For Sale
$3,600,000

319-321 Brookside StColorado Springs, CO 80905

34-unit apartment building, strong NOI

Overview

Added:
Dec 11, 2024
Days on market:
116
Exceptional multifamily investment opportunity in Colorado Springs' desirable Stratton Meadows neighborhood, near Broadmoor Towne Center. This 34-unit apartment building comprises two, two-story structures totaling 16,392 square feet on a 24,749 square foot lot. Built in 1964, the property features 34 units (including a mix of one and two-bedroom units), offering significant value-add potential. Recent renovations include newer vinyl windows, high-efficiency boilers, and updated bathrooms in many units. The property boasts off-street parking, well-maintained common areas, and on-site laundry facilities. The current NOI is $287,994, with a pro-forma NOI of $319,113, resulting in an 8.00% cap rate and a pro-forma cap rate of 8.86%. The asking price is $3,600,000, representing a price per unit of $105,882 and a price per square foot of $219.62. The property is zoned C-5 and offers substantial potential for outsized returns through cosmetic improvements, improved property management, and operational efficiency. This is a prime candidate for repositioning to achieve top-of-market rents.

Highlights

  • 34-unit apartment building with a mix of one- and two-bedroom units offering significant value-add potential.
  • Two two-story buildings on a single 24,749 sq ft lot, totaling 16,392 sq ft.
  • Lightly renovated units with newer vinyl windows and high-efficiency boilers, ideal for further upgrades.
  • Desirable Stratton Meadows location near Broadmoor Towne Center in Colorado Springs.
  • Newer vinyl windows throughout the property.
  • High-efficiency boilers installed.

Property Details for 319-321 Brookside St

Property type
Apartment buildings
Square Feet
16,392 SF
Year Built
1964
Buildings
2
Stories
2
Units
34

Location Insight

City
Colorado Springs
County
El Paso
State
Colorado
Latitude
38.812183711455
Longitude
-104.82001241576
319-321 Brookside St, Colorado Springs, Colorado

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319-321 Brookside St
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