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    1184 Mazatlan Cir Colorado Springs, CO 80910

    Sponsored
    For Sale
    $620,000

    Four-unit apartment building, strong ROI.

    Property size:
    3,212 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional four-unit apartment building in Colorado Springs, CO, presents a compelling value-add investment opportunity. Located at 1184 Mazatlan Cir, 80910, this two-story property, built in 1984, sits on a spacious 9,605-square-foot lot and offers 3,212 square feet of living space. Currently boasting 100% occupancy, the property features recently renovated interiors with LVP flooring, new carpet, stainless steel appliances, and fresh paint in each of the four two-bedroom, one-bathroom units. Each unit includes in-unit washer/dryer hookups and fireplaces. The property includes six parking spaces and is zoned PUD. The current Net Operating Income (NOI) is $43,699, yielding a 7.05% cap rate. However, a pro-forma NOI of $50,803 projects an 8.19% cap rate, reflecting the potential for significant rent growth. One unit is currently vacant, presenting an immediate opportunity for owner-occupancy or lease-up at market rates. The property's prime location near Academy Blvd Corridor, Highway 24, and I-25 provides easy access to shopping, dining, and entertainment, minimizing vacancy risk and maximizing rental income potential. This property is priced at $620,000 ($155,000 per unit) and offers a strong return on investment for both seasoned and first-time multifamily investors.

    Property Features for 1184 Mazatlan Cir

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,212 SF
    Lot Size
    418,393,800 SF

    Building Details

    Year Built
    1984
    Buildings
    1
    Stories
    2
    Units
    4

    HighLights

    • Newly renovated interiors with LVP flooring, carpet, stainless steel appliances, and fresh paint.
    • Strong rental income growth potential due to below‑market rents and planned upgrades.
    • One vacant unit allows for owner occupancy or immediate market‑rate lease‑up.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.7686644
    Latitude
    38.8180303

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    FAQs

    What type of property is this?
    Multifamily property - Four-unit apartment building, strong ROI.
    Where is this multifamily property located?
    The property is located at 1184 Mazatlan Cir Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $620,000.
    What are key features of this property?
    This property features: Newly renovated interiors with LVP flooring, carpet, stainless steel appliances, and fresh paint.; Strong rental income growth potential due to below-market rents and planned upgrades.; One vacant unit allows for owner occupancy or immediate market-rate lease-up.
    Request Owner's contact information
    1184 Mazatlan Cir Colorado Springs, CO 80910
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1184 Mazatlan Cir Colorado Springs, CO 80910
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