10 Fountain Blvd Colorado Springs, CO 80903

Property Details for 10 Fountain Blvd

Year built

1900

Property size

2,391 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a five-unit apartment building located in the highly desirable South Downtown Colorado Springs area, at 10-16 E Fountain Blvd, zip code 80903. The property, built in 1900 and renovated in 2021, boasts a total of 2,391 square feet and features four one-bedroom/one-bathroom units and one two-bedroom/one-bathroom unit. Currently operating at 80% occupancy, the property generates a Net Operating Income (NOI) of $50,125, representing a 6.23% cap rate. A pro-forma analysis projects a NOI of $57,174 and a 7.10% cap rate, indicating significant upside potential. The asking price is $805,000, translating to $336.68 per square foot and $161,000 per unit. Recent renovations include new luxury vinyl plank (LVP) flooring, fresh paint, updated lighting, tile tub surrounds, new blinds, doors, and bathroom vanities. The building features both front and rear entrances, along with a fenced courtyard. Its prime location offers excellent walkability to entertainment, dining, and retail options, and provides easy access to major employers, roadways, and public transportation, including proximity to Weidner Field, Ed Robson Arena, the Olympic & Paralympic Museum, and the Trolley Block dining corridor. The property is zoned R2. This value-add investment is situated in a rapidly developing area with high rental demand and limited supply, making it an attractive opportunity for investors seeking strong returns and appreciation potential.