4700 Nevada AveColorado Springs, CO 80918

Property Details for 4700 Nevada Ave

Year built

1954

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.56 AC

Property size (Sq ft)

3,529 SF

Zone code

C6

Property type

Hospitality properties

Property subtype

Motels

APN

6319402020

APU

6319402020

Description

This 12-unit motel in Colorado Springs, Colorado presents a compelling investment opportunity. Located at 4700 N Nevada Ave, this 3,529 square foot property sits on a 0.56-acre lot and boasts a highly visible location. Built in 1954, the property is zoned C6, offering diverse redevelopment potential beyond its current use as a profitable motel. The asking price is $1,100,000, representing a price per square foot of $311.70. Financial projections indicate a 9.8% cap rate and a projected 2024 Net Operating Income (NOI) of $108,696.34. Additional income is generated from a billboard, yielding approximately $5,000 annually. 2023 property taxes totaled $6,237.18. The property includes a large on-site manager's suite and benefits from two buildings. This unique property offers a strong return on investment with significant upside potential for future development or continued operation as a successful motel. The property's prime location and flexible zoning make it an attractive proposition for savvy investors seeking a strong cash flow and long-term growth.

• CAP approach

  CAP return

  Valuation

  6%

  $876,764

  6.5%

  $809,321

  7%

  $751,512

• Comparable approach

  Method

  Valuation

  Relative Method

  $685,180

  Geo Method

  $685,180

• Alternative Use

  Use

  Valuation

  Residential

  $883,544

  Hospitality

  $809,321

  Educational

  $673,346

  Medical

  $696,503

  Retail

  $1,047,427

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8993

Longitude

-104.819

CBSA code

17820

CBSA name

COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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