$775,000
Colorado Springs, CO 80903
- 0.22 Acres
- El Paso County
Key Features
- Property Type: Land
- Status: Active
- MLS® ID: 2122673
- Lot/Acreage: 0.22
- County: El Paso
- Neighborhood: Other
Exterior Details
- Zoning: C6
- Sewer: City Sewer, Public Sewer
Description
Located on a corner lot in downtown Colorado Springs' beautiful Hillside community, this shovel ready, urban infill apartment complex offers 10 luxury, Class A units, with amazing mountain views and immediate proximity to downtown amenities. Take advantage of this property's Opportunity Zone tax benefits, which means you pay zero capital gains taxes on the sale after building and owning the apartments for ten years. This project is ready for builder permits, with all drawings and site variances approved and stamped by the city and tap fees already paid. As Hillside's future anchor point for urban living, all units will feature 9' interior ceilings, 8 tuck-under covered parking spots, 8 storage units, 8 bike storage units, a dedicated dog wash, and electric vehicle charging stations. As of May 2023, the finished apartments have a projected value of over $4 million, with a 4.85% Cap Rate, and a yearly NOI after expenses of $197,000. Investment opportunities like this rarely make it to the open market. Make this one yours today!
Location
- Address: 703 E Costilla St Colorado Springs CO 80903
- City: Colorado Springs
- State: CO
- Zip: 80903
From downtown travel east on Costilla to the corner of East Costilla Street and South El Paso Street.
©2023 Information and Real Estate Services, LLC (IRES) - Certain information contained herein is derived from information which is the licensed property of, and copyrighted by, Information and Real Estate Services, LLC (IRES)
Listing # Courtesy of Daniel Jones of eXp Realty, LLC. Last Updated: June 9, 2023.
Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. Information is deemed reliable but is not guaranteed.
