135 University DrColorado Springs, CO 80910

Property Details for 135 University Dr

Year built

1969

Property size (Sq ft)

3,381 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a four-unit apartment building located at 135 University Drive, Colorado Springs, CO 80910. The property, built in 1969, boasts a total of 3,381 square feet situated on an 8,450 square foot lot. Each of the four units features two bedrooms and one bathroom. Currently, the property generates a Net Operating Income (NOI) of $31,347, representing a 4.94% capitalization rate. However, a pro-forma analysis indicates a potential NOI of $40,610, resulting in a 6.40% capitalization rate, reflecting the opportunity to increase rents to market rates. The asking price is $635,000, translating to $158,750 per unit and $187.81 per square foot. The property is well-maintained, with a recently replaced roof, and is situated in a quiet residential neighborhood known for low vacancy rates. This presents a compelling opportunity for investors seeking a stable, income-generating asset with significant upside potential through rental increases. The property's strong fundamentals and location within a desirable Colorado Springs neighborhood make it an attractive addition to any investment portfolio. All units are two-bedroom, one-bathroom apartments.

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8284

Longitude

-104.762

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