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Pikes Peak Apartments 2631 W Pikes Peak Ave 23 Unit Apartment Building $1,525,000 ($66,304/Unit) 9.94% Cap Rate Colorado Springs, CO 80904
INVESTMENT HIGHLIGHTS
- 23-Unit Multifamily Property in a supply-constrained market
- High-Demand Location – Old Colorado City offers strong fundamentals and tenant appeal
- Full Repositioning Flexibility – renovate to desired finishes and achieve market-level rents
EXECUTIVE SUMMARY
2631 W Pikes Peak Avenue presents a rare opportunity to acquire a 23-unit apartment building in the heart of Old Colorado City, one of the most vibrant and historic neighborhoods in Colorado Springs. The property offers an investor a prime location paired with a compelling value proposition.
Unique Value Proposition What sets this property apart is its ability to be acquired at a low basis, combined with the fact that it is entirely vacant at closing. This creates a blank slate for the next owner, offering full flexibility to execute a comprehensive renovation strategy and re-lease the units at market rents.
Location Highlights
• Situated in the highly desirable Old Colorado City submarket, known for its historic charm, walkability, and proximity to downtown Colorado Springs.
• Surrounded by local retail, dining, and lifestyle amenities that drive strong tenant demand.
• Easy access to major employment hubs, outdoor recreation, and Colorado Springs’ growing economic base.
Investment Highlights
• 23-Unit Multifamily Property in a supply-constrained market.
• Completely Vacant – allows immediate repositioning without the challenges of in-place tenants.
• Low Basis Acquisition – priced to provide significant upside through renovation.
• Full Repositioning Flexibility – renovate to desired finishes and achieve market-level rents.
• High-Demand Location – Old Colorado City offers strong fundamentals and tenant appeal
Unique Value Proposition What sets this property apart is its ability to be acquired at a low basis, combined with the fact that it is entirely vacant at closing. This creates a blank slate for the next owner, offering full flexibility to execute a comprehensive renovation strategy and re-lease the units at market rents.
Location Highlights
• Situated in the highly desirable Old Colorado City submarket, known for its historic charm, walkability, and proximity to downtown Colorado Springs.
• Surrounded by local retail, dining, and lifestyle amenities that drive strong tenant demand.
• Easy access to major employment hubs, outdoor recreation, and Colorado Springs’ growing economic base.
Investment Highlights
• 23-Unit Multifamily Property in a supply-constrained market.
• Completely Vacant – allows immediate repositioning without the challenges of in-place tenants.
• Low Basis Acquisition – priced to provide significant upside through renovation.
• Full Repositioning Flexibility – renovate to desired finishes and achieve market-level rents.
• High-Demand Location – Old Colorado City offers strong fundamentals and tenant appeal
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $1,525,000 | Building Class | C |
| Price Per Unit | $66,304 | Lot Size | 0.79 AC |
| Sale Type | Investment | Building Size | 6,250 SF |
| Cap Rate | 9.94% | Average Occupancy | 0% |
| No. Units | 23 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1948 |
| Property Subtype | Apartment | Parking Ratio | 1.73/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-5, Colorado Sprgs | ||
| Price | $1,525,000 |
| Price Per Unit | $66,304 |
| Sale Type | Investment |
| Cap Rate | 9.94% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.79 AC |
| Building Size | 6,250 SF |
| Average Occupancy | 0% |
| No. Stories | 1 |
| Year Built | 1948 |
| Parking Ratio | 1.73/1,000 SF |
| Zoning | R-5, Colorado Sprgs |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 23 | - | 290 |
1 1
Walk Score®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 74112-26-002 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $20,400 |
PROPERTY TAXES
Parcel Number
74112-26-002
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$20,400
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Pikes Peak Apartments | 2631 W Pikes Peak Ave
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