First Bid Meets Reserve | Value-Add Mixed-Use | 2241 E Platte Ave
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First Bid Meets Reserve | Value-Add Mixed-Use 2241 E Platte Ave
26 Apartment Units Online Auction Sale Colorado Springs, CO 80909
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Investment Highlights
- First bid meets reserve.
- Nestled in the Knob Hill suburb of Colorado Springs, a lively neighborhood with parks, shopping, entertainment, restaurants, and schools.
- New buyer may also have the potential to convert the current build-out from 12 to 26 residential units to cater to full residential renter demand.
- 2241 E Platte Avenue is home to Skyline Apartments, a 12-unit apartment building with 14 ground-level office and retail commercial units.
- This investment opportunity presents immense value-add via renovations and upgrades leading to increased occupancy and rent.
- Nearby are The Citadel Mall, Sunrise Square Shopping Center, UCHealth Memorial Hospital Central, Hillside Plaza at Memorial Park, and much more.
Executive Summary
Thrive Commercial Partners is pleased to present to the market the value-add and multifaceted investment opportunity of The Skyline Apartments at 2241 E Platte Avenue in Colorado Springs. This 26-unit mixed-use building currently has 12 apartment units on the upper floor with a mixture of commercial office and retail space on the main level. A new owner could easily convert the commercial spaces into apartments, creating a 26-unit apartment building. Current occupancy is low, which creates an excellent opportunity to fully renovate the building and make the necessary changes to make it a profitable and well-performing piece of real estate.
The Knob Hill suburb offers residents plenty of outdoor recreation opportunities with sports fields and courts, a beach, and an indoor ice-skating rink at Memorial Park. The park is home to the Olympic Velodrome, a 10,000-square-foot cycling center, and one of Colorado’s biggest skateparks. Memorial Park also hosts the Balloon Classic, an annual hot-air balloon festival. The neighborhood rests beside the Valley Hi Golf Course for even more outdoor activities. Downtown Colorado Springs attracts more renters and gives residents easy access to dining and nightlife just 2 miles east. 2241 E Platte Avenue has five parks within 8.1 miles, including Monument Valley Park, Bear Creek Regional Park, and North Slope Recreation Area. There are three hospitals within 8.6 miles; the nearest is UCH - Memorial Health System, which is less than a 20-minute drive, and there are three military bases within 16 miles; the closest is Peterson Air Force Base, 11 minutes away.
Memorial Park Submarket’s 5-mile radius surrounding the Skyline Apartments has a local population of 277,199, which is expected to increase by 0.9% by 2029. There is an annual consumer spending power of over $3.4 billion, an average household income surpassing $77,600, and approximately 59,748 renter-occupied households in the area (roughly 49% of the local population).
Property tours are available by appointment only. Please get in touch with the listing broker to schedule.
The Knob Hill suburb offers residents plenty of outdoor recreation opportunities with sports fields and courts, a beach, and an indoor ice-skating rink at Memorial Park. The park is home to the Olympic Velodrome, a 10,000-square-foot cycling center, and one of Colorado’s biggest skateparks. Memorial Park also hosts the Balloon Classic, an annual hot-air balloon festival. The neighborhood rests beside the Valley Hi Golf Course for even more outdoor activities. Downtown Colorado Springs attracts more renters and gives residents easy access to dining and nightlife just 2 miles east. 2241 E Platte Avenue has five parks within 8.1 miles, including Monument Valley Park, Bear Creek Regional Park, and North Slope Recreation Area. There are three hospitals within 8.6 miles; the nearest is UCH - Memorial Health System, which is less than a 20-minute drive, and there are three military bases within 16 miles; the closest is Peterson Air Force Base, 11 minutes away.
Memorial Park Submarket’s 5-mile radius surrounding the Skyline Apartments has a local population of 277,199, which is expected to increase by 0.9% by 2029. There is an annual consumer spending power of over $3.4 billion, an average household income surpassing $77,600, and approximately 59,748 renter-occupied households in the area (roughly 49% of the local population).
Property tours are available by appointment only. Please get in touch with the listing broker to schedule.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
- Property Information
Market Analytics Click Here to Access
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Market Sale Price per Unit
Colorado Springs - CO USA
Market Cap Rate
Colorado Springs - CO USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per Unit Distribution
Market Cap Rate Distribution
Property Facts
| Sale Type | Investment | Lot Size | 0.71 AC |
| Sale Conditions | Auction Sale | Building Size | 16,127 SF |
| No. Units | 26 | Average Occupancy | 16% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1953 |
| Building Class | C | Parking Ratio | 2.11/1,000 SF |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.71 AC |
| Building Size | 16,127 SF |
| Average Occupancy | 16% |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 2.11/1,000 SF |
Walk Score ®
Very Walkable (74)
PROPERTY TAXES
| Parcel Number | 64162-11-039 | Improvements Assessment | $209,870 |
| Land Assessment | $28,680 | Total Assessment | $238,550 |
PROPERTY TAXES
Parcel Number
64162-11-039
Land Assessment
$28,680
Improvements Assessment
$209,870
Total Assessment
$238,550
zoning
| Zoning Code | C-6 |
| C-6 |
Sale Advisor
Sale Advisor
Stephen Swiatek, Broker Advisor
(719) 530-4400
Contact
Stephen exemplifies the Thrive mantra of investing in the future through people. A valuable team player that takes the time to truly listen and pour into those around him, he consistently goes the extra mile for teammates and clients. Stephen brings extensive experience and financial expertise to the table, having transformed over 40 single-family homes from underperforming properties to valuable cash-flow generators. His far-reaching vision and uncanny ability to dissect spreadsheets and mine for hidden potential continues to be paramount to his clients’ lasting success.
A family man, Stephen loves to adventure with his wife, Katelyn, and their two children. He has lived in Colorado for the majority of his life and enjoys hiking and fishing in the Rocky Mountains. Whether he is traveling with family, on the golf course, or sitting down with a client, Stephen wholeheartedly enjoys connecting with those around him and bringing his natural giftedness for synergy and truly seeing people.
A family man, Stephen loves to adventure with his wife, Katelyn, and their two children. He has lived in Colorado for the majority of his life and enjoys hiking and fishing in the Rocky Mountains. Whether he is traveling with family, on the golf course, or sitting down with a client, Stephen wholeheartedly enjoys connecting with those around him and bringing his natural giftedness for synergy and truly seeing people.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Amen Almukhtar
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr EC.100067651
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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First Bid Meets Reserve | Value-Add Mixed-Use | 2241 E Platte Ave
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