2631 W Pikes Peak Ave, Colorado Springs, CO for sale

Investment Overview

2631 W Pikes Peak Avenue presents a rare opportunity to acquire a 23-unit apartment building in the heart of Old Colorado City, one of the most vibrant and historic neighborhoods in Colorado Springs. The property offers an investor a prime location paired with a compelling value proposition. Unique Value Proposition: What sets this property apart is its ability to be acquired at a low basis, combined with the fact that it is entirely vacant at closing. This creates a blank slate for the next owner, offering full flexibility to execute a comprehensive renovation strategy and re-lease the units at market rents. Location Highlights • Situated in the highly desirable Old Colorado City submarket, known for its historic charm, walkability, and proximity to downtown Colorado Springs. • Surrounded by local retail, dining, and lifestyle amenities that drive strong tenant demand. • Easy access to major employment hubs, outdoor recreation, and Colorado Springs’ growing economic base. Investment Highlights • 23-Unit Multifamily Property in a supply-constrained market. • Completely Vacant – allows immediate repositioning without the challenges of in-place tenants. • Low Basis Acquisition – priced to provide significant upside through renovation. • Full Repositioning Flexibility – renovate to desired finishes and achieve market-level rents. • High-Demand Location – Old Colorado City offers strong fundamentals and tenant appeal.

Investment Highlights

• Opportunity to acquire a like-new asset at an +8% Cap Rate.
• Prime Old Colorado City location in one of Colorado Springs’ most vibrant, historic neighborhoods—ideal for long-term tenant appeal and steady demand.
• Compelling value proposition for investors seeking strong income potential paired with an established, lifestyle-driven community.
• Thriving local walkability near dining, shopping, entertainment, and services—helping differentiate the property in a competitive rental market.
• Established multi-family asset offering straightforward ownership benefits with a convenient address and a neighborhood tenants love.