Renovated Apartment
For Sale
Contact for pricing
311 S Murray Blvd, Colorado Springs, CO 80916
Five units feature upgraded interiors and in-unit laundry, with private fenced yards and off-street parking.
Property Size6,128 SF
Price / SF$212.14
Days on Market212
Property Features for 311 S Murray Blvd
General Information
Standard status
Active
Size
6,128 SF
Class
C
Property subtype
Multifamily
Zoning
R-4
Occupancy
100%
Investment Type
Value Add
Site & Location
Neighborhood
Eastborough
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Additional Details
Asking Price
$1,300,000
Amenities
private fenced yards
in-unit laundry
off-street parking
playground
Building Details
Year Built
1969
Buildings
1
Stories
1
Units
8
Listing Agency:
CBRE - Denver Downtown
Listed By:
Willy Holliday · License #CO 100098089
Source:
Crexi
Added: Mar 26
Changed: Oct 16
Last Checked: Oct 23 at 4:11AM
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 CBRE - Denver Downtown
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 8-unit apartment property at 311 S Murray Blvd includes an all-two-bedroom, one-bathroom unit mix, with residences averaging approximately 766 square feet. Five units have received interior renovations covering flooring, countertops, appliances, lighting, bathrooms, and in-unit washers and dryers. Property-wide improvements include a new roof, vinyl windows, and parking lot work. Residents also have access to private fenced yards, off-street parking, and a playground. The property was built in 1969 and carries R-4 zoning.
The asset is located in Colorado Springs’ Aviation Corridor, which includes the Colorado Springs Airport, Peterson Space Force Base, Schriever Space Force Base, and Amazon. The corridor represents more than 50,000 jobs, while downtown Colorado Springs is approximately a 10-minute drive away and provides access to an additional 32,000 jobs.
The asset is located in Colorado Springs’ Aviation Corridor, which includes the Colorado Springs Airport, Peterson Space Force Base, Schriever Space Force Base, and Amazon. The corridor represents more than 50,000 jobs, while downtown Colorado Springs is approximately a 10-minute drive away and provides access to an additional 32,000 jobs.
Key Highlights
- 8‑unit apartment property with an all‑two‑bedroom, one‑bathroom unit mix
- Units average approximately 766 square feet
- Five of eight units renovated with upgraded flooring, countertops, appliances, lighting, bathrooms, and in‑unit washers and dryers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,853
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,277,060
$1.3M
Cap Rate 7%
$912,186
$912.2K
Cap Rate 9%
$709,478
$709.5K
Market Conditions
NOI Build-Up for 6,128 SF
Gross rent
$131.6K $21.48/SF
− Vacancy
−$15.5K −$2.53/SF
EGI
$116.1K $18.95/SF
− OpEx
−$52.2K −$8.53/SF
NOI
$63.9K $10.42/SF
Area
ZIP 80916
Vacancy
11.80%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,277,060
Cap Rate 7%
$912,186
Cap Rate 9%
$709,478
Alternative Uses
Best Use
Apartment 5plus
$912.2K
$798.2K – $1.06M
NOI $63,853 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.25M – $1.66M
NOI $99,623 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Explore this area
Business Placement
Demographics for 80916, CO
39,990
Population
15,464
Households
2.6
Avg Household Size
30
Median Age
18%
College-Educated
88%
High-School Grad
18.4 sq mi
ZIP Area
2,173
Density / Sq Mi
$63,399
Median Household Income
$37,708
Median Earnings
$1,505
Median Rent
$289,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Five units feature upgraded interiors and in-unit laundry, with private fenced yards and off-street parking.
Where is this apartment building located?
The property is located at 311 S Murray Blvd Colorado Springs, CO.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 8‑unit apartment property with an all‑two‑bedroom, one‑bathroom unit mix; Units average approximately 766 square feet; Five of eight units renovated with upgraded flooring, countertops, appliances, lighting, bathrooms, and in‑unit washers and dryers
