17 University Dr Colorado Springs, CO 80910
- Residential income homes
- 3,380 SF
Current Use by Public Records
- My Network IT / Computer Networking Center
Property Details for 17 University Dr
- Year built
- 1969
- Property size
- 3,380 SF
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents a four-unit multifamily property located at 17 University Dr, Colorado Springs, CO 80910. The property boasts a total of 3,380 square feet situated on an 8,139 square foot lot. Built in 1969, this two-story building comprises four spacious two-bedroom, one-bathroom units. Two units feature recently upgraded kitchens with modern cabinets and countertops, while the remaining units offer immediate value-add potential through kitchen and appliance upgrades. An existing attached storage closet with hookups presents a readily available opportunity to install on-site laundry facilities, increasing rental income and tenant satisfaction. The exterior of the building is in excellent condition, requiring no immediate capital expenditures. The property currently generates a Net Operating Income (NOI) of $29,655, representing a 5.21% cap rate. Pro forma NOI is projected at $38,421, yielding a 6.75% cap rate. The asking price is $569,000, or $142,250 per unit. This property offers a compelling blend of immediate cash flow and significant upside potential through strategic renovations and operational improvements. The strong rental market in Colorado Springs further enhances the long-term investment prospects of this well-maintained multifamily asset. This is a rare opportunity to acquire a turnkey property with immediate income and substantial room for growth.
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
- -104.76266472405
- Latitude
- 38.831477620469
