For Sale
$5,200,000

2928 Bijou StColorado Springs, CO 80904

28-unit multifamily, value-add opportunity

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 28-unit apartment building, located in desirable West Colorado Springs near Garden of the Gods Park, presents a compelling investment opportunity. Built in 1964 and renovated in 2023, the property boasts 10,855 square feet across seven buildings situated on a 32,375 square foot lot. The property currently features an 89% occupancy rate with a Net Operating Income (NOI) of $224,943, and a pro-forma NOI of $313,304, representing a 4.33% current cap rate and a projected 6.03% pro-forma cap rate. The asking price is $5,200,000, translating to $479.04 per square foot and $185,714.29 per unit. The property includes 30 parking spaces, on-site laundry facilities, and extra storage. Its convenient location offers easy access to Highway 24 and I-25, providing residents with seamless commutes. The property's proximity to Old Colorado City provides residents with walkability to numerous dining, shopping, and entertainment options. The units are a mix of one-bedroom, one-bathroom apartments. A handful of units have already undergone renovations, demonstrating the potential for further value-add improvements to increase rental income and occupancy. This stabilized, operational value-add investment presents a strong opportunity for maximizing returns in the thriving Colorado Springs real estate market. The property's location near Garden of the Gods Park and Red Rock Open Space adds to its appeal, offering residents access to outdoor recreation.

Highlights

  • Value-add opportunity with upside potential; some units recently renovated, commanding higher rents.
  • Excellent West Colorado Springs location, walking distance to Old Colorado City's dining, retail, and entertainment; near Garden of the Gods Park and Red Rock Open Space.
  • Remaining units offer further renovation potential for increased value and rental income.

Property Details for 2928 Bijou St

Property type
Apartment buildings
Square Feet
10,855 SF
Class
C
Year Built/Renovated
1964/2023
Buildings
7
Units
28

Location Insight

City
Colorado Springs
County
El Paso
State
Colorado
Latitude
38.8538117
Longitude
-104.8678434
2928 Bijou St, Colorado Springs, Colorado

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2928 Bijou St
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