2–4 Unit Multi-Family Financing in Aspen, CO

2–4 Unit Multi-Family investing in Aspen

A 2–4 unit property in Aspen is still residential financing — it is underwritten on the 1025 Small Residential Income Property appraisal rather than a commercial rent roll, so you keep 30-year fixed terms while spreading vacancy risk across multiple doors. Losing one tenant in a duplex costs you roughly half your income instead of all of it.

At the Aspen median of $3,200,000, a 2–4 unit multi-family prices near $5,056,000 for a typical duplex — small multifamily trades at a premium per building but a discount per door. Minimum down is 25% ($1,264,000), leaving a loan of $3,792,000. Estimated all-in PITIA runs about $30,629 per month.

Returns and structure

Return metrics at the Aspen median for this product: an estimated cap rate of 2.79%, and monthly cash flow of $11,657 negative at 25% down. Negative cash flow at the minimum down payment is common in appreciation-led markets; investors close the gap with a larger down payment, a purchase below median, an added unit, or a rate buydown. Note that the $3,792,000 loan amount exceeds the $1,209,750 conforming limit for Pitkin County, so agency pricing is off the table and this is a jumbo DSCR file.