Prospect Lake Homes under $400,000

Welcome to Prospect Lake, a hidden gem nestled in the heart of Colorado Springs, Colorado. This charming neighborhood offers a perfect blend of suburban tranquility and vibrant community life, making it an ideal destination for families, young professionals, and retirees alike. With its picturesque views of the Rocky Mountains and proximity to the serene Prospect Lake, residents enjoy a peaceful retreat just minutes from the bustling city.

Prospect Lake is known for its welcoming atmosphere, with tree-lined streets and well-maintained parks that invite outdoor enthusiasts to explore. The lake itself is a focal point for recreation, offering opportunities for fishing, picnicking, and leisurely strolls along its scenic pathways. The community is also home to several local shops, cozy cafes, and dining options, ensuring that residents have everything they need right at their fingertips.

One of the most appealing aspects of Prospect Lake is the availability of homes under $400,000. This makes it an attractive option for first-time buyers or those looking to downsize without compromising on quality of life. The neighborhood features a variety of housing styles, from charming single-family homes to modern townhouses, catering to diverse tastes and budgets. With affordable options in a desirable area, it’s no wonder that Prospect Lake is gaining popularity among homebuyers.

In Prospect Lake, you’ll find not just a place to live, but a vibrant community where neighbors become friends, and outdoor adventures await. Experience the perfect blend of comfort, convenience, and natural beauty in this delightful Colorado Springs neighborhood!

Newest Prospect Lake Homes under $400,000

$270,000

2 Beds ⋅ 1 Baths ⋅ 972 SqFt. ⋅ ACTIVE Status

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

728 Prospect Lake Dr, Colorado Springs

Courtesy of RE/MAX Real Estate Group LLC. 719-534-7900

$379,900

ACTIVE Status

**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

Courtesy of The Cutting Edge. 719-999-5067

$379,900

3 Beds ⋅ 2 Baths ⋅ 1,677 SqFt. ⋅ ACTIVE Status

**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

Courtesy of The Cutting Edge. 719-999-5067

$360,000

4 Beds ⋅ 2 Baths ⋅ 2,150 SqFt. ⋅ ACTIVE Status

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

Courtesy of RE/MAX Real Estate Group LLC. 719-534-7900

$330,000

2 Beds ⋅ 1 Baths ⋅ 966 SqFt. ⋅ ACTIVE Status

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

Courtesy of Venterra Real Estate LLC. (719) 368-7639

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