2480 Allegheny Dr Colorado Springs, CO 80919

Property Details for 2480 Allegheny Dr

Year built

1985

Property size

4,088 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a four-unit apartment building located at 2480 Allegheny Dr, Colorado Springs, CO 80919. The property, built in 1985, consists of four two-story, 1,000 square foot townhome-style units, each featuring two bedrooms and one and a half bathrooms. Each unit includes in-unit washer/dryer hookups, individually metered electric service, front and rear entrances, and private storage. The property boasts eight off-street parking spaces, updated windows, and recently refreshed paint and siding. Currently operating at 75% occupancy, the property offers a compelling value-add opportunity. The current NOI is $45,569, with a pro-forma NOI projected at $64,853, representing a significant increase in profitability. The asking price is $875,000, translating to $218,750 per unit and $214.04 per square foot. The current cap rate stands at 5.21%, with a pro-forma cap rate of 7.41%. The property sits on a 10,394 square foot lot and is zoned R5 Cr-HS. Its prime Westside location provides easy access to major tech employers, Garden of the Gods, downtown Colorado Springs, and nearby recreational amenities such as Wilson Ranch Community Park and Ute Valley Park. The flexible leases and one vacant unit present an immediate opportunity to increase rental income through rent premiums and the implementation of a utility billback system. This property represents a strong investment opportunity with significant upside potential.