3330 Glenarm Rd Colorado Springs, CO 80911

This exceptional investment opportunity presents a four-unit apartment building situated on a 0.74-acre lot at 3330 Glenarm Rd, Colorado Springs, CO 80911. Built in 1966, this two-story Class B property boasts 3,608 square feet and offers four spacious two-bedroom, one-bathroom units, each featuring in-unit washer/dryer hookups, ample closet space, and large bedrooms. Residents enjoy a private backyard and off-street parking. Currently generating a NOI of $37,826 (4.76% cap rate), a pro-forma NOI of $50,127 (6.31% cap rate) is projected, reflecting significant upside potential. The asking price is $795,000 ($220.34/sq ft and $198,750/unit). The property's location in unincorporated El Paso County allows for short and mid-term rentals, further enhancing income potential. The substantial 0.5-acre excess land provides the opportunity to develop up to 22 additional units, subject to zoning approvals. The current owner only partially bills back utilities