For Sale
$4,000,000

2655 Ore Mill RdColorado Springs, CO 80904

26-Unit Multifamily Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 26-unit apartment building, built in 1984, presents a compelling investment opportunity in Colorado Springs, Colorado. Located at 2655 Ore Mill Rd, in the desirable Old Colorado City neighborhood, this property offers a 6.00% cap rate and is currently 100% occupied. The 22,068 square foot building sits on a 1.24-acre lot and features a mix of unit sizes: thirteen two-bedroom, two-bathroom units (850 sq ft each), eleven one-bedroom, one-bathroom units (600 sq ft each), and two studio units (450 sq ft each). The property includes 35 parking spaces and is zoned C5. Its prime location at the foot of Pikes Peak provides convenient access to outdoor recreation, while its proximity to downtown Colorado Springs and Manitou Springs offers residents easy access to shops, restaurants, and entertainment. This well-maintained asset presents a strong value-add potential for investors seeking to capitalize on the undersupplied Westside submarket and realize premium rental growth. The building is a single, two-story structure. The asking price is $4,000,000. This is a rare opportunity to acquire a well-positioned multifamily property in a thriving Colorado Springs neighborhood.

Highlights

  • Rare Westside 1984-built multifamily property.
  • 100% occupancy with upside rental potential.
  • Undersupplied submarket with limited new construction.
  • Desirable unit mix, primarily two-bedroom, two-bathroom units.
  • Old Colorado City location offering walkability to amenities.

Property Details for 2655 Ore Mill Rd

Property type
Apartment buildings
Square Feet
22,068 SF
Year Built
1984
Buildings
1
Stories
2
Lot Size (sq. ft)
54,014 SF
Units
26

Location Insight

City
Colorado Springs
County
El Paso
State
Colorado
Latitude
38.846555346283
Longitude
-104.86874878403
2655 Ore Mill Rd, Colorado Springs, Colorado

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2655 Ore Mill Rd
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