Canon City Multifamily for Sale
CAP reflects capital improvements in 2025 recorded as maintenance expenses. A rare opportunity to acquire a nationally recognized, income-producing multifamily asset in the heart of the "Climate Capital of Colorado." This well-maintained 15-unit apartment complex carries the distinction of being listed on the National Register of Historic Places as part of the Cañon City Downtown Historic District, a designation that delivers tangible financial advantages for the savvy investor. Constructed in 1902 as the sanitarium of Dr. Ward, this landmark building has been thoughtfully modernized while preserving its historic character. Capital improvements include a new Heritage roof in 2007, low-E double-paned vinyl windows, restored brick columns, and 15 fully remodeled units with newer vinyl flooring. The unit mix consists of 1-bedroom floor plans across approximately 5,631 sq ft of building space on a 10,560 sq ft lot. A coin-operated laundry facility generates additional passive income, and a detached 2-car garage offers further revenue potential. The National Register listing is a financial asset, not a constraint. Designation puts no restrictions on what can be done with the property, yet it unlocks significant tax credit programs for rehabilitation work. A 20% federal Historic Tax Credit is available for qualifying rehabilitation expenditures, and Colorado's state program offers an additional 20–25% credit, meaning a future owner could recover 40+ cents on every dollar spent on approved capital improvements. State credits are transferable, so even investors with limited Colorado tax liability can monetize them by selling the credits. Ideally located on Macon Avenue in a walkable neighborhood close to Cañon City's charming historic downtown, local shops, restaurants, and recreational amenities. Residents enjoy proximity to the Royal Gorge Bridge, Skyline Drive, the Arkansas River, and year-round outdoor recreation, all within Colorado's most temperate mountain city. Colorado Springs and Pueblo are both less than a one-hour drive.
