1115 Old Dutch Mill Rd Colorado Springs, CO 80907

Property Details for 1115 Old Dutch Mill Rd

Year built

1969

Property size

3,526 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a four-unit apartment building located at 1115 Old Dutch Mill Rd, Colorado Springs, CO 80907. The property, built in 1969, boasts 3,526 square feet and features a mix of two-bedroom/one-bathroom and three-bedroom/one-bathroom units. Each unit offers spacious living and kitchen areas, with two units including private balconies. All units are individually metered for electricity, enhancing tenant convenience and cost management. Shared coin-operated laundry facilities are available on-site, along with ample off-street parking (8 spaces). Recent improvements include a new roof installed in 2016 and updated windows throughout the building. The property currently operates at 75% occupancy, generating a Net Operating Income (NOI) of $49,413, with a pro-forma NOI of $53,472, representing a 6.22% cap rate and a pro-forma cap rate of 6.73%. The asking price is $780,000, translating to $198,750 per unit and $221.21 per square foot. The property is zoned R4 and benefits from its prime location near Garden of the Gods, Ute Valley Park, major tech employers along West Garden of the Gods Road, and downtown Colorado Springs. This desirable location, coupled with the potential for increased rental income and further property enhancements, makes this a compelling investment opportunity in a strong Colorado Springs market. The property's solid returns, combined with flexible debt options and the limited availability of comparable properties, further enhance its attractiveness.