3401 W Pikes Peak Ave 16 Unit Apartment Building $1,900,000 ($118,750/Unit) 7.21% Cap Rate Colorado Springs, CO 80904

16 unit Multi-family property is fully occupied in quiet residential neighborhood with mountain views in walking distance to nearby shopping and hiking trails. This is a turn key property ready to go on day 1 for the next owner. High cash flow and low expenses should be easily profitable day one even after you factor in your debt service. Current numbers do not include any rental income for one of the units which owner is currently using as an office but fully ready to be rented. Additional renal income from this unit would make the property 8 CAP Rate
All units are fully furnished and rented month to month term. Most tenants stay long term and can be quickly converted to your lease structure. This allows for higher rents. For this type of property, in this area, we are currently below market rates so there is upside potential. In addition to the 16 units there is a fenced area that could be used as a common area, or for additional storage. There is also a 1 car garage that we use for storage and where we keep our washer & dryer for manager use. There are 8 parking spaces and lots of additional street parking out front. Most our tenants do not own cars due to the easy location, so parking has not been a problem. The property consists of 8 small studios, 6 large studios, 1 1-bedroom, and 1 large 1-bedroom with large full kitchen and private fenced porch
This Westside location is up the hill from Safeway, fast food, laundry, and shopping. Up the hill are hiking trails that lead to Garden of the Gods Park. We are located inside Colorado Springs, but are near the edge of Manitou, a large tourist town. We have mountain views and this area tends to hold its value. This property could easily be converted to year long leases or used for short term rentals for even higher cash flow. Owner is offering a 3% commission to buyers agent