This is a wonderful income property!
Located in Colorado Springs near old downtown.
Two units sitting on 3 lots! The potential in this property is AMAZING!
Currently, both units are rented out
Main house: 5bd 3 ba VACANT
Cottage house: 1 bd 1 ba @$1,100/month
This property is offered with a 6.34% CAP rate @599k! THAT'S AN AMAZING INCOME PROPERTY & HARD TO FIND THESE DAYS
Both units were completely renovated a little over 2 years ago. EVERYTHING in them is new. From floors, appliances, paint to the water heater, HVAC, and roof.
Do not let yourself or your clients miss out on a wonderful investment property like this.
After recent discussions with the city, we have discovered that 1012 Iowa ave (main house) and 2014 e yampa (cottage house) both sit on the property lines for 3 lots. If wanted, a new owner could simply apply with the city to properly divide those lots individually. Once done, the owner could build 3 homes/townhomes on those lots. NOTE: The seller is not pricing the property based on whether this ^ actually happens or not. It is priced purely on income.
The way it currently sits with the two units, it is producing $3,400/month income and tenants pay their own utilities. Since the property was so recently updated, there have barely been any maintenance costs to the owner each year. The total annual net income is about $39,000.
We do not have pictures of inside the cottage at this time but it has been remodeled to the exact same design as the main house. Picture #2 shows the west side of the main house and the cottage house. Unfortunately, that is the only picture we have that shows the cottage.
No showings on 2014 Yampa (cottage) until under contract.
DISCLOSURE: Legally, this is not considered a Duplex. This is 2 homes, sitting on 3 lots.
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Listing information last updated on June 14th, 2021 at 1:03pm MDT.