3617 Marion DrColorado Springs, CO 80909

Property Details for 3617 Marion Dr

Property size (Sq ft)

101,472 SF

Property type

Apartment buildings

Description

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

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.8495

Longitude

-104.762

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