Raintree Apartments | 2655 Ore Mill Rd
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Raintree Apartments 2655 Ore Mill Rd
26 Unit Block of Flats For Sale 6.25% Net Initial Yield Colorado Springs, CO 80904
Investment Highlights
- Extremely Rare Westside 1984 construction asset
- Located in an under supplied submarket with limited future supply
- Located in Old Colorado City with walkability to outdoor lifestyle, shops, dining and entertainment
- 100% Occupancy with room for rent growth
- Desirable unit mix of primarily 2 bed 2 bath units
Executive Summary
Cushman & Wakefield is pleased to present the exclusive listing of the Raintree Apartments, a rare 1984 build on the Westside of Colorado Springs in Old Colorado City. This 26-unit multifamily asset is uniquely positioned at the foot of Pikes Peak and the entrance to the mountains heading West towards Manitou Springs and Woodland Park.
The Raintree Apartments has been meticulously kept by a long-term owner and is primed for a value-add investor to bring fresh capital to the asset and realize Westside premium rents. The property boasts 13 two bedroom two bath 850 sq ft units, 11 one bedroom / 1 bath 600 sq ft units, and 2 studio 450 sq ft units. Raintree Apartments is currently 100% occupied and offers tenants the opportunity to live in an undersupplied submarket within 1 mile to Downtown Colorado Springs and 3 miles to Downtown Manitou Springs where they can enjoy outdoor lifestyle activities, local shops, restaurants and nightlife.
The Raintree Apartments has been meticulously kept by a long-term owner and is primed for a value-add investor to bring fresh capital to the asset and realize Westside premium rents. The property boasts 13 two bedroom two bath 850 sq ft units, 11 one bedroom / 1 bath 600 sq ft units, and 2 studio 450 sq ft units. Raintree Apartments is currently 100% occupied and offers tenants the opportunity to live in an undersupplied submarket within 1 mile to Downtown Colorado Springs and 3 miles to Downtown Manitou Springs where they can enjoy outdoor lifestyle activities, local shops, restaurants and nightlife.
Property Facts
| Sale Type | Investment | Building Class | C |
| Net Initial Yield | 6.25% | Lot Size | 1.24 AC |
| Sale Conditions | 1031 Exchange | Building Size | 22,068 SF |
| No. Units | 26 | Average Occupancy | 100% |
| Property Type | Residential | Number of Floors | 2 |
| Property Subtype | Apartment | Year Built | 1984 |
| Apartment Style | Low Rise | Parking Ratio | 1.54/1,000 SF |
| Sale Type | Investment |
| Net Initial Yield | 6.25% |
| Sale Conditions | 1031 Exchange |
| No. Units | 26 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.24 AC |
| Building Size | 22,068 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1984 |
| Parking Ratio | 1.54/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Heating
- Tile Floors
- Kitchen
- Granite Countertops
- Refrigerator
- Carpet
- Office
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 11 | - | 600 |
| 2+2 | 13 | - | 748 - 818 |
| Studios | 2 | - | 450 |
Walk Score ®
Very Walkable (77)
Bike Score ®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 74101-08-001 | Improvements Assessment | £171,684 |
| Land Assessment | £15,024 | Total Assessment | £186,707 |
PROPERTY TAXES
Parcel Number
74101-08-001
Land Assessment
£15,024
Improvements Assessment
£171,684
Total Assessment
£186,707
zoning
| Zoning Code | C-5 (Colorado Springs) |
| C-5 (Colorado Springs) |
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Raintree Apartments | 2655 Ore Mill Rd
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