215-233 Arvada St Colorado Springs, CO 80905
- Apartment buildings
- 41,628 SF
Current Use by Public Records
- Apartment buildings
Property Details for 215-233 Arvada St
- Year built
- 1965
- Property size
- 41,628 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a 77-unit apartment complex located at 215-233 E Arvada St, Colorado Springs, CO 80905, within the desirable Stratton Meadows neighborhood. The property, built in 1965, comprises two three-story buildings totaling 41,628 square feet on a 50,782 square foot lot. The complex offers a mix of studio, one-bedroom, and two-bedroom units, providing much-needed housing in a strong rental market. Significant capital improvements have been made in the last 10 years, including new roofs, updated electrical systems, new high-efficiency boilers, and the installation of solar panels to significantly reduce utility expenses. Further value-add potential exists through minor interior cosmetic renovations to achieve top-of-market rents. The property features 28 surface parking spaces, well-maintained common areas, and on-site laundry facilities. Units boast double-pane windows, new luxury vinyl tile (LVT) flooring, fresh paint, and updated bathrooms. The asking price is $8,300,000, representing a price per unit of $107,792 and a price per square foot of $199.39. The property's current NOI is $585,487, with a pro-forma NOI of $660,901, yielding a current cap rate of 7.05% and a pro-forma cap rate of 7.96%. The property is zoned C5, R5. This investment offers substantial potential for outsized returns.
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
- -104.821
- Latitude
- 38.8136
