3445 W Colorado Ave - Hospitality FOR SALE


Colorado Springs, CO 80904
$1,725,000 USD
719-578-5599
3445 W Colorado Ave, Colorado Springs, CO for Sale
$1,725,000 USD
Hospitality - FOR SALE
1/17
null | 8.03% Cap Rate

3445 W Colorado Ave
Colorado Springs, CO 80904


HIGHLIGHTS

  • Mountain Views
  • Walking distance to shopping and busline
  • Nearby hiking & biking trails
  • Guest Wi-fi & Smart TVs
  • On-site Laundry room & Garage for manager use
  • On-site office with camera access

OVERVIEW

3% commission to buyers agent or investor representative. 15 Furnished rooms rented weekly and monthly for higher rents. Target market includes locals and people new to town house hunting. Quiet location, we have a good clientele. We spent the past year focusing on improvements to plumbing, electrical, heat, and internet. We remodeled rooms and most rooms are tiled, new paint, smart TVs, larger refrigerators, hotplate, and microwave for comfortable extended stay. Most rooms have electronic key cards and keyed deadbolts for added security. Cameras viewable online or on screen in office. Most of our expenses have been supplies for improvements we have done throughout the year. Our actual operating costs are very low. We only clean rooms after move-out. We have a low cost plumber to address plumbing issues. We have limited daytime hours 5 days a week for showings and to collect rents. Rents are typically paid in drop box by money order. One of the managers may be available to hire by new owners. Our current numbers reflect a high vacancy rate from our working on rooms this year. Now that all rooms are remodeled, increased income from a lower vacancy rate should be realized for value added. It would be easy to convert into an apartment complex for increased resale value. If rents are increased to align with most higher Westside rates, additional future added value is possible in current turn-key format. This property has lots of added value potential.

FOR SALE DETAILS

PRICE

$1,725,000 USD

PRICE/SF

$233 USD /SF

# OF ROOMS

15

PRICE/ROOM

$115,000 {currency}

CAP RATE

8.03%

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mountainscape Inn

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

1

ROOM ENTRANCE

Exterior

BUILDING CLASS

C

YEAR BUILT

1937

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.49 AC

LAND SF

21,344 SF

ZONING

C-2

APN/PARCEL ID

74033-24-009

ASK ABOUT THIS PROPERTY

Kristina GibbsKristina GibbsMore Info
719-578-5599

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Kristina GibbsKristina GibbsMore Info
719-578-5599

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.