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Property profile & analytics
OFF-MARKET
Estimated value
$2,840,000
Motels
423 Manitou Ave Manitou Springs, CO 80829-2318
Entity Owned
~
Est. High Equity
Property ID
US13-1034345
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1959
Construction
WOOD FRAME
Total area
10,558 SF
Lot
0.45 ac (19,805 SF)
Zoning code
C
APN
7405400001
UPID
US13-1034345
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.84M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.84M
Owner & transaction history
423 Manitou Hospitality LLC
423 Manitou Hospitality LLC
since 2026
Last sale
$2.9M
7 recorded transactions
Zoning & alternative use
C · Manitou Springs, CO
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.5M
+55.9%
Commercial (general)
$3.6M
+24.2%
Apartment house (5+ units)
$3.4M
+16.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Manitou Springs submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Manitou Springs submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,775,000
ML approach
$2,840,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
HOTEL/MOTEL
$2,880,000
Current use
RESTAURANT
$4,485,000
Change: +56% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,575,000
Change: +24% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,355,000
Change: +17% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$2,920,000
Change: +1% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,860,000
Change: -1% · Conversion: Difficult
MEDICAL BUILDING
$2,565,000
Change: -11% · Conversion: Difficult
RETAIL STORES
$2,485,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$2.84M
Range $2.56M – $3.12M · ±10% · vs last sale $2.87M (May 26 2022)
Last sale anchor
$2.87M
May 26 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$269 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$32,433
Tax year 2023
Assessed value
$460,350
Assessed 2023
Previous assessed
$460,350
+0.0% YoY
Effective rate
7.05%
On assessed value
Assessed land
$36,190
Assessed improvement
$424,160
Land market value
$129,723
Improvement market value
$1,520,277
Total market value
$1,650,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Motels
Use group
MOTEL
Status
Off-Market
Year built
1959
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
2
Units
25
Total area
10,558 SF
Lot
0.45 ac (19,805 SF)
Zoning code
C
APN
7405400001
UPID
US13-1034345
Jurisdiction
EL PASO
Zoning & alternative use
C · Manitou Springs, CO
Zoning C · permitted uses
C · Manitou Springs, CO
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Manitou Springs. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$2.9M
RESTAURANT
Est. value
$4.5M
COMMERCIAL (GENERAL)
Est. value
$3.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.9M
AUTO REPAIR, GARAGE
Est. value
$2.9M
MEDICAL BUILDING
Est. value
$2.6M
RETAIL STORES
Est. value
$2.5M
HOTEL/MOTEL Current
RESTAURANT
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1959
Construction
WOOD FRAME
Heating
PACKAGE
Cooling
Yes
Stories
2
Units
25
Lot
0.45 ac
Current owner
From public records · entity-resolved
423 Manitou Hospitality LLC
Entity
Mailing address
423 MANITOU AVE, MANITOU SPRINGS, CO 80829-2318
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 16, 2026
$1,100,000
423 Manitou Hospitality LLC
Cande Consulting LLC
Special Warranty Deed
—
Jan 14, 2026
—
Cande Consulting LLC
Sjeagle INC
Deed
related
—
May 26, 2022
$2,870,000
Sjeagle INC
In Woo Corporation
Special Warranty Deed
$2,212,000 · Hanmi Bank
Mar 22, 2019
$1,300,000
In Woo Corp
Sunwater Garden Motel INC
Warranty Deed
$699,021 · Sunwater Garden Motel INC
Aug 29, 2014
$625,000
Sunwater Garden Motel INC
James,william H
Warranty Deed
$300,000 · Firstbank
Apr 9, 2007
—
Record Owner
Owner,record
Quit Claim Deed
related
—
Jan 22, 1999
—
Motel Eagle
Eagle Motel Partnership
Quit Claim Deed
related
$550,000 · Bank One Colorado
—
—
Motel Eagle
—
Deed Of Trust
related
$63,000 · Bank At Broadmoor
—
—
Frances M James
—
Deed Of Trust
related
$60,000 · Pueblo Bank & Trust Co
—
—
Motel Eagle
—
Deed Of Trust
related
$503,847 · Bank At Broadmoor
—
—
William H James
—
Deed Of Trust
related
$480,000 · Pueblo Bank & Trust Co
—
—
Motel Eagle
—
Deed Of Trust
related
$40,000 · Bank At Broadmoor
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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