703 E Costilla St Colorado Springs, CO 80903
Approved apartment complex in Opportunity Zone with mountain views.
Lot size:
0.22 AcresProperty Features for 703 E Costilla St
General Information
- Lot size
- 0.22 Acres
Source:
Moodyscre
Listing Agent: Kyle Tzitzicas
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Shovel Ready Apartment Complex
Located on a corner lot in the Hillside community of downtown Colorado Springs, this property is a shovel-ready, urban infill apartment complex. It is designed for 10 luxury, Class A units, offering mountain views and proximity to downtown amenities. The property is situated in an Opportunity Zone, potentially offering tax benefits. The project is ready for builder permits, with all drawings and site variances approved and stamped by the city, and tap fees already paid. The units will feature 9' interior ceilings, 8 tuck-under covered parking spots, 8 storage units, 8 bike storage units, a dedicated dog wash, and electric vehicle charging stations. As of May 2023, the finished apartments have a projected value of over $4 million, with a 4.85% Cap Rate, and a yearly NOI after expenses of $197,000. This property is intended to be Hillside's future anchor point for urban living.
Location Intelligence
Current Use by Public Records
Residential land & home ...
Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.8130558
- Latitude
- 38.8274826
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FAQs
What type of property is this?
Land - Approved apartment complex in Opportunity Zone with mountain views.
Where is this land located?
The property is located at 703 E Costilla St Colorado Springs, CO.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: - Opportunity Zone: potential for zero capital gains taxes on sale after 10 years.; - Shovel-ready urban infill apartment complex with approved permits.; - Projected $4 million value with a 4.85% Cap Rate and $197,000 yearly NOI.