17 University DrColorado Springs, CO 80910

Property Details for 17 University Dr

Year built

1969

Property size (Sq ft)

3,380 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a four-unit multifamily property located at 17 University Dr, Colorado Springs, CO 80910. The property boasts a total of 3,380 square feet situated on an 8,139 square foot lot. Built in 1969, this two-story building comprises four spacious two-bedroom, one-bathroom units. Two units feature recently upgraded kitchens with modern cabinets and countertops, while the remaining units offer immediate value-add potential through kitchen and appliance upgrades. An existing attached storage closet with hookups presents a readily available opportunity to install on-site laundry facilities, increasing rental income and tenant satisfaction. The exterior of the building is in excellent condition, requiring no immediate capital expenditures. The property currently generates a Net Operating Income (NOI) of $29,655, representing a 5.21% cap rate. Pro forma NOI is projected at $38,421, yielding a 6.75% cap rate. The asking price is $569,000, or $142,250 per unit. This property offers a compelling blend of immediate cash flow and significant upside potential through strategic renovations and operational improvements. The strong rental market in Colorado Springs further enhances the long-term investment prospects of this well-maintained multifamily asset. This is a rare opportunity to acquire a turnkey property with immediate income and substantial room for growth.

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8315

Longitude

-104.763

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