1012 Iowa Avenue
Colorado Springs, CO 80909 — El Paso county
Price
$599,000
Sqft
2488.00 SqFt
Baths
4
Beds
6
Description
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 outMain house: 5bd 3 ba VACANTCottage 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 and HARD TO FIND THESE DAYSBoth 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.
Property Level and Sizes
SqFt Lot
12250.00
Lot Size
0.28
Basement
Finished,Full,Interior Entry/Standard
Common Walls
No Common Walls,No One Above,No One Below
Interior Details
Appliances
Convection Oven, Cooktop, Dishwasher, Dryer, Electric Water Heater, Freezer, Microwave, Oven, Range, Refrigerator, Washer
Laundry Features
In Unit
Electric
Central Air
Cooling
Central Air
Heating
Forced Air
Fireplaces Features
Basement, Living Room
Utilities
Cable Available, Electricity Available, Electricity Connected, Internet Access (Wired), Natural Gas Connected
Exterior Details
Water
Public
Sewer
Public Sewer
Land Details
PPA
2053571.43
Garage & Parking
Parking Spaces
1
Parking Features
Concrete, Driveway-Gravel, Finished
Exterior Construction
Roof
Architectural Shingles
Construction Materials
Frame, Stucco
Financial Details
PSF Total
$231.11
PSF Finished
$231.11
PSF Above Grade
$231.11
Previous Year Tax
1100.00
Year Tax
2019
Primary HOA Fees
0.00
Location
Schools
Elementary School
Queen Palmer
Middle School
Galileo
High School
Palmer
Walk Score®
Contact me about this property
Vickie Hall
RE/MAX Professionals
6020 Greenwood Plaza Boulevard
Greenwood Village, CO 80111, USA
6020 Greenwood Plaza Boulevard
Greenwood Village, CO 80111, USA
- (303) 944-1153 (Mobile)
- Invitation Code: denverhomefinders
- vickie@dreamscanhappen.com
- https://DenverHomeSellerService.com