1301-1307 E Caramillo Street

Rare turnkey investment opportunity in the highly sought-after Patty Jewett neighborhood. Directly across the street from Patty Jewett Golf Course, this fully remodeled four-plex offers a unique combination of modern updates, strong rental appeal, and an unbeatable location near downtown and the Old North End. Built in 1951 and thoughtfully updated throughout, this single-level ranch-style building features four nearly identical 2-bedroom, 1-bath units, each with its own private laundry and private backyard. Three of the units include personal hot tubs, and all units come fully furnished, offering an easy move-in or immediate rental setup for short-term, mid-term, or traditional long-term strategies. The property spans over 3,100 square feet and has been well maintained, with all four units receiving complete interior renovations. The floor plans are efficient and comfortable, and the exterior layout provides privacy rarely found in multifamily properties. Whether you are expanding your portfolio or acquiring your first income property, opportunities like this in the Patty Jewett area are uncommon. This is a true turnkey multifamily asset in one of Colorado Springs’ most desirable and established neighborhoods. This property is currently operated as a short-term rental and holds four legal Non-Owner Occupied Short-Term Rental permits. These permits were issued after the 2019 STR ordinance went into effect, establishing a 500-foot spacing buffer in which no additional legal Non-Owner Occupied STR permits may be issued while these permits remain active. A new owner who wishes to operate short-term rentals would need to apply for their own permits after closing and must meet all current City of Colorado Springs requirements at the time of their application. There are no guarantees regarding future permitting, and buyers are encouraged to conduct their own due diligence.