$1,000,000

490 E Elm Street, Elizabeth, CO 80107

  • 5,200 sqft
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in 1973
  • Property Lot Size Icon0.43acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $192/sqft
  • Property List Date Icon Listed 24 days ago

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:
Active
Data Last Updated:
April 2, 2026 at 8:22PM
Listing Office:
Shift Real Estate LLC : 303-794-8900
Listing Agent:
Sarah Humbargar : 719-339-0712
MLS ID:
2503097
  • General: Lighting
  • Parking: AsphaltParking spaces: 19
  • Roofing: Composition
  • Road/Access: Paved
  • Originating MLS: recolorado
  • County: Elbert
  • Zoning: R-3SECTION: 18 TOWNSHIP: 8 RANGE: 64SUBDIVISION: ELIZABETH KRISTIN CONDO UNIT: 1R108664
  • Current Use: Commercial
  • Utilities: Cable AvailableElectricity ConnectedNatural Gas ConnectedSewer Connected
  • Water: Public
  • Sewer: Public Sewer
  • Source: recolorado
  • Exclusions: Tenant's personal items.

This listing courtesy of Sarah Humbargar , Shift Real Estate LLC

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

R

Running Creek elementary School

900 S Elbert St, Elizabeth, CO, 80107

Grades KG-5

0.43 miles away

E

Elizabeth Middle School

34427 County Road 13, Elizabeth, CO, 80107

Grades 6-8

0.91 miles away

E

Elizabeth High School

34500 County Road 13, Elizabeth, CO, 80107

Grades 9-12

0.83 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.