Renovated Apartment Community with Fitness
New
For Sale
$4,000,000
2625 Ore Mill Rd, Colorado Springs, CO 80904
The 55+ and veteran-focused community remains open to the broader rental market and includes a fitness center.
Property Size16,000 SF
Days on Market2
Property Features for 2625 Ore Mill Rd
General Information
Standard status
Active
Size
16,000 SF
Property subtype
Multifamily
Occupancy
95%
Financials
Asking Price
$4,000,000
Cap Rate
8.32%
Additional Details
Multifamily Units
54
Amenities
fitness center
Fully renovated 54-unit community with upgraded interiors, amenities, and fitness center, offering immediate cash flow with limited near-term capital.
100% occupied asset serving 55+ and veteran residents, providing stable operations and proven demand in the Colorado Springs market.
Attractive $74,074 per-unit basis offers meaningful scale below comparable sales and a lower cost of entry than many competing assets.
Strong in-place returns with an 8.32% cap rate and projected 9.15% Year 1 cap rate supported by stabilized occupancy.
Assumable financing with a $2.6M loan balance and 6.25% interest rate provides added flexibility for investors.
Building Details
Building Size
16,000 SF
Units
54
Listed By:
Greg Parker · License #License(s): CO: FA.100074810
(303) 328-2015
Source:
Marcusmillichap
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 10 at 2:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Greg Parker
Investment Insights
Based on property information with market context.
Parker Place is a 54-unit apartment community at 2625 Ore Mill Rd in Colorado Springs. Renovations have addressed apartment interiors and shared spaces, and the property includes a fitness center. The resident focus includes adults 55 and older and veterans, while the community remains open to renters more broadly.
The property is fully occupied. Its stated going-in cap rate is 8.32%, with a projected 9.15% cap rate in Year 1. The completed renovation work spans both residences and common areas, alongside the fitness center addition.
The property is fully occupied. Its stated going-in cap rate is 8.32%, with a projected 9.15% cap rate in Year 1. The completed renovation work spans both residences and common areas, alongside the fitness center addition.
Key Highlights
- 54‑unit apartment community at 2625 Ore Mill Rd in Colorado Springs
- 100% occupied
- Apartment interiors and common areas have been renovated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$194,211
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,884,220
$3.9M
Cap Rate 7%
$2,774,443
$2.8M
Cap Rate 9%
$2,157,900
$2.2M
Market Conditions
NOI Build-Up for 16,000 SF
Gross rent
$372.5K $23.28/SF
− Vacancy
−$19.4K −$1.21/SF
EGI
$353.1K $22.07/SF
− OpEx
−$158.9K −$9.93/SF
NOI
$194.2K $12.14/SF
Area
Colorado Springs, CO
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,884,220
Cap Rate 7%
$2,774,443
Cap Rate 9%
$2,157,900
Alternative Uses
Best Use
Apartment 5plus
$2.77M
$2.43M – $3.24M
NOI $194,211 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.16M
$2.76M – $3.69M
NOI $221,184 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
54
Residential units
Location Intelligence
Trade Area within ½ mile
1,285
Businesses Nearby
Explore this area
Business Placement
Demographics for 80904, CO
20,986
Population
11,578
Households
1.8
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
11.2 sq mi
ZIP Area
1,874
Density / Sq Mi
$69,566
Median Household Income
$44,494
Median Earnings
$1,417
Median Rent
$413,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - The 55+ and veteran-focused community remains open to the broader rental market and includes a fitness center.
Where is this apartment building located?
The property is located at 2625 Ore Mill Rd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 54‑unit apartment community at 2625 Ore Mill Rd in Colorado Springs; 100% occupied; Apartment interiors and common areas have been renovated
