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935 Hathaway Dr 4 Unit Apartment Building $670,000 ($167,500/Unit) 6.39% Cap Rate Colorado Springs, CO 80915
Executive Summary
MODUS Real Estate is pleased to present the opportunity to acquire 935 Hathaway Dr, a well maintained quadplex in the Cimarron Hills neighborhood of East Colorado Springs, within the Powers submarket and minutes from Peterson Space Force Base, Schriever Space Force Base, and the Colorado Springs Airport. The property consists of four 2 bed / 1 bath units, each approximately 750 square feet, across a 3,000 SF building on a 7,841 SF lot — an efficient, easily managed unit mix with proven long-term tenant demand.
Distinct from a heavy value-add play, 935 Hathaway offers stabilized, in-place cash flow. All four units are currently leased and occupied, averaging $1,378.75 per month ($1.84/SF) and producing $66,180 in gross annual rent. In-place NOI of $42,807 represents a 6.39% going-in
cap rate at the $670,000 asking price.
Year 1 underwriting projects NOI rising to $44,967 (a 6.71% cap), driven by a utility bill-back program that recaptures a portion of the master-metered water and sewer expense — an operational improvement achievable without capital renovation. Built in 1984, the asset positions as an attractive core-plus opportunity for private investors and 1031 exchange buyers seeking durable workforce-housing yield.
Distinct from a heavy value-add play, 935 Hathaway offers stabilized, in-place cash flow. All four units are currently leased and occupied, averaging $1,378.75 per month ($1.84/SF) and producing $66,180 in gross annual rent. In-place NOI of $42,807 represents a 6.39% going-in
cap rate at the $670,000 asking price.
Year 1 underwriting projects NOI rising to $44,967 (a 6.71% cap), driven by a utility bill-back program that recaptures a portion of the master-metered water and sewer expense — an operational improvement achievable without capital renovation. Built in 1984, the asset positions as an attractive core-plus opportunity for private investors and 1031 exchange buyers seeking durable workforce-housing yield.
Property Facts
| Price | $670,000 | Building Class | C |
| Price Per Unit | $167,500 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 3,000 SF |
| Cap Rate | 6.39% | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1984 |
| Property Subtype | Apartment | Parking Ratio | 2.67/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RM-30 CAD- - Residential | ||
| Price | $670,000 |
| Price Per Unit | $167,500 |
| Sale Type | Investment |
| Cap Rate | 6.39% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 3,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1984 |
| Parking Ratio | 2.67/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-30 CAD- - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Fireplace
- Washer/Dryer
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 54074-07-029 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $47,780 |
Property Taxes
Parcel Number
54074-07-029
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$47,780
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935 Hathaway Dr