115-117 Ruxton AveManitou Springs, CO 80829

Property Details for 115-117 Ruxton Ave

Year built

1899

Property size (Sq ft)

7,337 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 12-unit apartment building in desirable Manitou Springs, Colorado presents a compelling investment opportunity. The property, located at 115-117 Ruxton Ave, boasts 7,337 square feet on a 13,068 square foot lot and features a mix of studio, one-bedroom, and two-bedroom units. Eight of the twelve units have undergone renovations since April 2021. Currently, the property generates a NOI of $101,422, with a pro-forma NOI of $110,890, representing a 6.00% cap rate and a pro-forma cap rate of 6.50%. The asking price is $1,700,000 ($232 per square foot). Situated in the heart of downtown, the property is within walking distance of restaurants, cafes, and retail shops, and just blocks from popular attractions like the Manitou Incline and Garden of the Gods. The property includes 12 parking spaces and is zoned GR. Built in 1899, this six-building complex offers six two-story walk-up buildings with exterior walkways. The current below-market rents provide a significant opportunity for immediate NOI growth through rent increases. High occupancy rates are typical for similar multifamily properties in the area, with leases often secured well in advance. This property offers a blend of historical charm and modern updates, making it an attractive investment for those seeking strong returns in a prime location.

Location Insight

City

Manitou Springs

County

El Paso

State

Colorado

Latitude

38.8585

Longitude

-104.921

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