For Sale
$805,000

10 Fountain BlvdColorado Springs, CO 80903

Five-unit apartment building, strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a five-unit apartment building located in the highly desirable South Downtown Colorado Springs area, at 10-16 E Fountain Blvd, zip code 80903. The property, built in 1900 and renovated in 2021, boasts a total of 2,391 square feet and features four one-bedroom/one-bathroom units and one two-bedroom/one-bathroom unit. Currently operating at 80% occupancy, the property generates a Net Operating Income (NOI) of $50,125, representing a 6.23% cap rate. A pro-forma analysis projects a NOI of $57,174 and a 7.10% cap rate, indicating significant upside potential. The asking price is $805,000, translating to $336.68 per square foot and $161,000 per unit. Recent renovations include new luxury vinyl plank (LVP) flooring, fresh paint, updated lighting, tile tub surrounds, new blinds, doors, and bathroom vanities. The building features both front and rear entrances, along with a fenced courtyard. Its prime location offers excellent walkability to entertainment, dining, and retail options, and provides easy access to major employers, roadways, and public transportation, including proximity to Weidner Field, Ed Robson Arena, the Olympic & Paralympic Museum, and the Trolley Block dining corridor. The property is zoned R2. This value-add investment is situated in a rapidly developing area with high rental demand and limited supply, making it an attractive opportunity for investors seeking strong returns and appreciation potential.

Highlights

  • Desirable South Downtown Colorado Springs investment opportunity near entertainment, dining, and retail.
  • Five-unit apartment building (four 1BR/1BA, one 2BR/1BA) totaling 2,391 sq ft, recently renovated with new LVP flooring, paint, lighting, tile surrounds, blinds, doors, and vanities.
  • Features front and rear entrances and a fenced courtyard.

Property Details for 10 Fountain Blvd

Property type
Apartment buildings
Square Feet
2,391 SF
Class
C
Year Built/Renovated
1900/2021
Buildings
1
Stories
1
Units
5

Location Insight

City
Colorado Springs
County
El Paso
State
Colorado
Latitude
38.821953
Longitude
-104.8253686
10 Fountain Blvd, Colorado Springs, Colorado

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10 Fountain Blvd
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