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3330 Glenarm Rd

4 Unit Apartment Building $1,126,849 CAD ($281,712 CAD/Unit) 4.76% Cap Rate Colorado Springs, CO 80911

Investment Highlights

  • Washer/dryer hookups
  • Large kitchens/bedrooms
  • Zoning allows for development of 22 additional units on same parcel
  • Off-street parking
  • Located in unincorporated El Paso County

Executive Summary

Located eight miles away from Peterson Space Force Base, 3330 Glenarm Rd apartments were originally constructed in 1966 and offer its tenants four large 2-bedroom /1-bathroom units. Residents at 3330 Glenarm Rd can enjoy excess closet space, in-unit washer and dryers, large bedrooms and a private backyard. There is excess land of about .50 acres which gives future investors the option to develop additional units on the same parcel. The combination of excess land, as well as large units with under market rents make this a viable investment for future owners.
This is an attractive investment opportunity for future investors since it is in unincorporated El Paso County. A new owner can run this property as a short or mid-term rental which allows for the possibility of additional rental upside. Additionally, the current owner is only billing back a portion of the utility expenses. The new owner can recapture additional future upside by fully implementing RUBS on this property.
Pikes Peak sits less than 35 miles to the West and Garden of the Gods sits 13 miles to the Northwest of the property. These are two very well-known outdoor areas that contain some of the most beautiful views Colorado has to offer. Memorial Park and Palmer Park sit within an eight-mile radius of the property. At these parks, you will find hiking/biking trails and an abundance of open space to accommodate for a variety of outdoor activities. Additionally, 3330 Glenarm Rd is a 10-minute drive from Colorado Springs Airport, one of Colorado’s commercial airports.

Property Facts

Price $1,126,849 CAD
Price Per Unit $281,712 CAD
Sale Type Investment
Cap Rate 4.76%
No. Units 4
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.77 AC
Building Size 3,608 SF
Average Occupancy 100%
No. Stories 2
Year Built 1966
Parking Ratio 3.33/1,000 SF
Opportunity Zone Yes

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
2+1 4 - 902

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
65034-00-020
Land Assessment
$4,639 CAD
Improvements Assessment
$27,267 CAD
Total Assessment
$31,906 CAD

zoning

Zoning Code RM-30 (RM-30 allows for the development of up to 30 units per acre of land.)
RM-30 (RM-30 allows for the development of up to 30 units per acre of land.)
  • Listing ID: 32692948

  • Date on Market: 2024-08-05

  • Last Updated:

  • Address: 3330 Glenarm Rd, Colorado Springs, CO 80911

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