For Sale
$3,600,000

Aspen Creek Apartments 319-321 E Brookside StColorado Springs, CO 80905

Aspen Creek Apartments 319-321 E Brookside St Colorado Springs, CO 80905

Overview

Added:
Dec 23, 2024
Days on market:
105
The Sonoma Heights Apartments, Meadows Pointe Apartments, and Aspen Creek Apartments present an exceptional multifamily opportunity in Colorado Springs. Strategically located in the growing and desirable Knob Hill and Stratton Meadows neighborhoods, the properties are near major city thoroughfares, a bevy of employers, popular malls, chain-grocers and restaurants, big-box shopping, and numerous entertainment options.

Totaling 171 total units, the three assets offer value-add potential, requiring only minor interior cosmetic renovations to achieve top-of-market rents. Consisting of three studios, 143 one-bedrooms, and 25 two-bedroom units, these properties provide much needed housing to strong tenant bases. The properties all feature off-street parking, well-maintained common areas, and on-site laundry facilities. The units feature double pane windows, new LVT flooring, fresh paint, and updated bathrooms. All three assets have also endured major capital improvements over the last 10 years including new windows, new roofs, updated electrical, new/repaired boilers, and new Solar panels to greatly help offset utility expenses.

Sonoma Heights, Meadows Pointe, and Aspen Creek are prime candidates for repositioning through cosmetic improvements, improved property management, and operational efficiency. The portfolio presents itself as an attractive investment opportunity, offering investors substantial potential for outsized returns at a compelling basis.

Property Name: Aspen Creek Apartments

Address: 319-321 E Brookside St

County: El Paso

Year Built: 1964

# Buildings: 2

# Stories: 2

# Units: 34

GBA: 16,392 SF

Lot Size: 24,749 SF

Parking: Surface

Water/Sewer: Master

Gas/Electric: Master

Zoning: C5

Highlights

  • 34 one-bedroom units with great floor plans Property consists of two different two-story walkup buildings on same parcel Units have been lightly renovated: ideal for new operator to further renovations and upgrades Located in desirable suburban Stratton Meadows neighborhood near Broadmoor Towne Center Newer vinyl windows throughout Newer high-efficiency boilers

Property Details for Aspen Creek Apartments 319-321 E Brookside St

Property type
Residential income homes
Square Feet
16,392 SF
Price / Square Foot
$219.62
Year Built
1964
Buildings
2
Stories
2
Elevators
N/A
Lot Size (sq. ft)
24,749 SF
Units
34
Net Operating Income
$287,994

Location Insight

City
Colorado Springs
County
State
Colorado

FAQs

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Aspen Creek Apartments 319-321 E Brookside St
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