1129 Bennett Ave Colorado Springs, CO 80909

Property Details for 1129 Bennett Ave

Year built

1968

Lot size

1.09 lot acres

Property type

Commercial real estate

Description

Mason Manor, a 37-unit apartment building in Colorado Springs, CO, presents a compelling value-add opportunity. This well-maintained property, built in 1968, boasts 26,850 square feet of net rentable space across a three-story building on a 1.09-acre lot. Currently operating at 97% occupancy (as of October 9, 2024), the property features a mix of studio, one-, and two-bedroom units. Significant capital improvements have already been implemented, including new electrical infrastructure and common area flooring upgrades, along with interior renovations in select units featuring new flooring, appliances, countertops, and cabinet refacing. Approximately 80% of the units are in "classic" condition, offering a substantial value-add potential through renovations to increase rental income. The property enjoys a central location, within walking distance of grocery stores, retail, and entertainment options, and benefits from proximity to major employment centers, including the Aviation Corridor (over 50,000 jobs) and downtown Colorado Springs. The property is zoned R5 and is less than 10 minutes from downtown, with easy access to Circle Drive, Academy Boulevard, and Citadel Mall. A bus stop for Route 8 is adjacent to the property, providing convenient public transportation access for residents. This property offers a strong foundation for a savvy investor seeking to maximize returns through strategic renovations and capitalize on the robust Colorado Springs market.