2241 Platte PlColorado Springs, CO 80909

Property Details for 2241 Platte Pl

Year built

1951

Lot size

0.70 AC

Property size (Sq ft)

14,192 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 25-unit apartment building situated on a 0.7-acre lot in Colorado Springs, Colorado. The property, located at 2241 E Platte Pl, 80909, boasts a total of 14,192 square feet and is priced at $999,999, translating to $70.46 per square foot. Constructed in 1951, the three-story building currently houses a mix of residential and commercial spaces. Twelve apartment units occupy the upper floor, while the ground floor features a combination of apartments and commercial areas. The property's zoning (MX-L, C6) allows for flexibility in future development. The current occupancy rate is low, presenting a significant opportunity for a new owner to renovate and reposition the asset. A potential upside exists in converting the existing commercial spaces into additional residential units, increasing the total unit count to 26. The substantial 30,692 square foot lot provides ample space for potential expansion or redevelopment. This property is priced to sell and offers a compelling return on investment for a buyer willing to undertake renovations and capitalize on the market demand. The building's location in El Paso County provides access to a growing population and strong rental market. This is a rare chance to acquire a multifamily property with significant upside potential in a desirable Colorado Springs location. The property requires work, but the price reflects this, making it an attractive proposition for a savvy investor.

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8362

Longitude

-104.788

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