Cimarron Square
Multifamily | 52 Units | $105,769/unit
Marketing description
MMG Real Estate Advisors is pleased to present Cimarron Square, a 52-unit multifamily complex (built in 1964) offering a high-yield, value-add investment in Pueblo’s stable and affordable rental market. The long-term owners have taken meticulous care of the asset and have positioned the next owner to increase their return within one year through rent alignment to market levels and operational efficiencies. Recent improvements, tenant-favorable amenities, and landlord cost-saving features like individual metering for gas and electric further enhance cash flow stability and appeal. All the units within the building are spacious two- and three-bedroom units.
Investment highlights
Significant Below-Market Rents with Immediate NOI Upside: Long-term ownership and self-management have kept rents intentionally low, creating substantial potential for increases. Pueblo’s average 2-bedroom rents range from $1,100–$1,300/month and 3-bedroom averages around $1,275 and up. Bringing rents to market levels will deliver meaningful NOI growth in a market with steady demand for affordable housing. A conservative adjustment to comparables, combined with strong occupancy drivers, can meaningfully boost NOI.
Individually Metered Utilities – Major Landlord Cost Saver: All units are separately metered for both gas and electric, shifting consumption costs directly to tenants. This eliminates a key expense for the owner, reduces overall operating costs, improves net cash flow, and enhances predictability—benefits widely recognized in multifamily investments for boosting profitability, encouraging tenant conservation, and inc reasing property appeal without added landlord burden.
Recent Capital Improvements Reducing CapEx Risk: A brand-new membrane roof (2023) and resurfaced/restriped parking lot (last year) minimize near-term maintenance needs, preserve asset value, and support higher tenant satisfaction—freeing up capital for revenue-focused initiatives like rent optimization.
Value-Add Roadmap for Sustained Growth: With major structural upgrades complete, focus shifts to rent stabilization, minor cosmetic enhancements (kitchens, bathrooms, flooring), and leveraging individual metering for cost efficiency— creating a clear trajectory to an above-market cap rate through organic NOI expansion in Pueblo’s affordable rental landscape.
Flexibility of Individually Deeded Units – Enhanced Exit Strategy: All units are separately deeded as individual condominiums, allowing the owner to sell them off piecemeal as separate condo units if desired. This provides significant liquidity options, potential for higher per-unit sales prices in a condo market, and overall diversification of exit strategies.
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