3146-3152 W Colorado Avenue

Property Details

Overview

PROPERTY OVERVIEW:

Executive Summary:

3146–3152 West Colorado Avenue is a well-maintained 15-unit multifamily property located in the desirable Westside submarket of Colorado Springs, CO. Offered at $1,725,000, the property is priced at a 5.98% cap rate with a Year 1 NOI of approximately $103,152. The unit mix consists of six studio units, seven one-bedroom units, and two two-bedroom units, providing a diversified rent roll that appeals to a broad tenant base. Ownership has invested over $92,000 in capital improvements since 2021, including major parking lot upgrades, new boilers, exterior paint and siding, updated signage, lighting, flooring, and enhanced security features. With 13 of 15 units currently occupied and affordable average rents relative to the market, this asset offers stable cash flow with upside potential in one of Colorado Springs’ most sought-after neighborhoods.

Location Overview:

Situated along West Colorado Avenue, the property benefits from a prime location between historic Old Colorado City and Manitou Springs, both popular destinations for shopping, dining, and cultural experiences. Tenants enjoy walkable access to Red Rock Canyon Open Space and are just minutes from Garden of the Gods Park, Downtown Colorado Springs, and Interstate 25. The area is supported by strong economic drivers including five major military installations, a growing aerospace and technology sector, and a robust tourism industry that attracts millions of visitors annually.

This unique combination of lifestyle amenities and employment anchors creates durable rental demand, positioning 3146–3152 West Colorado Avenue as a strategically located investment opportunity with long-term growth potential.

Highlights

Location Map