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$1,095,000
Est. payment /mo
4,312 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,312 sqft
Price per Sqft $253
MLS Listing ID 9346399
Style Spanish
HOA Y/N No
Year Built 1927
Annual Tax Amount $4,602
Tax Year 2024
Lot Size 0.839 Acres
Acres 0.84
Property Sub-Type Multi Family
Source recolorado
Property Description
Cushman & Wakefield is pleased to present The Villages, located at 113 Old Crystal Park Road in the heart of historic Manitou Springs, Colorado. The Villages presents a rare opportunity to acquire a 100% occupied, value-add multifamily asset in one of the most supply-constrained and desirable submarkets in the greater Colorado Springs area. This 7-unit property, consisting of 4 one-bedroom and 3 two-bedroom apartments, is situated blocks from Manitou Springs and with quick access to Old Colorado City and Downtown Colorado Springs. The property has been meticulously maintained by a long-term owner and existing rents are well below market, presenting an immediate opportunity to capture $150-$250 premiums on the flexible leases. With an average unit size of 586 square feet, the property features full utility reimbursements, on-site laundry, and eight storage sheds, three of which are currently leased. The Villages have been well-maintained with significant ownership improvements over time, The Villages benefits from its unique small-town charm, walkability, and strong tourism economy, making it an ideal location for long-term tenants and an attractive target for real estate investors. As new development in Manitou Springs is highly limited due to geographic and regulatory constraints, this asset offers scarcity value along with reliable occupancy in a market with minimal future multifamily supply.
Location
State CO
County El Paso
Zoning GR
Interior
Fireplace N
Exterior
Roof Type Membrane
Garage No
Building
Sewer Public Sewer
Others
Special Listing Condition None
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6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
Listed by Cushman & Wakefield