6670 Pahokee Ct Colorado Springs, CO 80915

Property Details for 6670 Pahokee Ct

Year built

1983

Property size

6,832 SF

Property type

Commercial real estate

Description

This exceptional 8-unit apartment complex, located in Colorado Springs' desirable Cimarron Hills neighborhood, presents a compelling value-add investment opportunity. The property consists of two, two-story quadruplex buildings totaling 6,832 square feet on a spacious 24,242 square foot lot. Built in 1983, the property features eight 2-bedroom, 1-bathroom units, each approximately 850 square feet, and includes 16 parking spaces and on-site coin-operated laundry. Significant capital improvements have already been implemented, including a new asphalt parking lot, updated stucco exterior, updated double-pane vinyl windows, and renovations to five units. Individual gas and electric meters ensure tenants pay all utilities. Currently operating at 88% occupancy, the property boasts a Net Operating Income (NOI) of $74,856, with a pro-forma NOI projected at $95,912, reflecting a potential for significant rental increases. The asking price is $1,370,000, representing a price per unit of $171,250 and a price per square foot of $200.53. The property's prime location offers easy access to Powers Boulevard and Highway 24, providing convenient commutes and proximity to shopping, dining, and entertainment. With below-market rents and several lease expirations approaching, this property offers immediate potential for increased profitability through lease recapture and further property enhancements. This is a turn-key opportunity to acquire a well-maintained asset with substantial upside potential in a thriving Colorado Springs market. Residential financing is available.

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Longitude

-104.703654

Latitude

38.8587554