2631 W Pikes Peak Ave
- Opportunity to acquire a like-new asset at an +8% Cap Rate.
- Prime Old Colorado City location in one of Colorado Springs’ most vibrant, historic neighborhoods—ideal for long-term tenant appeal and steady demand.
- Compelling value proposition for investors seeking strong income potential paired with an established, lifestyle-driven community.
- Thriving local walkability near dining, shopping, entertainment, and services—helping differentiate the property in a competitive rental market.
- Established multi-family asset offering straightforward ownership benefits with a convenient address and a neighborhood tenants love.
Property Description
2631 W Pikes Peak Avenue presents a rare opportunity to acquire a 23-unit apartment building in the heart of Old Colorado City, one of the most vibrant and historic neighborhoods in Colorado Springs. The property offers an investor a prime location paired with a compelling value proposition. Unique Value Proposition: What sets this property apart is its ability to be acquired at a low basis, combined with the fact that it is entirely vacant at closing. This creates a blank slate for the next owner, offering full flexibility to execute a comprehensive renovation strategy and re-lease the units at market rents. Location Highlights • Situated in the highly desirable Old Colorado City submarket, known for its historic charm, walkability, and proximity to downtown Colorado Springs. • Surrounded by local retail, dining, and lifestyle amenities that drive strong tenant demand. • Easy access to major employment hubs, outdoor recreation, and Colorado Springs’ growing economic base. Investment Highlights • 23-Unit Multifamily Property in a supply-constrained market. • Completely Vacant – allows immediate repositioning without the challenges of in-place tenants. • Low Basis Acquisition – priced to provide significant upside through renovation. • Full Repositioning Flexibility – renovate to desired finishes and achieve market-level rents. • High-Demand Location – Old Colorado City offers strong fundamentals and tenant appeal.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,288,500 |
| No. of Units: | 23 |
| Year Built: | 1948 |
| Lot Size: | 0.79 Acres |
| Opportunity Zone: | No |
| Price per unit: | $99,500 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
646 E 1700 S
Salt Lake City, UtahBrokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout