1518 South Corona Ave Colorado Springs, CO 80905
Multifamily property in Colorado Springs with immediate income.
Property size:
2,915 SFLot size:
16,072.00 AcresProperty Features for 1518 South Corona Ave
General Information
- Standard status
- Active
- Zoning
- MX-M
- Size
- 2,915 SF
- Lot size
- 16,072.00 Acres
Building Details
- Year built
- 1954
Source:
Crexi
Listing Agency: Kenney and Company Listing Agent: Aaron Moore
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Stabilized Multifamily Investment Opportunity
The property at 1518 S Corona Ave presents a stabilized multifamily investment opportunity in Colorado Springs, offering immediate income and strong operating performance. The property consists of six renovated one-bedroom units, each averaging approximately 420–450 square feet, designed for efficient workforce housing. The building size is 2915 square feet. The property generates $7,645 in monthly rents, which translates to approximately $97,340 in annual gross income and $81,770 in net operating income. The in-place cap rate is 8.8%. Major capital improvements have been completed within the last 24 months, including new appliances, flooring, windows, doors, and building system upgrades. The roof was replaced in 2024, reducing near-term capital requirements. A RUB utility reimbursement system supports operational efficiency, helping maintain an operating expense ratio of approximately 16%, which is below market averages. Located in Colorado Springs, the property benefits from a diverse employment base anchored by military, aerospace, healthcare, and defense contractors. Continued population growth and a limited workforce housing supply position the property for stable occupancy and steady rent growth. This investment is suitable for cash-flow investors, owner-operators, and 1031 exchange buyers seeking stabilized income in a strong growth market.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.818079
- Latitude
- 38.811834
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Multifamily property in Colorado Springs with immediate income.
Where is this apartment building located?
The property is located at 1518 South Corona Ave Colorado Springs, CO.
What are key features of this property?
This property features: - Generating $81,770 net operating income with an 8.8% in-place cap rate at the $925,000 asking price.; - Recent major capital improvements including new appliances, flooring, windows, doors, and building system upgrades.; - New roof replaced in 2024, reducing near-term capital requirements.
