Renovated 24-Unit Apartment
3611 East San Miguel Street Colorado Springs, CO 80909
For Sale
Contact for pricing
Twenty-four units with a 21 one-bedroom and 3 two-bedroom mix, including renovated kitchens, LVP flooring, and bathroom upgrades.
Property Size16,782 SF
Price / SF$148.97
Days on Market70
Property Features for 3611 East San Miguel Street
General Information
- Standard status
- Active
- Size
- 16,782 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1969
Listing Agency:
Cushman & Wakefield - Denver, Colorado
(417) 459-2155
Listed By:
Lee Wagner · License #CO 100084704
Source:
Crexi
Added: May 15
Changed: Jul 21
Last Checked: Jul 21 at 7:05AM
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 Cushman & Wakefield - Denver, Colorado
Investment Insights
Based on property information with market context.
San Miguel East Apartments is a 24-unit apartment building offering 21 one-bedroom units and 3 two-bedroom units. Renovations include updated kitchens with cabinets, LVP flooring, and bathroom upgrades, with approximately 60% of the property currently renovated.
The property is located at 3611 E San Miguel Street near North Academy Boulevard, placing residents within convenient reach of shopping, dining, and entertainment options.
For buyers seeking a multifamily asset with an active renovation component, the current unit improvements provide a foundation while additional updates can be applied to remaining units.
The property is located at 3611 E San Miguel Street near North Academy Boulevard, placing residents within convenient reach of shopping, dining, and entertainment options.
For buyers seeking a multifamily asset with an active renovation component, the current unit improvements provide a foundation while additional updates can be applied to remaining units.
Key Highlights
- 24‑unit multifamily complex built in 1969
- Unit mix: 21 one‑bedroom and 3 two‑bedroom units
- Renovations include renovated kitchens, LVP flooring, and bathroom upgrades
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $390.7k | $23.28 |
| − Vacancy | −$20.3k | −$1.21 |
| EGI | $370.4k | $22.07 |
| − OpEx | −$166.7k | −$9.93 |
| NOI | $203.7k | $12.14 |
16,782 SF · lease $23.28/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.91M
$2.55M – $3.40M
NOI $203,703 @ 7.0% cap · market cap 8.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.87M
NOI $231,994 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
San Miguel Apartments
Apartment Building
FAQs
What type of property is this?
Apartment building - Twenty-four units with a 21 one-bedroom and 3 two-bedroom mix, including renovated kitchens, LVP flooring, and bathroom upgrades.
Where is this apartment building located?
The property is located at 3611 East San Miguel Street Colorado Springs, CO.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 24‑unit multifamily complex built in 1969; Unit mix: 21 one‑bedroom and 3 two‑bedroom units; Renovations include renovated kitchens, LVP flooring, and bathroom upgrades
