3330 Glenarm Rd, Colorado Springs, CO 80911
4 Unit Apartment Building | $795,000 ($198,750/Unit) | 4.76% Cap Rate | Colorado Springs, CO 80911
For Sale
Active
Asking Price $795,000
- Property Type
-
Multifamily
- Square Feet
- 3,608 SF
Listing Contacts
- Property Info
Property Overview
Located eight miles away from Peterson Space Force Base, 3330 Glenarm Rd apartments were originally constructed in 1966 and offer its tenants four large 2-bedroom /1-bathroom units. Residents at 3330 Glenarm Rd can enjoy excess closet space, in-unit washer and dryers, large bedrooms and a private backyard. There is excess land of about .50 acres which gives future investors the option to develop additional units on the same parcel. The combination of excess land, as well as large units with under market rents make this a viable investment for future owners.
This is an attractive investment opportunity for future investors since it is in unincorporated El Paso County. A new owner can run this property as a short or mid-term rental which allows for the possibility of additional rental upside. Additionally, the current owner is only billing back a portion of the utility expenses. The new owner can recapture additional future upside by fully implementing RUBS on this property.
Pikes Peak sits less than 35 miles to the West and Garden of the Gods sits 13 miles to the Northwest of the property. These are two very well-known outdoor areas that contain some of the most beautiful views Colorado has to offer. Memorial Park and Palmer Park sit within an eight-mile radius of the property. At these parks, you will find hiking/biking trails and an abundance of open space to accommodate for a variety of outdoor activities. Additionally, 3330 Glenarm Rd is a 10-minute drive from Colorado Springs Airport, one of Colorado’s commercial airports.
This is an attractive investment opportunity for future investors since it is in unincorporated El Paso County. A new owner can run this property as a short or mid-term rental which allows for the possibility of additional rental upside. Additionally, the current owner is only billing back a portion of the utility expenses. The new owner can recapture additional future upside by fully implementing RUBS on this property.
Pikes Peak sits less than 35 miles to the West and Garden of the Gods sits 13 miles to the Northwest of the property. These are two very well-known outdoor areas that contain some of the most beautiful views Colorado has to offer. Memorial Park and Palmer Park sit within an eight-mile radius of the property. At these parks, you will find hiking/biking trails and an abundance of open space to accommodate for a variety of outdoor activities. Additionally, 3330 Glenarm Rd is a 10-minute drive from Colorado Springs Airport, one of Colorado’s commercial airports.
Property Details
- Class
- C
- Year Built
- 1966
- Stories
- 2
- Lot Size (sq. ft)
- 33,541 SF
- Units
- 4
Highlights
- Washer/dryer hookups
- Off-street parking
- Large kitchens/bedrooms
- Located in unincorporated El Paso County
- Zoning allows for development of 22 additional units on same parcel
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