935 Hathaway Dr, Colorado Springs, CO 80915

Property Description

MODUS Real Estate is pleased to present the opportunity to acquire 935 Hathaway Dr, a well maintained fourplex in the Cimarron Hills neighborhood of East Colorado Springs, within the Powers submarket and minutes from Peterson Space Force Base, Schriever Space Force Base, and the Colorado Springs Airport. The property consists of four 2 bed / 1 bath units, each approximately 750 square feet, across a 3,000 SF building on a 7,841 SF lot - an efficient, easily managed unit mix with proven long-term tenant demand. Distinct from a heavy value-add play, 935 Hathaway offers stabilized, in-place cash flow. All four units are currently leased and occupied, averaging $1,378.75 per month ($1.84/SF) and producing $66,180 in gross annual rent. In-place NOI of $42,807 represents a 6.39% going-in cap rate at the $670,000 asking price. Year 1 underwriting projects NOI rising to $44,967 (a 6.71% cap), driven by a utility bill-back program that recaptures a portion of the master-metered water and sewer expense - an operational improvement achievable without capital renovation. Built in 1984, the asset positions as an attractive core-plus opportunity for private investors and 1031 exchange buyers seeking durable workforce-housing yield.