5400 E Pikes Peak, Colorado Springs, CO 80916 - vacant land property

Detailed information about vacant land property which situated in Colorado Springs (80916) city, Colorado state on 5400 E Pikes Peak.

Additional Information: Property: Approximately 17.99+/- acres located on the south-west corner of Hwy 24/Platte Avenue and Powers Boulevard in the south-east market of Colorado Springs The investment highlights are as follows: ##Significant growth and growth potential in area and with the defense/military market ##Ideally positioned in a high traffic/high growth area, dynamic military/retail/industrial corridor in Colorado Springs, Colorado ##Situated close to the Airport and a major highway and Powers Boulevard Property History: I acquired this property with a partner over 2 years ago. Our intent was to hold for 2 or more years to see what the market would do. In the interim my partner has decided to move forward with another property in California. At this time I made him an offer and currently control the piece. Need: I am looking for a strong partner or signature at the bank to join me in financing and sharing in the future upside. Loan to be placed: $900,000 figured at $900,000 at 8% to be amortized over 25 years Current market value: $1.3 m to $1.5 m (Comparables: $2.25 to $2.50 psf) Current Equity (to be split 50/50): $250,000 Note: All profit and loss to be shared equally The intentions are to hold this property for 3 to 5 years and: A. Sell at a profit B. Joint venture with a strong developer C. Determine needs and market and possibly develop ourselves ##Price below market- fair market value is $2.00 to $2.50 psf where as this investment is priced at approximately $1.25 psf- Approximately 25% of instant additional equity upon ###buy in### of partnership ##Presents an attractive investment in uncertain times