Description
This is a wonderful income property that will be hitting the market on Friday 1/29/2021 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 @$2,300/month Cottage house: 1 bd 1 ba @$1,100/month This property is offered with a 6% CAP rate @630k! 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 4 homes/townhomes on those lots. 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. This property truly is turn-key and yields amazing results. There was a contract on the house but has been terminated due to personal reasons on the buyer's end. They really wanted the property but were not able to follow through on the purchase. DISCLOSURE: Legally, this is not considered a Duplex. This is 2 homes, sitting on 3 lots.
-
6BEDS
-
0.28ACRES
-
4BATHS
-
01/2 BATHS
-
3,138SQFT
-
$201$/SQFT
School Information
Offered by Engel & Volkers Denver.Description
This is a wonderful income property that will be hitting the market on Friday 1/29/2021 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 @$2,300/month Cottage house: 1 bd 1 ba @$1,100/month This property is offered with a 6% CAP rate @630k! 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 4 homes/townhomes on those lots. 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. This property truly is turn-key and yields amazing results. There was a contract on the house but has been terminated due to personal reasons on the buyer's end. They really wanted the property but were not able to follow through on the purchase. DISCLOSURE: Legally, this is not considered a Duplex. This is 2 homes, sitting on 3 lots.
Licensed in the State of Colorado, USA
The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange (IDX) program of METROLIST, INC., DBA RECOLORADO®. Real estate listings held by brokers other than Wisdom Real Estate are marked with the IDX Logo. This information is being provided for the consumers’ personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified.
1. This publication is designed to provide information regarding the subject matter covered. It is displayed with the understanding that the publisher and authors are not engaged in rendering real estate, legal, accounting, tax, or other professional services and that the publisher and authors are not offering such advice in this publication. If real estate, legal, or other expert assistance is required, the services of a competent, professional person should be sought.
2. The information contained in this publication is subject to change without notice. METROLIST, INC., DBA RECOLORADO MAKES NO WARRANTY OF ANY KIND WITH REGARD TO THIS MATERIAL, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. METROLIST, INC., DBA RECOLORADO SHALL NOT BE LIABLE FOR ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THIS MATERIAL.
3. PUBLISHER’S NOTICE: All real estate advertised herein is subject to the Federal Fair Housing Act and the Colorado Fair Housing Act, which Acts make it illegal to make or publish any advertisement that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin.
4. METROLIST, INC., DBA RECOLORADO will not knowingly accept any advertising for real estate that is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.
5. ALL RIGHTS RESERVED WORLDWIDE. No part of this publication may be reproduced, adapted, translated, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. The information contained herein including but not limited to all text, photographs, digital images, virtual tours, may be seeded and monitored for protection and tracking.
© 2021 METROLIST, INC., DBA RECOLORADO® – All Rights Reserved
6455 S. Yosemite St., Suite 500
Greenwood Village, CO 80111 USA