2562 Astrozon Cir Colorado Springs, CO 80916

Property Details for 2562 Astrozon Cir

Year built

1983

Lot size

0.22 lot acres

Property size

3,300 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a four-unit apartment building located at 2562 Astrozon Cir, Colorado Springs, CO 80916. The property, built in 1983, boasts a total of 3,300 square feet, with each unit offering 825 square feet of living space. All four units are configured as two-bedroom, one-bathroom apartments, featuring in-unit washer/dryer hookups and individually metered gas and electric utilities. The lower two units also include small, fenced-in yards. The property sits on a 0.22-acre lot and is a Class B multifamily building. The asking price is $699,000, representing a price per unit of $174,750 and a price per square foot of $211.82. The current Net Operating Income (NOI) is $45,283, yielding a 6.48% cap rate. Pro-forma NOI is projected at $48,838, resulting in a 6.99% pro-forma cap rate. The property's strategic location, three miles from Peterson Space Force Base, offers convenient access to a variety of amenities, including nearby schools, parks, fitness centers, and retail options. Its proximity to Pikes Peak, Garden of the Gods, Memorial Park, and Palmer Park provides residents with ample outdoor recreational opportunities. Furthermore, the property is less than a ten-minute drive from Colorado Springs Airport. The strong employment fundamentals, low vacancy rates, and rapidly expanding rental demand in Colorado Springs contribute significantly to the investment appeal of this asset.