Exceptional investment or house-hacking opportunity just 5 minutes from Downtown Colorado Springs! This versatile property is fully updated and configured for dual-living flexibility, featuring completely separate entrances for both the main level and lower level. The bright main level offers 2 bedrooms and 1 full bathroom with modern interior finishes. Greeted right away with the central living space, and views of the mountains directly through the window. The kitchen boast beautiful updates and both bedrooms serve as their own retreat in the unit with a full bath between. The lower level features an independent 1 bedroom, 1 full bathroom unit ideal for rental income or multi-generational living. Major capital improvements provide complete peace of mind, including a new roof installed last year, a newly relined sewer line, and all HVAC systems under 5 years old. Situated on a generous lot with plenty of outdoor space and quick access to downtown dining, shopping, and major corridors, this turn-key property is ready for an investor seeking strong cash flow or an owner-occupant looking for a property with options! Between location, beautiful updates, and peace of mind, this property has it all!
Single-familyProperty Type
1948Year Built
7,840 sq ftLot Size
$324Price/Sq.Ft.
Listed by Thomas Kenney• Better Homes & Gardens Real Estate - Kenney & Co.
Hillside, located between Downtown Colorado Springs and Memorial Park, is a historic and residential Colorado Springs neighborhood with early-20th-century bungalows and a foothills-facing street grid. The neighborhood’s character concentrates around the South Tejon Street and East Moreno Avenue corridor, where coffee counters, galleries, and small eateries set a steady, walkable rhythm. Ivywild School anchors the area with its food hall energy inside a former school building. The Millibo Art Theatre adds an offbeat, local stage presence, while Shuga’s keeps the dining scene personal and eclectic. Side streets mix mature trees, front porches, and compact lots, with views that open toward Pikes Peak on clear days. Trails and lawns at Memorial Park and Prospect Lake shape an outdoors-forward routine close to the city core.
Provided by Walk Score and Local Logic
Offer insights
720 S Prospect St · $475,000
$475K and above
75% chance or better to win
Why $475K+ is a strong offer
DAYS ON MARKET
41 days
The average home goes pending in 60 days.
SALE-TO-LIST
98.9%
Most homes are selling 1% below list price.
About offer insights
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Living
Dining
Interior features
Furnished
Dishwasher
Disposal
Microwave
Oven
Refrigerator
Bedrooms
3 bedrooms total
2 bedrooms on the main level
1 bedroom in the basement
Bathrooms
2 bathrooms total
1 full bathroom on the main level
1 three-quarter bathroom in the basement
Kitchen
Dishwasher
Disposal
Microwave
Oven
Refrigerator
Laundry & utility
Washer
Dryer
Heating & cooling
Forced air heating
Central air conditioning
Exterior features
Fully fenced yard
Landscaped lot
Near public transit
Paved road access
Home design
Single-family residence
Two levels
Updated/remodeled
Unattached property
Construction
Frame construction
Composition roof
Utilities
Public water
Public sewer
Electricity connected
Natural gas connected
Cable available
Electricity and solar
View estimated energy costs and solar savings for this home
Exceptional investment or house-hacking opportunity just 5 minutes from Downtown Colorado Springs! This versatile property is fully updated and configured for dual-living flexibility, featuring completely separate entrances for both the main level and lower level. The bright main level offers 2 bedrooms and 1 full bathroom with modern interior finishes. Greeted right away with the central living space, and views of the mountains directly through the window. The kitchen boast beautiful updates and both bedrooms serve as their own retreat in the unit with a full bath between. The lower level features an independent 1 bedroom, 1 full bathroom unit ideal for rental income or multi-generational living. Major capital improvements provide complete peace of mind, including a new roof installed last year, a newly relined sewer line, and all HVAC systems under 5 years old. All furniture in the property is negotiable! Situated on a generous lot with plenty of outdoor space and quick access to downtown dining, shopping, and major corridors, this turn-key property is ready for an investor seeking strong cash flow or an owner-occupant looking for a property with options! Between location, beautiful updates, and peace of mind, this property has it all!
elevateMLS #9158622
Sep 23, 2026
Price Changed
$475,000
$324/sq ft
Sep 9, 2026
Listed
$399,000
$273/sq ft
+42
Exceptional investment or house-hacking opportunity just 5 minutes from Downtown Colorado Springs! This versatile property is fully updated and configured for dual-living flexibility, featuring completely separate entrances for both the main level and lower level. The bright main level offers 2 bedrooms and 1 full bathroom with modern interior finishes. Greeted right away with the central living space, and views of the mountains directly through the window. The kitchen boast beautiful updates and both bedrooms serve as their own retreat in the unit with a full bath between. The lower level features an independent 1 bedroom, 1 full bathroom unit ideal for rental income or multi-generational living. Major capital improvements provide complete peace of mind, including a new roof installed last year, a newly relined sewer line, and all HVAC systems under 5 years old. All furniture is negotiable! Situated on a generous lot with plenty of outdoor space and quick access to downtown dining, shopping, and major corridors, this turn-key property is ready for an investor seeking strong cash flow or an owner-occupant looking for a property with options! Between location, beautiful updates, and peace of mind, this property has it all!
REColorado as Distributed by MLS Grid #9078272
Sep 23, 2026
Price Changed
$475,000
$324/sq ft
Sep 7, 2026
Listed
$399,000
$273/sq ft
Aug 31, 2026
Coming Soon
$399,000
$273/sq ft
elevateMLS #3
Jun 6, 2025
Price Changed
$484,900
$331/sq ft
elevateMLS #2
Apr 3, 2025
Price Changed
$519,900
$355/sq ft
elevateMLS #1
Jun 24, 2024
Price Changed
$549,900
$376/sq ft
Public Records
Feb 18, 2022
Sold
$425,000
$290/sq ft
Public Records
Nov 10, 2021
Sold
$275,000
$188/sq ft
Year
Property tax
Land + Additions
Assessment*
2025
$1,246 (−17.6%)
$3,910 + $21,340
$25,250
2024
$1,513 (+8.2%)
$3,910 + $21,340
$25,250
2023
$1,398 (+74.7%)
$3,510 + $28,130
$31,640
2022
$800 (−7.9%)
$3,250 + $11,050
$14,300
2021
$869 (+9.3%)
$3,250 + $11,050
$14,300
2020
$795 (+0.5%)
$3,350 + $11,370
$14,720
2019
$790 (+25.6%)
$2,570 + $9,140
$11,710
2018
$630 (+5.6%)
$2,570 + $9,140
$11,710
2017
$596 (+159.2%)
$1,940 + $6,640
$8,580
2016
$230 (+0.4%)
$1,940 + $6,640
$8,580
2015
$229 (+2.7%)
$1,790 + $6,170
$7,960
2014
$223 (−2.0%)
$1,790 + $6,170
$7,960
2013
$228 (+1.4%)
$1,670 + $5,770
$7,440
2012
$224 (−50.4%)
$1,670 + $5,770
$7,440
2011
$453 (−7.2%)
$1,670 + $5,770
$7,440
2010
$488 (+1.0%)
$1,670 + $5,770
$7,440
2009
$483
$1,740 + $6,530
$8,270
Public record
Public record
Zoning
Permits
Beds
4
Baths
2
Stories
1
Lot width
—
Lot depth
—
Lot size
7,698 Sq. Ft.
Year renovated
1988
Finished Sq. Ft.
1,310
Unfinished Sq. Ft.
—
Total Sq. Ft.
1,310
Year built
1948
Style
Single Family Residential
County
El Paso County
APN
6420205028
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jun 12, 2026.
R-5
Multi-Family High District
The R-5 zone district accommodates attached and detached single-family, two-family, and multi-family dwelling structures at the highest density permitted in the City's standard residential districts (non-R-Flex). Land uses are as indicated in Table 7.3.2-A (Base and NNA-O District Use Table). It is intended for use in areas adjacent to the FBZ district or R-Flex, Mixed-Use, or PDZ districts where similar or higher densities or intensities of use are permitted.
Permitted uses
Include but are not limited to:
Agriculture
Community / recreation center
Religious facility
Day care facility
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Infrastructure
Housing-Mobile home park
Nov 6, 2025 • Final
434
Work on a reroof.
Roofing
Jul 31, 2023 • Final
434
Install a new air conditioning coil and condensing unit.
Electrical
HVAC
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Local insights from Redfin agents
Colorado Springs has so many different neighborhoods and life styles to choose from, with incredible mountain views and plenty to do outdoors. Lets get inside of some houses and see what feels right. I'd love to show you around the Springs. Reach out...
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
2/10 Heat Factor
6 days above 90° expected this year, 17 days in 30 years
2/10 Wind Factor
Minor risk of severe winds over next 30 years
1/10 Air Factor
0 unhealthy days expected this year, 0 days in 30 years
Provided by First Street
Historical weather
Colorado Springs, CO • 80903
Average low and high temperatures (°F)
42
19
52
26
63
36
64
38
69
44
83
56
89
60
83
59
76
51
69
43
54
32
54
29
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
93/ 100
Exceptional sunlight
Sunscore
This home receives average direct sun exposure in Colorado Springs. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
9.9 hrs
6 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 720 S Prospect St
We cannot show automated home-value estimates for this home.
Nearby homes have recently sold between $350,000 and $488,000.
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $350K to $488K.