Prospect Lake Homes under $400,000

Welcome to Prospect Lake, a charming neighborhood nestled in the heart of Colorado Springs, Colorado. This picturesque area is known for its stunning views, serene lakeside parks, and vibrant community spirit, making it an ideal place for families, young professionals, and retirees alike.

Prospect Lake offers a unique blend of outdoor recreation and urban convenience. Residents enjoy easy access to the tranquil waters of Prospect Lake, where you can spend sunny afternoons fishing, picnicking, or simply soaking in the breathtaking mountain vistas. The surrounding parks and trails are perfect for hiking, biking, and leisurely strolls, providing a perfect backdrop for an active lifestyle.

The neighborhood is characterized by its friendly atmosphere and a strong sense of community. With a variety of local shops, eateries, and services just a stone’s throw away, you’ll find everything you need within reach. The nearby schools are well-regarded, making it an attractive option for families looking to settle down in a nurturing environment.

What’s more, Prospect Lake is home to a range of affordable housing options, with many charming homes available for under $400,000. Whether you’re seeking a cozy starter home or a spacious property with room to grow, you’ll find a diverse selection that caters to various tastes and budgets.

Experience the warmth and beauty of Prospect Lake, where nature meets community, and your dream home awaits. Come explore this hidden gem in Colorado Springs – you won’t be disappointed!

Newest Prospect Lake Homes under $400,000

$270,000

2 Beds ⋅ 1 Baths ⋅ 7781583 MLS

Original hardwood flooring on main level. 2 bedrooms 1-bathroom zoned R2.

728 Prospect Lake Dr, Colorado Springs

$379,900

6194336 MLS

**Take advantage of a $5,000 Seller Credit at closing to help reduce your upfront costs or buy down your interest rate!** Rare income opportunity near downtown Colorado Springs! This ranch bungalow features two separate living spaces, including a full apartment in the lower level with a great rental history. Rent both units, house hack by living in one and renting the other, or accommodate extended family while keeping income flexibility. The main-level unit offers two bedrooms, a three-quarter bath, a bright living room with a charming window seat, a dining area, and a kitchen with stainless steel appliances and ample cabinet space. A covered front porch adds curb appeal and tenant appeal. The lower-level apartment has its own separate entrance, a bedroom, a bathroom, and a kitchenette, giving occupants of both units privacy and independence. Investors will appreciate the low-maintenance stucco exterior and the desirable R-2 zoning. Alley access, abundant off-street parking, and RV parking reduce parking concerns for multiple households. The fully fenced yard and a separately fenced patio with a hot tub add amenities that help attract and retain quality tenants. Location drives rental demand, and this one delivers. Memorial Park is a short walk away with trails, Prospect Lake, playgrounds, the annual Balloon Festival, and Fourth of July fireworks, while downtown dining, shopping, entertainment, and employment are just minutes away. Whether you're building a portfolio, offsetting your own mortgage, or planning for multi-generational living, this property offers flexibility, income potential, and a central location that's hard to find. Schedule your showing today!

713 S Sheridan Ave, Colorado Springs

$379,900

3 Beds ⋅ 2 Baths ⋅ 8398236 MLS

**Take advantage of a $5,000 Seller Credit at closing to help reduce your upfront costs or buy down your interest rate!** Live in one, rent the other! This charming ranch bungalow near downtown Colorado Springs and Memorial Park includes a full apartment in the lower level, offering rental income to help offset today's interest rates or an ideal setup for multi-generational living. The main level welcomes you with a covered front porch and a bright living room that flows into the dining area, complete with a charming window seat and abundant natural light. The kitchen offers stainless steel appliances, ample cabinet space, and a functional layout. Two bedrooms, including the primary, and a three-quarter bath complete the main floor. Downstairs, the private apartment features its own separate entrance, a bedroom, a bathroom, and a kitchenette, giving tenants or extended family true independence and privacy. This low-maintenance stucco home sits on a desirable R-2 lot with alley access, abundant off-street parking, and RV parking. The fully fenced yard offers room to relax, entertain, or expand, while a separately fenced patio with a hot tub creates a private retreat. Stroll to Memorial Park for trails, Prospect Lake, playgrounds, the annual Balloon Festival, and Fourth of July fireworks, with downtown dining, shopping, and entertainment just minutes away. A legal rental apartment, income potential, and an unbeatable central location. Opportunities like this don't come along often. Schedule your showing today!

713 S Sheridan Ave, Colorado Springs

$369,000

4 Beds ⋅ 2 Baths ⋅ 3962525 MLS

This Charming bungalow style home in downtown adjacent historic Hillside. Spacious and bright, this home is zoned R2 and can be converted to a duplex or add an ADU out back! Walking distance to downtown, across from Memorial Park and Prospect Lake, this gem is near it all. Step out your front door to experience the Labor Day liftoff and all that the park has to offer, walking distance to the planned redevelopment of the Union Printers home, easy I-25 access, Playgrounds, trails (Shooks Run), coffee shops, revamped Helen Hunt Campus, and more to this charming downtown neighborhood. Original wood floors, new vinyl windows, new central A/C and heat, freshly painted- this charmer is move-in ready. Grab a scooter and explore all this great location has to offer!

726 Prospect Lake Dr, Colorado Springs

$330,000

2 Beds ⋅ 1 Baths ⋅ 5209981 MLS

Welcome home! This 2-bed, 1-bath home is a scenic beauty, fully renovated with modern luxury in mind. It is located just minutes away from downtown, parks, restaurants, I-25, and so much more! Step inside to find a beautiful interior featuring custom tile work, Caesarstone quartz countertops, LG stainless steel appliances, a custom breakfast nook, walk-in pantry, and a convenient dry bar; ideal for entertaining guests or simply relaxing with loved ones. This home offers more than just stylish living spaces, it includes a 2-car oversized garage complete with a workshop that provides ample room for storage, hobbies, or projects. Don't miss your chance to call this stunning property home. Schedule a showing today and envision yourself enjoying the modern conveniences this home offers.

1220 E Fountain Blvd, Colorado Springs

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