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490 E Elm St 728 SF Flex Condo Unit Offered at $1,000,000 in Elizabeth, CO 80107
Executive Summary
Fantastic investment opportunity with in-place management and a fully stabilized rent roll. This well-maintained 8-unitproperty features a balanced unit mix of four 1 Bedroom-1 Bath units, four 2 Bedroom-2 Bath units, coin operated washer and dryer. Property is right in town, appealing to a broad tenant base and supporting long-term occupancy stability. Ideally located just off S. Main Street, the property offers walkable access to local shops, restaurants, and a brewery -placing residents at the center of Elizabeth’s small-town charm and daily activity. The property backs directly to Running Creek Trail and overlooks Running Creek Park, home to the popular Friday Night Market and summer concert series. Tenants enjoy immediate access to open space, community events, and one of the town’s most vibrant gathering places -an amenity that supports strong, long-term rental demand. Elizabeth’s multifamily market remains limited, with just under600 total apartment units county-wide, creating a meaningful supply constraint within a growing population base. Strategically positioned just 25 minutes to Castle Rock and Parker, 40 minutes to the Denver Tech Center, and under an hour to Colorado Springs, this location offers attainable rental housing with convenient regional access. This asset provides a true turnkey investment for both seasoned and first-time multifamily investors. Strong unit mix, stabilized operations, and irreplaceable location fundamentals make this an ideal long-term hold. Contact listing agent for financials and additional details.
Property Facts
| Total Building Size | 5,200 SF | Typical Floor Size | 2,600 SF |
| Property Type | Multifamily (Condo) | Year Built | 1973 |
| Property Subtype | Apartment | Lot Size | 0.06 AC |
| Building Class | C | Parking Ratio | 3.65/1,000 SF |
| Floors | 2 | ||
| Zoning | R-3 | ||
| Total Building Size | 5,200 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | C |
| Floors | 2 |
| Typical Floor Size | 2,600 SF |
| Year Built | 1973 |
| Lot Size | 0.06 AC |
| Parking Ratio | 3.65/1,000 SF |
| Zoning | R-3 |
1 Unit Available
Unit 101-204
| Unit Size | 728 SF | Sale Type | Investment |
| Price | $1,000,000 | Cap Rate | 7.71% |
| Price Per SF | $1,373.63 | NOI | $77,100 |
| Condo Use | Flex |
| Unit Size | 728 SF |
| Price | $1,000,000 |
| Price Per SF | $1,373.63 |
| Condo Use | Flex |
| Sale Type | Investment |
| Cap Rate | 7.71% |
| NOI | $77,100 |
Sale Notes
Please note that this is one listing that includes 8 units, which are each a legal separate condo unit.
Presented by
Shift Real Estate LLC
490 E Elm St
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