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1012 Iowa Avenue
Colorado Springs, CO 80909

$630,000

20% Min Down
Entire Building
3,138 Sqft
$201 / Sqft
Listed Jan 29th, 2021, Built in 1941
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Common Charges
No Data
Property Taxes
No Data
Mortgage
$2,334
Total Monthly Payment
$2,334
Est. Rental Income
$3,000
Cap Rate
No Data
HopScore Analysis
HopScore Market Price:
$636,300
Difference from Asking Price:
$6,300
Closest Comparable:
None Found
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 outMain house: 5bd 3 ba @$2,300/monthCottage 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 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 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.

The manager has listed the unit size as 3138 square feet.
Features & Amenities
Cooktop
Dishwasher
Dryer
Freezer
Microwave
Oven
Oven - Convection
Range
Refrigerator
Washer
Central A/C
Forced Air
Driveway
Listed By
Tristan Trujillo
(970) 749-3271
Engel & Volkers Denver
Price History
Date Event Price Source
2021-02-17 Price Drop $630,000 Listing Records
2021-01-29 Listed $661,000 Listing Records
2020-03-09 Status Change Off Market Listing Records
Want to find out who owns 1012 Iowa Avenue? Get detailed property transactions, assessments, mortgage info.
On the Map
Recent Transactions at 1012 Iowa Avenue
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Nearby Schools

(within attendance boundary)
1921 East Yampa Street, Colorado Springs, CO 80909
Public  •  Elementary  •  Grades KG to 5
Colorado Springs School District 11
1600 North Union Blvd, Colorado Springs, CO 80909
Public  •  Middle School  •  Grades 6 to 8
Colorado Springs School District 11
PALMER HIGH SCHOOL  •  1.73 mi
301 North Nevada Avenue, Colorado Springs, CO 80903
Public  •  High School  •  Grades 9 to 12
Colorado Springs School District 11
School zoning information and other data are provided by RealtyHop Schools and 3rd party sources. The contents of the database are not guaranteed to be accurate or timely. Contact the schools or districts before making any decisions using on this data.
Room By Room Floorplans and Photos
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Comparable Apartments for Rent
No comparable nearby rentals / sublets
Copyright © 2021 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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