3129 El Paso StColorado Springs, CO 80907

Property Details for 3129 El Paso St

Year built

1954

Property size (Sq ft)

6,580 SF

Property type

Residential income properties

Property subtype

Other retail properties

Description

This exceptional Colorado Springs investment property, located at 3129 & 3133 N El Paso St, offers a unique blend of commercial and residential spaces. The 6,580 square foot property includes eight units: six multifamily units and one commercial unit, plus a single-family home. Currently operating at 100% occupancy, the property boasts a strong NOI of $78,058, with a pro-forma NOI of $84,752, representing a 5.89% cap rate and a pro-forma cap rate of 6.40%. The asking price is $1,325,000, or $165,625 per unit, and $201.37 per square foot. Built in 1954, this one-story building sits on a single lot with 14 parking spaces and is zoned C5. The property presents a turn-key investment opportunity with existing flexible leases allowing for immediate rent growth and a built-in $50 annual commercial rent increase over the next five years. Its prime location near the North Nevada Redevelopment Corridor and Downtown Colorado Springs offers high visibility and access to key amenities. The property's diverse offerings and potential for various uses make it a highly compelling investment in the heart of Colorado Springs. The parcel can be divided due to the two existing addresses.

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8783

Longitude

-104.813

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