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Buy a multi-family propertyat 315 Vehr Dr, Colorado Springs, CO 80916

$680,000

$0/mo

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Multifamily

3,745 Sq. Ft.

8,500 Sq. Ft. lot

359 Days on market

7679737 MLS ID

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About 315 Vehr Dr multi-family property

This 4-unit value-add apartment building presents a unique opportunity for investors to acquire an income-generating asset in a highly desirable market. With the potential for increased rents through targeted renovations, this property has the potential to provide significant returns for new ownership. Value-add investors can significantly enhance the propertys income potential through unit updates, increasing rents to market levels, and capitalizing on laundry and storage income. The building is situated on an 8,500-square-foot lot, just east of downtown Colorado Springs and is located within minutes of major highways and public transportation, providing convenient access to all that the city has to offer. 315 Vehr features an excellent unit mix comprised of 2-bedroom and 3-bedroom units, with on-site storage and laundry hookups for coin-operated laundry. The property sits northwest of the Colorado Springs Airport and offers ample off-street parking for the tenants.
This 4-unit value-add apartment building presents a unique opportunity for investors to acquire an income-generating asset in a highly desirable market. With the potential for increased rents through targeted renovations, this property has the potential to provide significant returns for new ownership. Value-add investors can significantly enhance the propertys income potential through unit updates, increasing rents to market levels, and capitalizing on laundry and storage income. The building is situated on an 8,500-square-foot lot, just east of downtown Colorado Springs and is located within minutes of major highways and public transportation, providing convenient access to all that the city has to offer. 315 Vehr features an excellent unit mix comprised of 2-bedroom and 3-bedroom units, with on-site storage and laundry hookups for coin-operated laundry. The property sits northwest of the Colorado Springs Airport and offers ample off-street parking for the tenants.

Property details

House

Above Grade Finished Area: 3745

Building Area Total: 8500

Construction Materials: "Brick/Brick Veneer"

Total Sq Ft: 8500

Levels: "Two"

Living Area: 3745

Living Area Units: Square Feet

Stories: 2

Year Built: 1972

Bathrooms

Bathrooms Total Integer: 4

Bedrooms

Bedrooms Total: 10

Location

City: Colorado Springs

Country: US

County Or Parish: El Paso

Locale: Colorado Springs

Latitude: 38.826481

Longitude: -104.747322

MLS Area Major: Out of Area

Postal Code: 80916

State Or Province: CO

Street Name: Vehr

Street Number: 315

Street Suffix: Dr

Subdivision Name: Eastborough

Unparsed Address: 315 Vehr Dr Colorado Springs CO 80916

Cooling

Cooling: "Central Air", "Room Air Conditioner"

Cooling YN: t

Garage

Covered Spaces: 6

Garage Spaces: 6

Garage YN: t

Garage Type: Off Street

Property

Direction Faces: South

Crops: None

Property Condition: "Not New, Previously Owned"

Property Sub Type: Income Property

Property Type: Residential Income

Utilities

Electric: "Separate Meter Electricity"

Gas: "Separate Meter Gas"

Schools

Elementary School: Roosevelt-Edison Charter School

High School: Mitchell

High School District: Colorado Springs 11

Middle Or Junior School: Swigert

Income

Gross Income: 56515

Net Operating Income: 39510

Heating

Heating YN: t

Taxes

Has Metro Tax District: No

Tax Annual Amount: 1698

Tax Year: 2022

Water

Has Water Rights: No

Listing

Price Per Sq Ft: 80

Listing Id: 7679737

Listing Terms: "Cash", "Conventional", "FHA", "VA Loan", "1031 Exchange"

List Price: 680000

Mls Status: Pending

Number Of Units Total: 4

Special Listing Conditions: "Private Owner"

Standard Status: Pending

Laundry

Laundry Features: "Common Area"

Lot

Lot Size Acres: 0.2

Lot Size Area: 8500

Lot Size Square Feet: 8500

Lot Size Units: Square Feet

Expenses

Operating Expense: 17005

Tenant Pays

Tenant Pays: "Gas", "Electricity"

Monthly cost

Estimated monthly cost

$4,192/mo

All calculations are estimates and provided for informational purposes only. Actual amounts may vary.

Seller fees & commissions

Home sale price

$

Outstanding mortgage

$

Selling with traditional agent

Selling with Unreal Estate agent

Your total sale proceeds$639,200

+$20,400

$659,600

Seller agent commission$20,400 (3%)*

$0 (0%)

Buyer agent commission$20,400 (3%)*

$20,400 (3%)*

*Commissions are based on national averages and not intended to represent actual commissions of this property

Get $20,400 more selling your home
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Cities

Unreal Estate checked: Apr 19, 2024 at 5:21 p.m.

Data updated: May 7, 2023 at 7:48 p.m.

Courtesy of Charlie Mitelhaus, Pinnacle Real Estate Advisors
This content last updated on 05/07/2023. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Provided for limited non-commercial use only under IRES Rules. Listing information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed by the MLS.
Information source: Information and Real Estate Services, LLC. Provided for limited non-commercial use only under IRES Rules © IRES 2024. All Rights Reserved.

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