319-321 Brookside St Colorado Springs, CO 80905
- Apartment buildings
- 16,392 SF
Current Use by Public Records
- Apartment buildings
Property Details for 319-321 Brookside St
- Year built
- 1964
- Property size
- 16,392 SF
- Property type
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.82
- Latitude
- 38.8122
