316 Brookside St Colorado Springs, CO 80905

Property Details for 316 Brookside St

Year built

1968

Property size

13,440 SF

Property type

Commercial real estate

Description

This 17-unit apartment building, located at 316 E Brookside St, Colorado Springs, CO 80905, presents a compelling value-add investment opportunity. Built in 1968 and renovated in 2021, the property boasts 13,440 square feet across three stories, including 17 parking spaces. Currently operating at 94% occupancy, the property generates a NOI of $162,413, with a pro-forma NOI projected at $190,365, resulting in a 5.51% cap rate and a pro-forma cap rate of 6.45%. The asking price is $2,950,000, translating to $173,529.41 per unit. An assumable loan is available at a fixed 3.93% interest rate through 2031. The property benefits from its location in the South Nevada Redevelopment Corridor, providing convenient access to Highway 25, downtown Colorado Springs, and numerous amenities including upscale dining, retail shops, and grocery stores. The mix of upgraded one- and two-bedroom units ensures tenant satisfaction and predictable returns. On-site laundry facilities further enhance the property's appeal. This well-maintained complex offers a stable and profitable investment opportunity with significant upside potential. The property is classified as a Class C multifamily building.