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    3617 Marion Dr Colorado Springs, CO 80909

    For Sale
    $6,700,000

    Prime Multifamily Investment Opportunity

    Property size:
    43,452 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    361
    This exceptional multifamily investment opportunity presents a 60-unit apartment building located at 3617 Marion Drive, Colorado Springs, Colorado, 80909. The property, built in 1973, comprises two three-story buildings encompassing 43,452 square feet on a 54,450 square foot lot. The property features 86 surface parking spaces and is zoned R-5. Currently boasting 60 units, the mix includes studios, one-bedroom, and two-bedroom apartments. The asking price is $6,700,000, representing a price per unit of $111,667 and a price per square foot of $154.19. The property's current Net Operating Income (NOI) is $479,075, yielding a 7.15% cap rate. Pro forma NOI is projected at $592,927, resulting in an 8.85% pro forma cap rate. Significant capital improvements have been made over the past 10 years, including new roofs, updated electrical systems, boiler repairs, and the installation of solar panels to reduce utility expenses. The units feature double-pane windows, new luxury vinyl tile (LVT) flooring, fresh paint, and updated bathrooms. The property benefits from its location in a desirable neighborhood with convenient access to major thoroughfares, employers, shopping, and dining. This property offers a compelling value-add opportunity with potential for increased rental income through minor cosmetic renovations and improved property management. The property's strong tenant base and substantial recent capital improvements make it an attractive investment with significant potential for outsized returns.

    Property Features for 3617 Marion Dr

    General Information

    Property type
    Multifamily properties
    Square Feet
    43,452 SF

    Building Details

    Year Built
    1973
    Buildings
    2
    Stories
    3
    Units
    60
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sonoma Heights Apartment Building

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Daycare Center Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Colorado Springs
    County
    El Paso
    State
    Colorado
    Longitude
    -104.7617627
    Latitude
    38.849487

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    FAQs

    What type of property is this?
    Multifamily property - Prime Multifamily Investment Opportunity
    Where is this multifamily property located?
    The property is located at 3617 Marion Dr Colorado Springs, CO.
    What is the asking price?
    The asking price for this property is $6,700,000.
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    3617 Marion Dr Colorado Springs, CO 80909
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    Colorado Springs, CO 80909
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3617 Marion Dr Colorado Springs, CO 80909
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