1322 Arch Street

Description

Great up/down four-plex in a quiet location in South Colorado City right between Downtown Colorado Springs and Manitou Springs. Located a few blocks to a bus stop and with quick access to Highway 24. This fantastic income investment is fully occupied $56,040 current gross revenue in Jan 2025. Limited taxes have helped control operating expenses (approx. $14,760, 2024) which would produced a potential Net Operating Income of $41,280 in 2025 and a 5.99% cap rate. The property features nine (9) off-street parking spaces and each unit features laundry, individual gas heat and energy efficient heat pump ("mini-split") heating and cooling. Minutes to downtown Colorado Springs, close to recreation, dining and shopping. Fully leased with established renters. New LVP flooring or new carpet in units, mostly updated bathrooms, kitchen improvements, newer appliances, washers and dryers. Newer furnaces and water heaters. Sewer lines to street replaced 13 years ago, composite roof in good shape, newer interior and exterior paint. Each unit has a storage locker. Plenty of parking on east and west side of building. Quiet community. Nice mountain views, close to nature. All units come with washer and dryer hookups. Units are occupied. Do not disturb tenants. Tours are not allowed - please review photos. Access to the Property will be provided upon an accepted Contract to Buy and Sell. Exceptions will not be made - if working with a broker, please make sure they read the remarks BEFORE reaching out. Possession will be subject to any/all tenant leases and any additional tenant's rights. Financials available upon request.