2601 Pikes Peak Ave Colorado Springs, CO 80904

Property Details for 2601 Pikes Peak Ave

Year built

2004

Property size

6,254 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents two attached duplexes, totaling four units, built in 2004. The property boasts a desirable location in Old Colorado City, Colorado Springs, offering excellent walkability to local amenities, dining, and recreation. The 6,254 square foot property features a mix of unit types: two spacious 1,800 square foot, three-bedroom, 2.5-bathroom units with attached 400 square foot garages, and two 600 square foot studio flats. Premium finishes throughout include stainless steel appliances, washer/dryers, fireplaces, and private patios/decks. The main floor units offer stunning Pikes Peak views. Currently, three units are under long-term leases, and one unit operates as a short-term rental, providing flexibility for investors. The property includes eight parking spaces and sits on two parcels at 2601 and 2605 W Pikes Peak Ave, zip code 80904. With a current NOI of $85,784 and a pro-forma NOI of $93,933, this stabilized Class B property offers a 4.64% cap rate and a pro-forma cap rate of 5.08%. The asking price is $1,850,000, translating to $462,500 per unit and $295.81 per square foot. The property is zoned R5 and presents a turnkey investment opportunity for various buyer profiles, from short-term rental operators to long-term investors or owner-occupants. Its prime location and high occupancy rate (100%) make this a compelling investment in a thriving Colorado Springs neighborhood. Proximity to major attractions like Garden of the Gods and Manitou Springs further enhances its appeal.