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$650,000
Est. payment /mo
8 Beds
4 Baths
3,442 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 3,442 sqft
Price per Sqft $188
Subdivision Fountain Plaza North
MLS Listing ID 7311767
Bedrooms 8
HOA Y/N No
Year Built 1987
Property Sub-Type Quadruplex
Property Description
MODUS Real Estate is pleased to present 6664–6670 Provincial Dr, a 4-unit multifamily asset in Fountain, Colorado — the closest incorporated community to Fort Carson and a core rental market within the Colorado Springs MSA. The property is an all-two-bedroom quadplex totaling approximately 3,442 net rentable square feet, built in 1987.
The asset is currently 95% occupied with in-place rents of $1,100/month, roughly 15% below the $1,295/month market rent supported by recent quadplex leasing in the immediate submarket. Executing a mark-to-market turn strategy alongside a RUBS utility bill-back drives NOI from $30,415 (T-12) to $42,568 (Year 1 pro forma) — approximately 40% NOI growth — expanding the going-in
cap rate from 4.68% to a stabilized 6.55%.
Demand is anchored by Fort Carson (~8 miles north; 26,000+ active-duty soldiers, ~40,000 family members, 57% living off-post) and reinforced by Peterson and Schriever Space Force Bases. As the newest asset among recent Provincial Dr and Alegre Cir quadplex sales, the pricing is directly validated by the same-street 6600–6606 Provincial Dr sale at $161,000/unit.
The asset is currently 95% occupied with in-place rents of $1,100/month, roughly 15% below the $1,295/month market rent supported by recent quadplex leasing in the immediate submarket. Executing a mark-to-market turn strategy alongside a RUBS utility bill-back drives NOI from $30,415 (T-12) to $42,568 (Year 1 pro forma) — approximately 40% NOI growth — expanding the going-in
cap rate from 4.68% to a stabilized 6.55%.
Demand is anchored by Fort Carson (~8 miles north; 26,000+ active-duty soldiers, ~40,000 family members, 57% living off-post) and reinforced by Peterson and Schriever Space Force Bases. As the newest asset among recent Provincial Dr and Alegre Cir quadplex sales, the pricing is directly validated by the same-street 6600–6606 Provincial Dr sale at $161,000/unit.
Location
State CO
County El Paso
Zoning FOUNTAIN
Interior
Heating Forced Air
Cooling Central Air
Exterior
Roof Type Composition
Private Pool No
Building
Story One
Sewer Public Sewer
Schools
School District Elementary: Widefield 3, Middle/Junior: Widefield 3, High: Widefield 3
Others
Senior Community No
Tax ID 65144-02-004
Special Listing Condition None Known
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6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
Listed byMODUS Real Estate
Nearby School & Business
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