Prairie Arms Apartments | 411-413 Prairie Rd
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Prairie Arms Apartments 411-413 Prairie Rd
12 Unit Apartment Building $1,995,000 ($166,250/Unit) 6.40% Cap Rate Colorado Springs, CO 80909
EXECUTIVE SUMMARY
Cushman & Wakefield is pleased to present Prairie Arms Apartments, a 12 unit property that has undergone a comprehensive and full renovation, ensuring that all capital expenditure (CapEx) items have been completed to enhance its overall value and appeal. Key upgrades include the renovation of all units, the addition of in-unit washers and dryers, resealing and striping of the parking lot, and a fresh exterior paint job. These improvements position the property in excellent condition, making it a highly attractive option for investors.
Prairie Arms Apartments is strategically positioned to generate significant operational value through rent increases as existing leases roll over. With large, spacious units that feature modern updates, tenants will benefit from both comfort and functionality. Additionally, the property’s location near the Olympic Training Center and a short drive to downtown provides a unique advantage, appealing to a wide demographic of potential tenants. This is a stabilized deal with immediate and ongoing value creation opportunities, making it an attractive investment with strong future upside potential.
Prairie Arms Apartments is strategically positioned to generate significant operational value through rent increases as existing leases roll over. With large, spacious units that feature modern updates, tenants will benefit from both comfort and functionality. Additionally, the property’s location near the Olympic Training Center and a short drive to downtown provides a unique advantage, appealing to a wide demographic of potential tenants. This is a stabilized deal with immediate and ongoing value creation opportunities, making it an attractive investment with strong future upside potential.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $1,995,000 | Apartment Style | Low Rise |
| Price Per Unit | $166,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 6.40% | Building Size | 7,628 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1955/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.58/1,000 SF |
| Price | $1,995,000 |
| Price Per Unit | $166,250 |
| Sale Type | Investment |
| Cap Rate | 6.40% |
| Sale Condition | 1031 Exchange |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 7,628 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1955/2022 |
| Parking Ratio | 1.58/1,000 SF |
UNIT AMENITIES
- Washer/Dryer Hookup
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 11 | - | - |
| 2+1 | 1 | - | - |
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Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 64162-01-021 | Improvements Assessment | $100,760 |
| Land Assessment | $7,090 | Total Assessment | $107,850 |
PROPERTY TAXES
Parcel Number
64162-01-021
Land Assessment
$7,090
Improvements Assessment
$100,760
Total Assessment
$107,850
ZONING
| Zoning Code | R, Colorado Springs |
| R, Colorado Springs |
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Prairie Arms Apartments | 411-413 Prairie Rd
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