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703 E Costilla Street, Colorado Springs, CO, 80903

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Listing Provided Courtesy of eXp Realty, LLC

703 E Costilla Street, Colorado Springs, CO, 80903

Beds
0 Baths
SqFt
0.22 Acres

Listing Id

REC2122673
$775,000

Located on a corner lot in downtown Colorado Springs’ beautiful Hillside community, this shovel ready, urban infill apartment complex offers 10 luxury, Class A units, with amazing mountain views and immediate proximity to downtown amenities. Take advantage of this property’s Opportunity Zone tax benefits, which means you pay zero capital gains taxes on the sale after building and owning the apartments for ten years. This project is ready for builder permits, with all drawings and site variances approved and stamped by the city and tap fees already paid. As Hillside’s future anchor point for urban living, all units will feature 9′ interior ceilings, 8 tuck-under covered parking spots, 8 storage units, 8 bike storage units, a dedicated dog wash, and electric vehicle charging stations. As of May 2023, the finished apartments have a projected value of over $4 million, with a 4.85% Cap Rate, and a yearly NOI after expenses of $197,000. Investment opportunities like this rarely make it to the open market. Make this one yours today!

Property Details
Price:
$775,000
MLS #:
REC2122673
Status:
Active
Beds:
0
Baths:
0
Address:
703 E Costilla Street
Type:
Improved Land
City:
Colorado Springs
State:
CO
ZIP:
80903
Lot Size:
9,583 sqft / 0.22 acres (approx)
Interior
Exterior
Schools
School District:
Colorado Springs 11
Financial
Buyer Agent Compensation
3%
Tax Year
2022
Taxes
$1,542

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703 E Costilla Street
Colorado Springs, CO