For Sale
$2,200,000

175 Spruce StElizabeth, CO 80107

12-Unit Apartment Complex, High Occupancy

Overview

Added:
Feb 3
Days on market:
63
This exceptional 12-unit multifamily property, located at 175 E Spruce Street in Elizabeth, Colorado, presents a lucrative investment opportunity. Situated on a 0.51-acre lot, this two-story building boasts a total of 10,428 square feet. Currently 100% leased, the property offers a stable income stream with twelve two-bedroom, one-bathroom apartments, each featuring a stove/range/oven, refrigerator, washer, and dryer. Upper-level units command a monthly rent of $1,350, while lower-level units rent for $1,250. Individual electric and gas meters are installed in each unit, minimizing operational complexities for the owner. The building owner is responsible for water, sewer, taxes, trash removal, and insurance. Significant upgrades have been recently completed, including the replacement of ten water heaters in 2023 and one in 2024, along with the installation of eight new gas furnaces in 2024 and four others within the last three years. The property is conveniently located a short walk from a local park and offers ample parking on both levels. The building was originally designed for condominium conversion, and substantial groundwork has already been completed towards this goal. Each unit is equipped with a fire sprinkler system, and cable service is available. This property offers a compelling blend of strong rental income, recent upgrades, and significant future potential. Priced at $2,200,000, this is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a growing Colorado community, approximately 45 minutes from the Denver metro area.

Property Details for 175 Spruce St

Property type
Multifamily properties
Square Feet
10,428 SF
Year Built
1997
Lot Size (sq. ft)
22,216 SF

Location Insight

City
Elizabeth
County
Elbert
State
Colorado
Latitude
39.35835
Longitude
-104.5982
175 Spruce St, Elizabeth, Colorado

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
175 Spruce St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message