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624 Prairie Rd 8 Unit Apartment Building $840,000 ($105,000/Unit) 7.58% Cap Rate Colorado Springs, CO 80909
Investment Highlights
- New Hot Water Heater
- Electrical Service Upgrade and New Panels in Each Unit
- New Boiler
- New Coin Operated Washer and Dryers
- New Sewer Cleanouts
Executive Summary
Well-located multifamily asset at 624 Prairie Rd in the heart of Colorado Springs, CO. This property consists of two buildings totaling approximately 4,708 square feet of rentable space, situated on an 11,250 square foot lot. Built in 1952, the buildings feature stucco exterior construction with pitched composition shingle roofs and a two-story configuration. The unit mix includes a total of eight units, comprised of six one-bedroom, one-bath units and two two bedroom, one-bath units. The property also includes one garage parking space.
624 Prairie Rd is situated just a few blocks from the U.S. Olympic Training Center and Boulder Park, offering tenants access to outdoor recreation, green space, and one of the city’s most prominent athletic landmarks. This proximity enhances both tenant desirability and long-term investment appeal. With solid in-place fundamentals and room for operational upside, this asset presents a compelling opportunity for investors seeking stable returns and value-add potential in a strong rental submarket of Colorado Springs.
624 Prairie Rd is situated just a few blocks from the U.S. Olympic Training Center and Boulder Park, offering tenants access to outdoor recreation, green space, and one of the city’s most prominent athletic landmarks. This proximity enhances both tenant desirability and long-term investment appeal. With solid in-place fundamentals and room for operational upside, this asset presents a compelling opportunity for investors seeking stable returns and value-add potential in a strong rental submarket of Colorado Springs.
Property Facts
| Price | $840,000 | Apartment Style | Low-Rise |
| Price Per Unit | $105,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| Cap Rate | 7.58% | Building Size | 9,416 SF |
| Gross Rent Multiplier | 7.79 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1952 |
| Property Type | Multifamily | Parking Ratio | 1.19/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R2, Colorado Springs | ||
| Price | $840,000 |
| Price Per Unit | $105,000 |
| Sale Type | Investment |
| Cap Rate | 7.58% |
| Gross Rent Multiplier | 7.79 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 9,416 SF |
| No. Stories | 2 |
| Year Built | 1952 |
| Parking Ratio | 1.19/1,000 SF |
| Zoning | R2, Colorado Springs |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $950.00 | 543 |
| 2+1 | 2 | $1,163 | 725 |
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Fairly walkable
50/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 64093-26-001 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $79,540 |
Property Taxes
Parcel Number
64093-26-001
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$79,540
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