3617 Marion Dr Colorado Springs, CO 80909
- Commercial real estate
- 43,452 SF
Current Use by Public Records
- Sonoma Heights / Apartment Building
Property Details for 3617 Marion Dr
- Year built
- 1973
- Property size
- 43,452 SF
- Property type
- Commercial real estate
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Colorado Springs
- County
- El Paso
- State
- Colorado
- Longitude
- -104.7617627
- Latitude
- 38.849487
