229 Manitou AveManitou Springs, CO 80829

Property Details for 229 Manitou Ave

Year built

1990

Construction

WOOD FRAME

Lot size

0.75 AC

Property size (Sq ft)

15,310 SF

Property type

Hospitality properties

Property subtype

Motels

APN

7404308060

APU

7404308060

Description

This exceptional 38-room, three-story hotel presents a rare investment opportunity in the vibrant Manitou Springs, Colorado. Located at 229 Manitou Ave, this 15,310 square foot property boasts a prime location less than a mile from downtown and renowned attractions like Garden of the Gods and the Manitou Incline, ensuring consistent high occupancy rates. Built in 1990 and extensively renovated in 2022-2023, the hotel offers a blend of classic charm and modern amenities. The property includes 38 parking spaces for guest convenience. Financial records demonstrate a strong track record of increasing income, occupancy, and consistent capital improvements. The 2022 financial performance shows a Net Operating Income (NOI) of $404,273, Effective Gross Revenue (EGR) of $459,304, and expenses of $112,022. In 2023, the NOI was $392,866, EGR was $399,394, and expenses were $97,410. This established hotel benefits from its proximity to Manitou Springs' historic downtown, featuring art galleries, restaurants, and live performances, as well as other popular attractions such as Pikes Peak races, Cave of the Winds, and the unique mineral springs. The asking price is $2,650,000, representing a compelling investment opportunity in a thriving tourist destination. The property offers a strong return on investment with a proven history of success.

• CAP approach

  CAP return

  Valuation

  6%

  $3,803,702

  6.5%

  $3,511,110

  7%

  $3,260,316

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,972,544

  Geo Method

  $2,972,544

• Alternative Use

  Use

  Valuation

  Residential

  $3,833,112

  Hospitality

  $3,511,110

  Educational

  $2,921,202

  Medical

  $3,021,666

  Retail

  $4,544,092

Location Insight

City

Manitou Springs

County

El Paso

State

Colorado

Latitude

38.8564

Longitude

-104.898

CBSA code

17820

CBSA name

COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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