5-Unit Apartment
New
For Sale
$800,000
311 University Drive, Colorado Springs, CO 80910
All five residences are occupied under leases extending through 2027.
Property Size4,508 SF
Price / SF$177.46
Days on Market3
Property Features for 311 University Drive
General Information
Standard status
Active
Size
4,508 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Neighborhood
Park Hill
Units
Unit Mix
4 x 2BR, 1 x 3BR
Multifamily Units
5
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1965
Listing Agency:
Fathom Realty Colorado LLC
Listed By:
Jefferson Real Estate
(719) 836-2615
Source:
Jeffreal
Added: Oct 28
Last Checked: Oct 28 at 7:08AM
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 Fathom Realty Colorado LLC
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Investment Insights
Based on property information with market context.
Built in 1965, this five-unit multifamily property contains 4,508 SF, with four 2-bedroom apartments and one 3-bedroom apartment. The units total 11 bedrooms and 9 bathrooms, and the property is fully occupied with leases in place through 2027. Improvements completed since 2024 include a Class 4 impact-resistant roof, a metal and concrete staircase, furnace replacements, fencing, xeriscape landscaping, and interior updates such as LVP flooring, paint, vanities, lighting, and plumbing fixtures.
The property is in southeast Colorado Springs near Peak Innovation Park, a 1,600-acre business park at the entrance to Colorado Springs Airport. Park tenants include Amazon, Frito-Lay, Northrop Grumman, and The Aerospace Corporation. A 620,000-square-foot Swire Coca-Cola plant has been announced, and 252,890 square feet of Class A industrial space is under construction.
The property is in southeast Colorado Springs near Peak Innovation Park, a 1,600-acre business park at the entrance to Colorado Springs Airport. Park tenants include Amazon, Frito-Lay, Northrop Grumman, and The Aerospace Corporation. A 620,000-square-foot Swire Coca-Cola plant has been announced, and 252,890 square feet of Class A industrial space is under construction.
Key Highlights
- Five apartments totaling 4,508 SF
- Unit mix: four 2‑bedroom apartments and one 3‑bedroom apartment; 11 bedrooms and 9 bathrooms
- Fully occupied, with leases extending through 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,719
Cap Rate
6.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,094,380
$1.1M
Cap Rate 7%
$781,700
$781.7K
Cap Rate 9%
$607,989
$608.0K
Market Conditions
NOI Build-Up for 4,508 SF
Gross rent
$104.9K $23.28/SF
− Vacancy
−$5.5K −$1.21/SF
EGI
$99.5K $22.07/SF
− OpEx
−$44.8K −$9.93/SF
NOI
$54.7K $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%
$1,094,380
Cap Rate 7%
$781,700
Cap Rate 9%
$607,989
Alternative Uses
Best Use
Apartment 5plus
$781.7K
$684.0K – $912.0K
NOI $54,719 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$890.3K
$779.0K – $1.04M
NOI $62,319 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Explore this area
Business Placement
Demographics for 80910, CO
30,991
Population
13,940
Households
2.2
Avg Household Size
32
Median Age
25%
College-Educated
89%
High-School Grad
6.1 sq mi
ZIP Area
5,080
Density / Sq Mi
$56,681
Median Household Income
$37,110
Median Earnings
$1,299
Median Rent
$276,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - All five residences are occupied under leases extending through 2027.
Where is this apartment building located?
The property is located at 311 University Drive Colorado Springs, CO.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Five apartments totaling 4,508 SF; Unit mix: four 2‑bedroom apartments and one 3‑bedroom apartment; 11 bedrooms and 9 bathrooms; Fully occupied, with leases extending through 2027
