1012 Iowa Avenue Colorado Springs, CO
$ 599,000
Property Attributes
  • MLS#7051970
  • TypeMulti-Family
  • CountyEL PASO
  • CityColorado Springs
  • NeighborhoodGrand View Add Colo Spgs
  • Zip80909
  • Style
  • Year Built1941
  • Taxes$ 1100
  • Price$ 599,000
  • Bedrooms6
  • Full Bathrooms4
  • Half Bathrooms0
  • Sqr Footage2488
  • Lot Size12,197 SqFt
Listing Provided Courtesy Of:
Engel & Volkers Denver
Data Source:
Property 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 out Main house: 5bd 3 ba VACANT Cottage 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 & 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 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.

Elementary School Middle School High School
Queen Palmer Elementary School Galileo Middle School Palmer High School
Price History
1/29/2021 Listed $661,000
2/16/2021 5% - $630,000
3/18/2021 5% - $599,000

General Features

Appliances ConvectionOven, Cooktop, Dryer, Dishwasher, ElectricWaterHeater, Freezer, Microwave, Oven, Range, Refrigerator, Washer
Association Y/N No
Attached Garage Yes
Basement Full, Finished, InteriorEntry
Carport Spaces 0.0
Carport Y/N No
Cooling CentralAir
Current Use LiveWork
Elementary School Queen Palmer
Garage Spaces 1.0
Garage Y/N Yes
Heating ForcedAir
High School Palmer
High School District Colorado Springs 11
Levels One
Middle/Junior High School Galileo
Ownership Corporation/Trust
Parking Features Concrete, Driveway, FinishedGarage, Gravel
Property SubType Duplex
Property Type ResidentialIncome
Roof Architectural, Shingle
Sewer PublicSewer
Special Listing Conditions None
Structure Type Duplex
Terms Cash, Conventional, Item1031Exchange, FHA, Other

Interior Features

Above Grade Finished Area 2488.0
Air Conditioning Y/N Yes
Basement (Y/N) Yes
Below Grade Finished Area 0.0
Common Walls NoOneAbove, NoOneBelow, NoCommonWalls
Fireplace Features Basement, LivingRoom
Fireplace Y/N Yes
Heating Y/N Yes
Laundry Features InUnit
Living Area 2488.0
Total Fireplaces 2

Exterior Features

Building Area Total 2488.0
Covered Spaces 0.0
Fencing Full
Lot Features CornerLot, HistoricDistrict, NearPublicTransit, SplitPossible
Lot Size Acres 0.28
Lot Size Area 0.28
Lot Size Square Feet 12250.0
Lot Size Units Acres
Total Parking 1.0
Water Source Public


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 80909

AVG $600K
AVG $1,100
AVG 27
Year Built
AVG 1941
AVG 46
Data Provided by Walkscore ® not using MLS data

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