1043 Mazatlan Cir Colorado Springs, CO 80910

Property Details for 1043 Mazatlan Cir

Year built

1984

Property size

2,982 SF

Property type

Commercial real estate

Description

This exceptional 4-unit apartment building, located at 1043 Mazatlan Cir, Colorado Springs, CO 80910, presents a compelling value-add investment opportunity. Built in 1984, this two-story building sits on a 9,174 sq ft lot and offers 2,982 sq ft of living space. Each of the four units boasts two bedrooms and one bathroom, featuring recent upgrades including LVP flooring, new carpet in bedrooms, fresh paint, and updated cabinet hardware. In-unit washer/dryer hookups are also provided. The property currently enjoys 100% occupancy, generating a strong NOI of $41,505, with a pro-forma NOI projected at $51,523, representing a 6.98% cap rate and a pro-forma cap rate of 8.66%. The asking price is $595,000, translating to $199.53 per square foot and $148,750 per unit. Seven parking spaces are available for residents. The property is zoned PUD and benefits from its convenient location near the Academy Blvd Corridor, Highway 24, and I-25, providing easy access to shopping, dining, and entertainment. Tenants are responsible for all utilities, minimizing operational expenses. The strong rental market in South Central Colorado Springs, coupled with the recent renovations and potential for rent increases, makes this a highly attractive investment with significant upside potential. This property is ideal for both seasoned and first-time multifamily investors seeking a stable, high-return investment in a thriving market.