2655 Ore Mill Rd, Colorado Springs, CO 80904
26 Unit Apartment Building | For Sale | 6.25% Cap Rate | Colorado Springs, CO 80904
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 22,068 SF
Listing Contacts
Patrick Knowlton
Jeff Dimmen
Kevin Phelan
Property Overview
Cushman & Wakefield is pleased to present the exclusive listing of the Raintree Apartments, a rare 1984 build on the Westside of Colorado Springs in Old Colorado City. This 26-unit multifamily asset is uniquely positioned at the foot of Pikes Peak and the entrance to the mountains heading West towards Manitou Springs and Woodland Park.
The Raintree Apartments has been meticulously kept by a long-term owner and is primed for a value-add investor to bring fresh capital to the asset and realize Westside premium rents. The property boasts 13 two bedroom two bath 850 sq ft units, 11 one bedroom / 1 bath 600 sq ft units, and 2 studio 450 sq ft units. Raintree Apartments is currently 100% occupied and offers tenants the opportunity to live in an undersupplied submarket within 1 mile to Downtown Colorado Springs and 3 miles to Downtown Manitou Springs where they can enjoy outdoor lifestyle activities, local shops, restaurants and nightlife.
The Raintree Apartments has been meticulously kept by a long-term owner and is primed for a value-add investor to bring fresh capital to the asset and realize Westside premium rents. The property boasts 13 two bedroom two bath 850 sq ft units, 11 one bedroom / 1 bath 600 sq ft units, and 2 studio 450 sq ft units. Raintree Apartments is currently 100% occupied and offers tenants the opportunity to live in an undersupplied submarket within 1 mile to Downtown Colorado Springs and 3 miles to Downtown Manitou Springs where they can enjoy outdoor lifestyle activities, local shops, restaurants and nightlife.
Property Details
- Class
- C
- Year Built
- 1984
- Stories
- 2
- Lot Size (sq. ft)
- 54,014 SF
- Units
- 26
Highlights
- Extremely Rare Westside 1984 construction asset
- 100% Occupancy with room for rent growth
- Located in an under supplied submarket with limited future supply
- Desirable unit mix of primarily 2 bed 2 bath units
- Located in Old Colorado City with walkability to outdoor lifestyle, shops, dining and entertainment
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