2928 Bijou St Colorado Springs, CO 80904
- Apartment buildings
- 10,855 SF
Current Use by Public Records
- Apartment buildings
Property Details for 2928 Bijou St
- Year built
- 1964
- Property size
- 10,855 SF
- Property type
- Apartment buildings
Description
This exceptional 28-unit apartment building, located in desirable West Colorado Springs near Garden of the Gods Park, presents a compelling investment opportunity. Built in 1964 and renovated in 2023, the property boasts 10,855 square feet across seven buildings situated on a 32,375 square foot lot. The property currently features an 89% occupancy rate with a Net Operating Income (NOI) of $224,943, and a pro-forma NOI of $313,304, representing a 4.33% current cap rate and a projected 6.03% pro-forma cap rate. The asking price is $5,200,000, translating to $479.04 per square foot and $185,714.29 per unit. The property includes 30 parking spaces, on-site laundry facilities, and extra storage. Its convenient location offers easy access to Highway 24 and I-25, providing residents with seamless commutes. The property's proximity to Old Colorado City provides residents with walkability to numerous dining, shopping, and entertainment options. The units are a mix of one-bedroom, one-bathroom apartments. A handful of units have already undergone renovations, demonstrating the potential for further value-add improvements to increase rental income and occupancy. This stabilized, operational value-add investment presents a strong opportunity for maximizing returns in the thriving Colorado Springs real estate market. The property's location near Garden of the Gods Park and Red Rock Open Space adds to its appeal, offering residents access to outdoor recreation.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.868
- Latitude
- 38.8538
