Calling all Developers, this is a rare opportunity to purchase 6.59 acres in the Palmer Park district of Colorado Springs, CO. This sale includes two addresses/parcels located at 2727 & 2701 Palmer Park Blvd. Colorado Springs, CO. In just One view these Two lots have incredible sights of the city and mountains, Pikes Peak never seemed so close.
Currently located on Lot 2727 is an industrial warehouse totaling 48,046 sf on a Lot Size of 269,201 sf. Currently located on 2701 is an auto shop totaling 1,361 sf on a Lot Size of 18,001 sf. These two parcels combine for a total of 287,202 sf at an asking price of $9,4750,000 equals $32.99 per sf.
After underwriting and many discussions with the City of Colorado Springs Planning Dept. we believe the highest and best use for these two parcels would be developed into 230 apartment units. Underwriting located in OM is positioned for 230 apartments to be built, completed, and sold in 2024. Current zoning of PBC allows for this development and the City Planning Dept. has verified this current PBC zoning will allow for this development.
The build of this project is estimated to be a total of $40 to $45 million just in hard costs. In current underwriting it is estimated if completed and sold in 2024 it should achieve approximately $1.80 psf in rents. With this estimation we expect to be able to achieve a minimum sale price of $72 million at $316,000 per unit in the year of 2024.
