For Sale

Listed by Andrew Stephens from MODUS Real Estate

Source: Information and Real Estate Services, LLC #7311767

6664 Provincial Drive, Fountain, CO, 80817

$650,000

8
4
6
3442 sq. ft.

Other

•

1 day on the market

What's around 6664 Provincial Drive

About this property

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.

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