319-321 Brookside St Colorado Springs, CO 80905

Exceptional multifamily investment opportunity in Colorado Springs' desirable Stratton Meadows neighborhood, near Broadmoor Towne Center. This 34-unit apartment building comprises two, two-story structures totaling 16,392 square feet on a 24,749 square foot lot. Built in 1964, the property features 34 units (including a mix of one and two-bedroom units), offering significant value-add potential. Recent renovations include newer vinyl windows, high-efficiency boilers, and updated bathrooms in many units. The property boasts off-street parking, well-maintained common areas, and on-site laundry facilities. The current NOI is $287,994, with a pro-forma NOI of $319,113, resulting in an 8.00% cap rate and a pro-forma cap rate of 8.86%. The asking price is $3,600,000, representing a price per unit of $105,882 and a price per square foot of $219.62. The property is zoned C-5 and offers substantial potential for outsized returns through cosmetic improvements, improved property management, and operational efficiency. This is a prime candidate for repositioning to achieve top-of-market rents.