215-233 Arvada St Colorado Springs, CO 80905

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.