Overview
Marcus & Millichap is pleased to present Park View Apartments, a 100-unit multifamily community located at 1430–1470 S Chelton Road in Colorado Springs, Colorado. Built in 1983, this garden-style asset offers a well-balanced and efficient unit mix comprised of 60 studio units, 20 one-bedroom units, and 20 two-bedroom units, providing flexibility and appeal to a broad range of renter profiles. The property’s units feature functional layouts, and select apartments have received recent interior upgrades, creating an attractive platform for further renovations.
A compelling value-add opportunity exists via continued unit modernization, including upgraded appliances, flooring, cabinetry, and finishes. This strategy would allow an investor to increase rents in line with competing properties in the submarket while capitalizing on in-place income. The proven demand for upgraded workforce housing in the immediate area creates a clear path to value enhancement and income growth, particularly in the Southeast Colorado Springs submarket.
Investment Highlights
Attractive Value-Add Opportunity Park View offers 100 units with a balanced mix of studios, one-bedrooms, and two-bedrooms. Many units have received upgrades, and additional renovations can unlock rental premiums by matching competing properties. This positions the asset as a strong value-add play with clear income growth potential.
Strategic Location in a Growth Market Located in Southeast Colorado Springs, the property benefits from one of the fastest-growing metros in the Mountain West. With more than 750,000 residents, Colorado Springs is consistently ranked among the nation’s top cities for affordability and livability, offering an appealing alternative to Denver and Boulder.
Proximity to Major Employment Drivers The property sits near some of the region’s largest employers, including Peterson Space Force Base, Fort Carson, and the U.S. Air Force Academy. Global defense contractors like Lockheed Martin and Boeing also anchor the area, while the Colorado Springs Airport and downtown’s revitalized economy add further demand drivers.
Strong Lifestyle & Quality of Life Appeal Colorado Springs attracts residents with its blend of outdoor adventure and urban convenience. Park View is just minutes from Garden of the Gods, Pikes Peak, and Cheyenne Mountain State Park, while downtown amenities and higher education institutions provide a steady pipeline of tenants.
Solid Market Fundamentals Renting at Park View remains highly affordable compared to homeownership, with costs nearly 60% lower than buying. With construction starts slowing by 65% and vacancies declining, the market is well-positioned for renewed rent growth, supported by robust population and job expansion.
Community & Unit Amenities Residents enjoy a full suite of amenities, including a swimming pool, spa, playground, basketball court, BBQ grills, and on-site laundry. Apartment features such as high-speed internet, dishwashers, and walk-in closets in select units enhance retention and tenant appeal.
7. Financial Snapshot Current average rents are $928 with a proforma of $960, generating over $1.1M in annual rents. Year 1 NOI is projected at approximately $607,000. Financing includes a new $6.3M loan at 6.04% interest with 30-year amortization, due in 2035.
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