490 E Elm Street, Elizabeth, CO 80107

• 5,200 sqft

Property Description

Fantastic investment opportunity with in-place management and a fully stabilized rent roll. This well-maintained 8-unit property 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 under 600 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.

Listing Status:

Pending

Data Last Updated:

May 20, 2026 at 10:20PM

Listing Office:

Shift Real Estate LLC : 303-794-8900

Listing Agent:

Sarah Humbargar : 719-339-0712

MLS ID:

2503097

Exterior

• General: Lighting
• Parking: AsphaltParking spaces: 19

Construction

• Roofing: Composition

Location

• Road/Access: Paved
• Originating MLS: recolorado
• County: Elbert

Lot

• Zoning: R-3SECTION: 18 TOWNSHIP: 8 RANGE: 64SUBDIVISION: ELIZABETH KRISTIN CONDO UNIT: 1R108664
• Current Use: Commercial

Utilities

• Utilities: Cable AvailableElectricity ConnectedNatural Gas ConnectedSewer Connected
• Water: Public
• Sewer: Public Sewer

Financial

• Source: recolorado
• Exclusions: Tenant's personal items.