1012 Iowa Avenue, Colorado Springs

$599,000

6 Beds
4 Baths
2,488 Sqft
.28 Acres
1 Garages

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.

Essential Information
MLS® #7051970
Price$599,000
Bedrooms6
Bathrooms4.00
Square Footage2,488
Acres0.28
Year Built1941
TypeIncome
Sub-TypeIncome
StatusActive
Community Information
Address1012 Iowa Avenue
SubdivisionGrand View Add Colo Spgs
CityColorado Springs
CountyEl Paso
StateCO
Zip Code80909
Utilities

Cable Available, Electricity Available, Electricity Connected, High Speed Internet Available, Natural Gas Connected

Features

Corner Lot, Historic District, Near Public Transit, Split Possible

Interior
HeatingForced Air
CoolingCentral Air
FireplaceYes
# of Fireplaces2
FireplacesBasement, Living Room
# of Stories1
StoriesOne
Has BasementYes
BasementFinished, Full, Interior Entry
Appliances

Convection Oven, Cooktop, Dishwasher, Dryer, Electric Water Heater, Freezer, Microwave, Oven, Range, Refrigerator, Washer

Exterior
RoofArchitectural, Shingle
ConstructionFrame, Stucco
Lot Description

CornerLot, HistoricDistrict, NearPublicTransit, SplitPossible

School Information
DistrictColorado Springs 11
ElementaryQueen Palmer
MiddleGalileo
HighPalmer
Additional Information
Date ListedJanuary 29th, 2021
Days on Market65
Parking Spaces1
# of Garages1
Parking

Concrete, Driveway, Finished Garage, Gravel

Listing Details
OfficeEngel & Volkers Denver
Property History
Status Changed from Pending to Active
Status Changed from Active Under Contract to Pending
Status Changed from Active to Active Under Contract
Status Changed from Active Under Contract to Active
Status Changed from Active to Active Under Contract
Show All History (9)
LISTING MAP

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Listing information last updated on June 14th, 2021 at 1:03pm MDT.