Michigan Villa Apartments | 3635 Michigan Ave
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Michigan Villa Apartments 3635 Michigan Ave
14 Unit Apartment Building $2,300,000 ($164,286/Unit) 5.70% Cap Rate Colorado Springs, CO 80910
Investment Highlights
- Great unit mix, large two bedroom units
- all units have been updated
- 9 separately locked off 1 car garages
- all new windows, new exterior paint, new common area carpet
Executive Summary
Value- add deal through significant loss to lease on legacy tenants. Great unit mix with 12 large 2 bedroom units. All units have been updated in the last 5 years. All 46 windows have been recently replaced. Large laundry room and a few small storage spaces.
Property Facts
| Price | $2,300,000 | Building Class | C |
| Price Per Unit | $164,286 | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 11,840 SF |
| Cap Rate | 5.70% | Average Occupancy | 92% |
| No. Units | 14 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 2.11/1,000 SF |
| Apartment Style | Low Rise |
| Price | $2,300,000 |
| Price Per Unit | $164,286 |
| Sale Type | Investment |
| Cap Rate | 5.70% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 11,840 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built | 1969 |
| Parking Ratio | 2.11/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,050 | 700 |
| 2+1 | 12 | $1,200 | 850 |
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PROPERTY TAXES
| Parcel Number | 64154-12-020 | Improvements Assessment | $86,370 |
| Land Assessment | $4,530 | Total Assessment | $90,900 |
PROPERTY TAXES
Parcel Number
64154-12-020
Land Assessment
$4,530
Improvements Assessment
$86,370
Total Assessment
$90,900
zoning
| Zoning Code | R-5 |
| R-5 |
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Michigan Villa Apartments | 3635 Michigan Ave
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