1184 Mazatlan Cir Colorado Springs, CO 80910
- Commercial real estate
- 3,212 SF
- 9,605.00 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 1184 Mazatlan Cir
- Year built
- 1984
- Lot size
- 9,605.00 lot acres
- Property size
- 3,212 SF
- Property type
- Commercial real estate
Description
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.
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
- -104.7686644
- Latitude
- 38.8180303
