506 Pikes Peak Ave, Colorado Springs, CO 80903

8 Unit Apartment Building | $1,425,000 ($178,125/Unit) | 6.70% Cap Rate | Colorado Springs, CO 80903

Asking Price $1,425,000

Property Type
Multifamily
Square Feet
5,797 SF

Listing Contacts

Lee Wagner

Property Overview

Cushman & Wakefield is pleased to present 506 E Pikes Peak Ave, an exceptional multifamily real estate offering located in Downtown Colorado Springs. The property consists of 8 units offering (6) two bedroom and one bathroom units & (2) one bedroom and one bathroom units. Boasting a prime location and excellent walkability to a plethora of dining options, shopping destinations, and entertainment venues, this property presents an ideal living experience for residents. The property offers plenty of parking for tenants, on-site laundry & extra storage facilities. Situated with easy access to Downtown COS & I-25, residents can enjoy seamless commutes and convenient connectivity to surrounding areas. The nearby attractions of the new U.S. Olympic & Paralympic Museum. Robson Arena as well as the newly built Weidner Field add to the property’s allure.
With 8 well-appointed units in a meticulously well-cared for building, 506 E Pikes Peak presents itself as a diverse and attractive investment opportunity. This multifamily asset presents an enticing value-add opportunity to potential investors wanting to maximize returns through renovations or operational improvements. Whether seeking an already solid income-generating property or an opportunity to enhance value, 506 E Pikes Peak stands as an enticing investment option for those desiring to profit off the thriving real estate market in Colorado Springs.

Property Details

Class
C
Year Built/Renovated
1890/2022
Stories
2
Lot Size (sq. ft)
13,939 SF
Units
8

Highlights

  • CENTRAL DOWNTOWN LOCATION- NEARBY DINING, RETAIL & ENTERTAINMENT
  • RECENT UNIT RENOVATIONS: LVP FLOORING, FRESH PAINT, LIGHTING, COUNTERTOPS/CABINETS & BATHROOM IMPROVEMENTS
  • ATTRACTIVE IN-PLACE CAP RATE OF 6.70%

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