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3620-3626 W Colorado Ave 28 Unit Apartment Building $3,350,000 ($119,643/Unit) 6.83% Cap Rate Colorado Springs, CO 80904
INVESTMENT HIGHLIGHTS
- Opportunity to purchase at 6.59% capitalization rate, based on the sellers T12 financial statement
- Irreplaceable location just 1.5 miles to Garden of the Gods and Downtown Manitou Springs
- Separate laundry facilities on premises
- Property can be operated as traditional apartment building (current use), short-term rental/hospitality use or combination of the two
- Newer roof and significant updates completed by current ownership
EXECUTIVE SUMMARY
3620-3626 W Colorado Ave., also known as the High Country Lodge, is a 28-unit multifamily asset located in Old Colorado City, at the entrance to the coveted town of Manitou Springs. This charming property offers tenants stunning mountain views, excellent access to trails and also all that the communities of Old Colorado City and Manitou Springs have to offer.
The High Country Lodge sits on a 38,352 SF lot offering investors the additional appeal of re-development in this growing community. As it stands, the property is 100% occupied and cash flows at a 7.15% Cap rate at the asking price of $3,200,000.
The High Country Lodge sits on a 38,352 SF lot offering investors the additional appeal of re-development in this growing community. As it stands, the property is 100% occupied and cash flows at a 7.15% Cap rate at the asking price of $3,200,000.
PROPERTY FACTS
| Price | $3,350,000 | Apartment Style | Garden |
| Price Per Unit | $119,643 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.58 AC |
| Cap Rate | 6.83% | Building Size | 14,103 SF |
| No. Units | 28 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1922/2018 |
| Property Subtype | Apartment | ||
| Zoning | C5 R5 HS | ||
| Price | $3,350,000 |
| Price Per Unit | $119,643 |
| Sale Type | Investment |
| Cap Rate | 6.83% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.58 AC |
| Building Size | 14,103 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1922/2018 |
| Zoning | C5 R5 HS |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 20 | - | - |
| 1+1 | 7 | - | - |
| 2+1 | 1 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 74033-23-014 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $131,230 |
PROPERTY TAXES
Parcel Number
74033-23-014
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$131,230
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3620-3626 W Colorado Ave
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