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San Miguel East Apartments 3611 E San Miguel St 24 Unit Apartment Building $3,100,000 ($129,167/Unit) Colorado Springs, CO 80909
INVESTMENT HIGHLIGHTS
- Under Market Rents, Immediate Opportunity to Increase Rents to Market Rate
- Opportunity to Implements Rubs of $75-$100 Per Unit
- Convenient Location in Central Colorado Springs Near North Academy Corridor
- Value Add Opportunity with Recent Capital Expenditures Including Renovations to 60% of the Units and a New Water Heater
EXECUTIVE SUMMARY
Cushman & Wakefield is pleased to present the San Miguel East Apartments, an exceptional multifamily investment opportunity located at 3611 E San Miguel Street in Colorado Springs, CO. This 24-unit complex is ideally situated near North Academy Boulevard, offering a combination of strong rental demand, convenient access to shopping, dining, and entertainment, and significant potential for growth. Whether you’re an experienced investor or new to the market, this property presents an outstanding chance to acquire a well-maintained asset poised for both immediate cash flow and long-term value appreciation.
The San Miguel East Apartments feature a mix of 21 one-bedroom units and 3 two-bedroom units including renovated kitchens, cabinets, LVP flooring, and bathroom. Currently, 60% of the property has been renovated, with many units already benefiting from substantial upgrades. These renovations have introduced modern layouts designed to maximize both space and comfort, enhancing the property’s overall appeal. For investors, this offers a unique opportunity to capitalize on existing improvements, while adding minimal upgrades to unlock additional value. In addition to its immediate income potential, The San Miguel East Apartments present significant long-term growth prospects. The completed renovations provide a strong foundation for investors to capitalize on Colorado Springs’ growing popularity and the ongoing demand for rental housing.
Colorado Springs has become a rapidly growing market, driven by a robust job sector, an expanding economy, and a steadily increasing population. This growth has fostered a consistent demand for rental properties, particularly in neighborhoods like the one surrounding The San Miguel East Apartments. The property’s proximity to major shopping centers, restaurants, and recreational areas ensures continued tenant demand and stable occupancy rates. For investors, this area’s strong economic outlook and thriving rental market create a reliable environment for sustained income generation and long-term profitability.
The San Miguel East Apartments feature a mix of 21 one-bedroom units and 3 two-bedroom units including renovated kitchens, cabinets, LVP flooring, and bathroom. Currently, 60% of the property has been renovated, with many units already benefiting from substantial upgrades. These renovations have introduced modern layouts designed to maximize both space and comfort, enhancing the property’s overall appeal. For investors, this offers a unique opportunity to capitalize on existing improvements, while adding minimal upgrades to unlock additional value. In addition to its immediate income potential, The San Miguel East Apartments present significant long-term growth prospects. The completed renovations provide a strong foundation for investors to capitalize on Colorado Springs’ growing popularity and the ongoing demand for rental housing.
Colorado Springs has become a rapidly growing market, driven by a robust job sector, an expanding economy, and a steadily increasing population. This growth has fostered a consistent demand for rental properties, particularly in neighborhoods like the one surrounding The San Miguel East Apartments. The property’s proximity to major shopping centers, restaurants, and recreational areas ensures continued tenant demand and stable occupancy rates. For investors, this area’s strong economic outlook and thriving rental market create a reliable environment for sustained income generation and long-term profitability.
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PROPERTY FACTS
| Price | $3,100,000 | Building Class | C |
| Price Per Unit | $129,167 | Lot Size | 0.50 AC |
| Sale Type | Investment | Building Size | 16,782 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 96% |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 1.46/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | R5/CR, Colorado Springs | ||
| Price | $3,100,000 |
| Price Per Unit | $129,167 |
| Sale Type | Investment |
| Sale Condition | 1031 Exchange |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 16,782 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1969 |
| Parking Ratio | 1.46/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R5/CR, Colorado Springs |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Smoke Free
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 21 | - | 550 |
| 2+1 | 3 | - | 750 |
1 1
Walk Score®
Very Walkable (75)
PROPERTY TAXES
| Parcel Number | 64101-09-027 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $238,110 |
PROPERTY TAXES
Parcel Number
64101-09-027
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$238,110
CONTACTS
-
Patrick Knowlton -
Jeff Dimmen -
Kevin Phelan -
Lee Wagner -
Nic Polaski -
Cushman & Wakefield
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San Miguel East Apartments | 3611 E San Miguel St
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