175 Spruce St Elizabeth, CO 80107

Property Details for 175 Spruce St

Year built

1997

Lot size

0.51 lot acres

Property size

10,428 SF

Property type

Multifamily properties

Description

This exceptional 12-unit multifamily property, located at 175 E Spruce Street in Elizabeth, Colorado, presents a lucrative investment opportunity. Situated on a 0.51-acre lot, this two-story building boasts a total of 10,428 square feet. Currently 100% leased, the property offers a stable income stream with twelve two-bedroom, one-bathroom apartments, each featuring a stove/range/oven, refrigerator, washer, and dryer. Upper-level units command a monthly rent of $1,350, while lower-level units rent for $1,250. Individual electric and gas meters are installed in each unit, minimizing operational complexities for the owner. The building owner is responsible for water, sewer, taxes, trash removal, and insurance. Significant upgrades have been recently completed, including the replacement of ten water heaters in 2023 and one in 2024, along with the installation of eight new gas furnaces in 2024 and four others within the last three years. The property is conveniently located a short walk from a local park and offers ample parking on both levels. The building was originally designed for condominium conversion, and substantial groundwork has already been completed towards this goal. Each unit is equipped with a fire sprinkler system, and cable service is available. This property offers a compelling blend of strong rental income, recent upgrades, and significant future potential. Priced at $2,200,000, this is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a growing Colorado community, approximately 45 minutes from the Denver metro area.

Location Insight

City

Elizabeth

County

Elbert

State

Colorado

Longitude

-104.598

Latitude

39.3583