3330 Glenarm Rd
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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.
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 | Building Class | C |
Price Per Unit | $281,712 CAD | Lot Size | 0.77 AC |
Sale Type | Investment | Building Size | 3,608 SF |
Cap Rate | 4.76% | Average Occupancy | 100% |
No. Units | 4 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1966 |
Property Subtype | Apartment | Parking Ratio | 3.33/1,000 SF |
Apartment Style | Low Rise | Opportunity Zone |
Yes
|
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 |
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PROPERTY TAXES
Parcel Number | 65034-00-020 | Improvements Assessment | $27,267 CAD |
Land Assessment | $4,639 CAD | Total Assessment | $31,906 CAD |
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.) |
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3330 Glenarm Rd
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