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Arbor Pointe Apartments 2475-2503 Hancock Expy 171 Unit Apartment Building $16,900,000 ($98,830/Unit) 6.57% Cap Rate Colorado Springs, CO 80910
INVESTMENT HIGHLIGHTS
- Expansive well located property on a large lot with significant upside
- Manager/Leasing office on site
- Secure access to all interior corridors
- 4 units @ 30% AMI, 34 units at 50% AMI, rest of units @ 80% AMI
- New vinyl windows throughout and solar on 2 roofs
EXECUTIVE SUMMARY
Arbor Pointe is a 171-unit multifamily property located along Hancock Expressway, a major corridor situated between I-25 and the Colorado Springs Airport, and located within a fairly designated Opportunity Zone in El Paso County. The property has undergone significant renovations, including updates to interior hallways and residential units. All major mechanical systems, roofs, and windows are in excellent condition, and the installation of solar panels has substantially reduced common area electricity costs.
The property features ample space for the addition of new amenities and includes an on-site management and leasing office. Arbor Pointe is subject to a Land Use Restriction Agreement (LURA) in place through 2043. However, the restrictions have minimal impact on the asset’s overall performance. Specifically, 4 units are restricted to 30% of Area Median Income (AMI), 34 units to 50% AMI, and 133 units to 80% AMI. Notably, the allowable rents for 50% AMI in El Paso County currently exceed market rents and have continued to grow year over year.
This LURA structure allows investors to benefit from highly favorable financing terms and enhanced leverage upon stabilization. With targeted exterior cosmetic improvements and continued interior upgrades, investors have the potential to achieve double-digit cash-on-cash returns in Year 1 by bringing rents up to market.
The property features ample space for the addition of new amenities and includes an on-site management and leasing office. Arbor Pointe is subject to a Land Use Restriction Agreement (LURA) in place through 2043. However, the restrictions have minimal impact on the asset’s overall performance. Specifically, 4 units are restricted to 30% of Area Median Income (AMI), 34 units to 50% AMI, and 133 units to 80% AMI. Notably, the allowable rents for 50% AMI in El Paso County currently exceed market rents and have continued to grow year over year.
This LURA structure allows investors to benefit from highly favorable financing terms and enhanced leverage upon stabilization. With targeted exterior cosmetic improvements and continued interior upgrades, investors have the potential to achieve double-digit cash-on-cash returns in Year 1 by bringing rents up to market.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $16,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $98,830 | Building Class | C |
| Sale Type | Investment | Lot Size | 4.03 AC |
| Cap Rate | 6.57% | Building Size | 103,155 SF |
| No. Units | 171 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 0.92/1,000 SF |
| Zoning | R5 | ||
| Price | $16,900,000 |
| Price Per Unit | $98,830 |
| Sale Type | Investment |
| Cap Rate | 6.57% |
| No. Units | 171 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 4.03 AC |
| Building Size | 103,155 SF |
| No. Stories | 3 |
| Year Built | 1971 |
| Parking Ratio | 0.92/1,000 SF |
| Zoning | R5 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Double Vanities
- Kitchen
- Refrigerator
- Oven
- Range
- Views
- Walk-In Closets
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Trash Pickup - Curbside
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 143 | - | 460 |
| 2+1 | 27 | - | 760 |
| 3+1 | 1 | - | 830 |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,534,760 (2025) | |
| Land Assessment | $0 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$1,534,760 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Arbor Pointe Apartments | 2475-2503 Hancock Expy
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