115-117 Ruxton Ave Manitou Springs, CO 80829
- Apartment buildings
- 7,337 SF
Current Use by Public Records
- Apartment buildings
Property Details for 115-117 Ruxton Ave
- Year built
- 1899
- Property size
- 7,337 SF
- Property type
- Apartment buildings
Description
This exceptional 12-unit apartment building in desirable Manitou Springs, Colorado presents a compelling investment opportunity. The property, located at 115-117 Ruxton Ave, boasts 7,337 square feet on a 13,068 square foot lot and features a mix of studio, one-bedroom, and two-bedroom units. Eight of the twelve units have undergone renovations since April 2021. Currently, the property generates a NOI of $101,422, with a pro-forma NOI of $110,890, representing a 6.00% cap rate and a pro-forma cap rate of 6.50%. The asking price is $1,700,000 ($232 per square foot). Situated in the heart of downtown, the property is within walking distance of restaurants, cafes, and retail shops, and just blocks from popular attractions like the Manitou Incline and Garden of the Gods. The property includes 12 parking spaces and is zoned GR. Built in 1899, this six-building complex offers six two-story walk-up buildings with exterior walkways. The current below-market rents provide a significant opportunity for immediate NOI growth through rent increases. High occupancy rates are typical for similar multifamily properties in the area, with leases often secured well in advance. This property offers a blend of historical charm and modern updates, making it an attractive investment for those seeking strong returns in a prime location.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Manitou Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.921
- Latitude
- 38.8585
