2409 Pikes Peak AveColorado Springs, CO 80909

Property Details for 2409 Pikes Peak Ave

Year built

1967

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.97 AC

Property size (Sq ft)

29,376 SF

Zone code

PBC

Property type

Hospitality properties

Property subtype

Motels

APN

6416301004

APU

6416301004

Description

This exceptional 116-unit apartment building presents a compelling value-add opportunity in the thriving Colorado Springs market. The property, encompassing 48,450 net rentable square feet across two, two-story buildings, sits on a 1.97-acre lot and includes 113 parking spaces. Built in 1967, the property underwent a complete gut renovation in 2022, bringing it up to current code and featuring Class A finishes. The unit mix includes 111 studios, one one-bedroom unit, and four two-bedroom units, offering a unique value proposition in a market with a shortage of smaller, affordable units. The current average proforma asking rent is significantly below the market average, ensuring consistent demand and occupancy. Colorado Springs boasts robust employment growth, consistently exceeding the national average for a decade, with a highly educated workforce and a strong job market. The property's location offers easy access to numerous employment opportunities and benefits from the city's high quality of life, ranking highly in national livability surveys. One-third of the units enjoy unobstructed west-facing views. This property is ideally positioned to capitalize on the increasing demand for affordable, quality housing in a desirable location, presenting a significant potential for future income growth. The fee-simple ownership provides complete control and upside potential for the new owner. The property's strong fundamentals and location make it an attractive investment for those seeking a turn-key asset with significant upside potential. A potential increase of $110,000 in top-line income is projected.

• CAP approach

  CAP return

  Valuation

  6%

  $7,298,338

  6.5%

  $6,736,927

  7%

  $6,255,718

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,703,556

  Geo Method

  $5,703,556

• Alternative Use

  Use

  Valuation

  Residential

  $7,354,767

  Hospitality

  $6,736,927

  Educational

  $5,605,044

  Medical

  $5,797,810

  Retail

  $8,718,958

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8317

Longitude

-104.786

CBSA code

17820

CBSA name

COLORADO SPRINGS, CO METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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