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$ 2,288,500
Est. payment | /mo
6,772 SqFt
$ 2,288,500
Est. payment | /mo
6,772 SqFt
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,772 sqft
Price per Sqft $337
MLS Listing ID 3081598
HOA Y/N No
Year Built 1948
Annual Tax Amount $573
Tax Year 2024
Property Sub-Type Multi Family
Source recolorado
Property Description
2631 W Pikes Peak Avenue presents a rare opportunity to acquire a 23-unit apartment building in the heart of Old Colorado City, one of the most vibrant and historic neighborhoods in Colorado Springs. The property offers an investor a prime location paired with a compelling value proposition.
Unique Value Proposition:
What sets this property apart is its ability to be acquired at a low basis, combined with the fact that it is entirely vacant at closing. This creates a blank slate for the next owner, offering full flexibility to execute a comprehensive renovation strategy and re-lease the units at market rents.
Location Highlights
• Situated in the highly desirable Old Colorado City submarket, known for its historic charm, walkability, and proximity to downtown Colorado Springs.
• Surrounded by local retail, dining, and lifestyle amenities that drive strong tenant demand.
• Easy access to major employment hubs, outdoor recreation, and Colorado Springs' growing economic base.
Investment Highlights
• 23-Unit Multifamily Property in a supply-constrained market.
• Completely Vacant – allows immediate repositioning without the challenges of in-place tenants.
• Low Basis Acquisition – priced to provide significant upside through renovation.
• Full Repositioning Flexibility – renovate to desired finishes and achieve market-level rents.
• High-Demand Location – Old Colorado City offers strong fundamentals and tenant appeal.
Unique Value Proposition:
What sets this property apart is its ability to be acquired at a low basis, combined with the fact that it is entirely vacant at closing. This creates a blank slate for the next owner, offering full flexibility to execute a comprehensive renovation strategy and re-lease the units at market rents.
Location Highlights
• Situated in the highly desirable Old Colorado City submarket, known for its historic charm, walkability, and proximity to downtown Colorado Springs.
• Surrounded by local retail, dining, and lifestyle amenities that drive strong tenant demand.
• Easy access to major employment hubs, outdoor recreation, and Colorado Springs' growing economic base.
Investment Highlights
• 23-Unit Multifamily Property in a supply-constrained market.
• Completely Vacant – allows immediate repositioning without the challenges of in-place tenants.
• Low Basis Acquisition – priced to provide significant upside through renovation.
• Full Repositioning Flexibility – renovate to desired finishes and achieve market-level rents.
• High-Demand Location – Old Colorado City offers strong fundamentals and tenant appeal.
Location
State CO
County El Paso
Zoning PDZ R-5
Interior
Fireplace N
Exterior
Roof Type Membrane
Total Parking Spaces 34
Garage No
Building
Sewer Public Sewer
Water Public
Structure Type Stucco
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
Listed by Unique Properties LLC
Kimberly & Josiah Whitten
Agent | License ID: FA.100106271
+1(719) 433-0945 | kimberly@exploringcos.com