Unit Apartment Building, High ROI Potential

    Property size:
    5,205 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 11-unit apartment building presents a compelling value-add investment opportunity in Pueblo, Colorado's burgeoning Bessemer neighborhood. Located at 1427 E Evans Ave, this Class B property boasts 5,205 square feet and offers a compelling mix of unit types: one two-bedroom/one-bathroom unit, nine one-bedroom/one-bathroom units, and one studio apartment. The asking price is $900,000, translating to $81,818 per unit. The property currently generates a NOI of $63,274, representing a 7.03% cap rate, with a pro-forma NOI of $76,420 and a pro-forma cap rate of 8.49%, showcasing significant upside potential. Recent renovations in 2022 have already upgraded four units, with a fifth currently underway, leaving substantial room for further rent increases to market rates. Conveniently located minutes from Lake Minnequa, the property benefits from ample parking, both in the rear with alley access and on the street. This property is ideal for investors seeking a strong return on investment in a growing Colorado market. The property's location in a stable, up-and-coming neighborhood ensures long-term value and potential for appreciation. This is a rare opportunity to acquire a well-positioned multifamily asset with immediate income and significant value-add potential. The current unit mix and the ongoing renovations provide a solid foundation for future growth and profitability. Don't miss this chance to capitalize on this promising investment.

    Property Features for 1427 Evans Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,205 SF
    Class
    B

    Building Details

    Year Renovated
    2022
    Units
    11

    HighLights

    • 11‑unit multifamily value‑add opportunity in Pueblo, CO's Bessemer neighborhood.
    • $900,000 asking price, $81,818 per unit.
    • Current NOI of $63,274 (7.03% cap rate); pro‑forma NOI of $76,420 (8.49% cap rate).
    • 5,205 square feet; unit mix: one 2BR/1BA, nine 1BR/1BA, one studio.
    • Four units renovated in 2022, one currently under renovation; significant rent increase potential.
    • Ample parking: rear alley access and street parking.
    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
    Pueblo
    County
    Pueblo
    State
    Colorado
    Longitude
    -104.6151279
    Latitude
    38.2414406

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    FAQs

    What type of property is this?
    Multifamily property - 11-Unit Apartment Building, High ROI Potential
    Where is this multifamily property located?
    The property is located at 1427 Evans Ave Pueblo, CO.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: 11-unit multifamily value-add opportunity in Pueblo, CO's Bessemer neighborhood.; $900,000 asking price, $81,818 per unit.; Current NOI of $63,274 (7.03% cap rate); pro-forma NOI of $76,420 (8.49% cap rate).
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    Pueblo, CO 81004
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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
    1427 Evans Ave Pueblo, CO 81004
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