803 Yuma St Colorado Springs, CO 80909

Property Details for 803 Yuma St

Year built

1966

Property size

5,018 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents an 8-unit apartment building located at 803 Yuma St, Colorado Springs, CO 80909. The property, built in 1966 and extensively renovated in 2021, boasts a 5,018 square foot building situated on a 10,875 square foot lot. All eight units are currently 100% occupied, featuring one bedroom and one bathroom each. Recent renovations include new paint, luxury vinyl plank (LVP) flooring, upgraded electrical wiring and panels, and a new water heater. Tenants enjoy on-site laundry facilities and a fenced backyard with a community garden. The property offers 12 parking spaces. The current Net Operating Income (NOI) is $64,484, yielding a 6.03% cap rate. A pro-forma NOI of $77,491 projects a 7.24% cap rate, reflecting potential for increased rental income as leases expire and are renewed at market rates. This stabilized investment property is ideally located in central Colorado Springs, offering easy access to downtown, outdoor recreation, and numerous dining and retail options. The strong location and recent capital improvements make this a compelling opportunity for investors seeking predictable returns in a thriving market. The asking price is $1,070,000, representing a price per unit of $133,750 and a price per square foot of $213.23. This two-story building presents a value-add opportunity with potential for further renovations and rent increases.