For Sale
$18,600,000

3617 Marion DrColorado Springs, CO 80909

171 Units, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional Colorado Springs multifamily portfolio comprises three apartment communities: Sonoma Heights, Meadows Pointe, and Aspen Creek Apartments. Totaling 171 units (3 studios, 143 one-bedrooms, and 25 two-bedrooms), this value-add investment opportunity is priced at $18,600,000 ($108,772 per unit, $183.30 per square foot). The portfolio boasts 101,472 square feet across six buildings constructed between 1964 and 1973. Strategically located in the desirable Knob Hill and Stratton Meadows neighborhoods, these properties benefit from proximity to major thoroughfares, employers, shopping, and dining. Each property features off-street parking, well-maintained common areas, and on-site laundry facilities. Units include double-pane windows, new LVT flooring, fresh paint, and updated bathrooms. Significant capital improvements within the last decade include new roofs, windows, electrical upgrades, boiler repairs/replacements, and solar panels, substantially reducing utility expenses. The current cap rate is 7.40%, with a pro-forma cap rate projected at 8.55%. Minor interior cosmetic renovations will allow for achieving top-of-market rents, maximizing returns. This portfolio presents a compelling investment opportunity with substantial potential for outsized returns, and can be sold as a whole or individually. The properties are located at 3617 Marion Dr, 80909

Highlights

  • Individually or portfolio sale available.
  • Minor interior renovations will maximize rental income.
  • Units boast double-pane windows, LVT flooring, fresh paint, and updated bathrooms.
  • Significant capital improvements completed within the past decade.
  • Each property offers off-street parking, well-maintained common areas, and on-site laundry.
  • Excellent location in the up-and-coming Knob Hill and Stratton Meadows neighborhoods.

Property Details for 3617 Marion Dr

Property type
Apartment buildings
Square Feet
101,472 SF
Buildings
6
Units
171

Location Insight

City
Colorado Springs
County
El Paso
State
Colorado
Latitude
38.849487
Longitude
-104.7617627
3617 Marion Dr, Colorado Springs, Colorado

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3617 Marion Dr
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