720 Melany Lane, Colorado Springs, CO sells for $6,700,000

Date: 3/17/23

***The Hansen Team, Zach Hansen & Chase Kobilca, with Capital Property Group represented the list side on the sale of 720 Melany Lane, Colorado Springs, CO 80907 on March 17, 2023, which sold for $6,700,000 ***

Colorado Springs, Colorado  — Congratulations to The Hansen Team, Zach Hansen & Chase Kobilca, for a great job on the closing sale of 720 Melany Lane, Colorado Springs, CO 80907 which closed on March 17, 2023, that sold for $6,700,000! We could not be more excited for the sellers on their closing success!

This is an investment opportunity to acquire thirty -five (35) units on the desirable West side of Colorado Springs, across the street from the Academy for Advanced and Creative Learning. The property consists of one (1) three (3) story walk-up building with exterior walkways. The unit mix is eighteen (18) two bed one bath units and seventeen (17) three bed one bath units. This property has incredibly spacious units as the two bedrooms are each 850 SF and the three bedrooms are 1,025 SF each. The property is separately metered for gas and electric. Each unit has its own furnace and hot water heater as well as washer/dryer hookups.

The investment property provides a significant amount of upside as rents are below market. Additionally, several of the units have been renovated since owner-ship purchased the property in 2018 and include the following improvements:

• New Appliances
• New Plank Flooring
• Paint
• Several new Hot Water Heaters & Furnaces
• Wall A/ C units

Additional interior and exterior improvements are as follows:

• Newly Renovated Laundry Room & Machines
• Newly Painted Exterior of Entire Building & Railings/Stairs
• New Xeriscape with Rock & Concrete
• New Sewer Line
• New Metal Soffit Panels

Owners of other multi-family buildings in the area typically report full occupancy at their properties, with annual leases executed months in advance. 720 Melany Lane is ideally located for workforce housing, students, and residents looking to acquire a more affordable apartment in relation to Downtown Colorado Springs.

Congratulations to The Hansen Team, Zach Hansen & Chase Kobilca, for the successful closing on this 35 Unit – Investment property.