Shovel Ready Apartment
For Sale
Contact for pricing
703 E Costilla St, Colorado Springs, CO
Approved apartment complex in Opportunity Zone with mountain views.
Property SizeContact for details
Lot Size0.22 Acres
Days on Market537
Property Features for 703 E Costilla St
General Information
Standard status
Active
Lot size
0.22 Acres
Property subtype
LAND
Listing Agency:
RE/MAX - Real Estate Group | Colorado Springs
(719) 310-3651
Listed By:
Kyle Tzitzicas · License #FA.100046912
(719) 310-3651
Source:
Moodyscre
Added: Mar 12, 2025
Changed: Aug 8
Last Checked: Aug 29 at 10:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX - Real Estate Group | Colorado Springs
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,622
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Frequently Asked Questions
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.
