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2631 W Pikes Peak Ave
Colorado Springs, CO 80904
Pikes Peak Apartments · Multifamily Property For Sale
·
23 Units
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.
Recent extensive capital improvements have significantly enhanced both the structural integrity and overall appeal of the asset. Ownership has completed major structural repairs, providing a strong foundation for long-term durability and reduced deferred maintenance. In addition, numerous in-unit renovations have been implemented, including the addition of washer and dryer appliances, modernized interiors, and upgraded finishes that position the property to command premium rents within the submarket.
With a substantial portion of the renovation already completed, investors are presented with a unique opportunity to capitalize immediately on a stabilizing asset in a highly desirable location. The combination of thoughtful renovations, improved infrastructure, and proximity to the retail, dining, and cultural amenities of Old Colorado City makes 2631 W Pikes Peak Avenue an attractive investment poised for continued income growth and appreciation.
Recent extensive capital improvements have significantly enhanced both the structural integrity and overall appeal of the asset. Ownership has completed major structural repairs, providing a strong foundation for long-term durability and reduced deferred maintenance. In addition, numerous in-unit renovations have been implemented, including the addition of washer and dryer appliances, modernized interiors, and upgraded finishes that position the property to command premium rents within the submarket.
With a substantial portion of the renovation already completed, investors are presented with a unique opportunity to capitalize immediately on a stabilizing asset in a highly desirable location. The combination of thoughtful renovations, improved infrastructure, and proximity to the retail, dining, and cultural amenities of Old Colorado City makes 2631 W Pikes Peak Avenue an attractive investment poised for continued income growth and appreciation.
Property Facts
| Price Per Unit | $99,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.79 AC |
| Cap Rate | 8% | Building Size | 6,772 SF |
| No. Units | 23 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1948 |
| Apartment Style | Low-Rise | Parking Ratio | 1.73/1,000 SF |
| Zoning | R-5, Colorado Sprgs | ||
| Price Per Unit | $99,500 |
| Sale Type | Investment |
| Cap Rate | 8% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.79 AC |
| Building Size | 6,772 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 |
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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