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Fairway Valley Apartments 3603 Airport Rd 93 Unit Apartment Building $11,625,000 ($125,000/Unit) 6.13% Cap Rate Colorado Springs, CO 80910
Investment Highlights
- Attractive assumable financing with a 5.08% rate and an approximate balance of $7.0 million
- Value add potential
Executive Summary
- The property offers a light value add opportunity while benefiting from well-maintained systems and prior cap ex such as newer windows and roofs
- Owner managed with very little tenant marketing, offering an opportunity to increase occupancy through aggressive marketing
- Opportunity to increase net income through the implementation of utility bill backs (RUBS)
- Attractive assumable financing with a 5.08% rate and an approximate balance of $7.0 million
- Ability to enhance the community through the updating of the onsite amenities (pool, clubhouse and grill area)
- Owner managed with very little tenant marketing, offering an opportunity to increase occupancy through aggressive marketing
- Opportunity to increase net income through the implementation of utility bill backs (RUBS)
- Attractive assumable financing with a 5.08% rate and an approximate balance of $7.0 million
- Ability to enhance the community through the updating of the onsite amenities (pool, clubhouse and grill area)
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Property Facts
| Price | $11,625,000 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.50 AC |
| Cap Rate | 6.13% | Building Size | 61,486 SF |
| No. Units | 93 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1967/2019 |
| Property Subtype | Apartment | Parking Ratio | 1.01/1,000 SF |
| Zoning | R5 | ||
| Price | $11,625,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 6.13% |
| No. Units | 93 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.50 AC |
| Building Size | 61,486 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1967/2019 |
| Parking Ratio | 1.01/1,000 SF |
| Zoning | R5 |
Amenities
Unit Amenities
- Cable Ready
- Disposal
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 405 |
| 1+1 | 53 | - | 550 - 650 |
| 2+1 | 34 | - | 875 - 975 |
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Property Taxes
| Parcel Number | 64222-01-072 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $339,400 |
Property Taxes
Parcel Number
64222-01-072
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$339,400
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Fairway Valley Apartments | 3603 Airport Rd
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