906 Teal Court Unit 902, Colorado Springs, CO 80910

Property Description

MODUS Commercial is pleased to present 902-906 Teal Ct, a six unit multifamily building in Colorado Springs that pairs steady in place income with clear room to grow. Built in 1967 and spanning 4,325 square feet, the property is comprised of five one bed one bath units and one two bed one bath unit. The rent roll is anchored by a base of long term tenants, several of whom have called the property home for multiple years. That tenure speaks to the durability of the income and the appeal of the location, and it gives a new owner a stable foundation to build from. Because every unit is currently on a month to month lease, the next owner has the flexibility to reposition units, move rents toward market, and execute a business plan on their own timeline without waiting out long lease terms. There is meaningful upside to capture. Rents have been managed conservatively under current ownership, leaving room to bring the property in line with market as units turn. Just as important, the current owner does not bill tenants back for utilities. Implementing a utility bill-back program, whether RUBS or a similar structure, is a clear year one win that recaptures a cost ownership absorbs today and lifts net operating income from the outset. For an investor seeking a well located, well occupied asset with multiple levers to drive returns over time, 902-906 Teal Ct is a compelling long term value add opportunity in a resilient Colorado Springs submarket.