For Sale
$1,850,000

2601 Pikes Peak AveColorado Springs, CO 80904

Colorado Springs Multifamily, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents two attached duplexes, totaling four units, built in 2004. The property boasts a desirable location in Old Colorado City, Colorado Springs, offering excellent walkability to local amenities, dining, and recreation. The 6,254 square foot property features a mix of unit types: two spacious 1,800 square foot, three-bedroom, 2.5-bathroom units with attached 400 square foot garages, and two 600 square foot studio flats. Premium finishes throughout include stainless steel appliances, washer/dryers, fireplaces, and private patios/decks. The main floor units offer stunning Pikes Peak views. Currently, three units are under long-term leases, and one unit operates as a short-term rental, providing flexibility for investors. The property includes eight parking spaces and sits on two parcels at 2601 and 2605 W Pikes Peak Ave, zip code 80904. With a current NOI of $85,784 and a pro-forma NOI of $93,933, this stabilized Class B property offers a 4.64% cap rate and a pro-forma cap rate of 5.08%. The asking price is $1,850,000, translating to $462,500 per unit and $295.81 per square foot. The property is zoned R5 and presents a turnkey investment opportunity for various buyer profiles, from short-term rental operators to long-term investors or owner-occupants. Its prime location and high occupancy rate (100%) make this a compelling investment in a thriving Colorado Springs neighborhood. Proximity to major attractions like Garden of the Gods and Manitou Springs further enhances its appeal.

Highlights

  • $1,850,000 asking price for this stabilized multifamily investment.
  • Four-unit apartment building with 6,254 square feet, offering a price per square foot of $295.81.
  • Currently boasting 100% occupancy, generating a Net Operating Income (NOI) of $85,784, and a 4.64% cap rate.
  • Pro forma NOI of $93,933 and a pro forma cap rate of 5.08%.
  • Located in Old Colorado City, Colorado Springs, CO, at 2601-2605 W Pikes Peak Ave, this Class B property features a mix of studio and three-bedroom units.
  • Built in 2004, the three-story building includes eight parking spaces and is zoned R5.

Property Details for 2601 Pikes Peak Ave

Property type
Apartment buildings
Square Feet
6,254 SF
Class
B
Year Built
2004
Buildings
1
Stories
3
Units
4

Location Insight

City
Colorado Springs
County
El Paso
State
Colorado
Latitude
38.8487204
Longitude
-104.8637728
2601 Pikes Peak Ave, Colorado Springs, Colorado

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2601 Pikes Peak Ave
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