6664 Provincial Drive

Fountain CO 80817

3442 sq. ft.

Other

Currently for sale - view listing

Overview

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.