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Sonoma Heights Apartments 3617 Marion Dr 60 Unit Apartment Building $5,400,000 ($90,000/Unit) 7.01% Cap Rate Colorado Springs, CO 80909
INVESTMENT HIGHLIGHTS
- Great unit mix of 37-one beds and 23-two beds
- Current rents and occupancy are below market – potential for immediate rental income growth
- New solar panels to offset utility expenses and offer operational efficiency
- One-bedroom units are spacious: ~695 sq ft
- Located in quiet suburb with a residential feel
- Major Capital Improvements: Newer double pane windows, roofs, and common area renovations
EXECUTIVE SUMMARY
The Sonoma Heights Apartments present an exceptional multifamily opportunity in Colorado Springs. Strategically located in the growing and desirable Knob Hill neighborhood, the property is near major city thoroughfares, a bevy of employers, popular malls, chain-grocers and restaurants, big-box shopping, and numerous entertainment options. Totaling 60 units, this asset offers value-add potential, requiring only minor interior cosmetic renovations to achieve top-of-market rents. Consisting of 37 one-bedrooms, and 23 two-bedroom units, Sonoma Heights provides much needed housing to strong tenant bases. The property features surface + off-street parking, well-maintained common areas, and on-site laundry facilities. The units feature double pane windows, new LVT flooring, fresh paint, and updated bathrooms. The asset has also endured major capital improvements over the last 10 years including new windows, new roofs, updated electrical, new/repaired boilers, and new solar panels to greatly help offset utility expenses.
Sonoma Heights is a prime candidate for repositioning through cosmetic improvements, improved property management, and operational efficiency. These apartment buildings present an attractive investment opportunity, offering investors substantial potential for outsized returns at a compelling basis.
PROPERTY HIGHLIGHTS
• Great Unit mix of 37-one beds and 23-two beds
• One-bedroom units are spacious: ~695 sq ft
• Current rents and occupancy are below market – potential for immediate rental income growth
• Located in quiet suburb with a residential feel
• New solar panels to offset utility expenses and offer operational efficiency
• Major Capital Improvements: Newer double pane windows, roofs, and common area renovations
COMMUNITY AMENITIES
• On-site laundry
• Recently repaved parking lot with ample parking
• 24-hour secure access to building
• Pet-friendly community
UNIT AMENITIES
• Clean, well-maintained interior hallways
• All units have ceiling fans
• Updates include new wood plank, new light fixtures, and new paint
• Opportunity for new operator to further renovations
• Spacious floor plans with oversized units
Sonoma Heights is a prime candidate for repositioning through cosmetic improvements, improved property management, and operational efficiency. These apartment buildings present an attractive investment opportunity, offering investors substantial potential for outsized returns at a compelling basis.
PROPERTY HIGHLIGHTS
• Great Unit mix of 37-one beds and 23-two beds
• One-bedroom units are spacious: ~695 sq ft
• Current rents and occupancy are below market – potential for immediate rental income growth
• Located in quiet suburb with a residential feel
• New solar panels to offset utility expenses and offer operational efficiency
• Major Capital Improvements: Newer double pane windows, roofs, and common area renovations
COMMUNITY AMENITIES
• On-site laundry
• Recently repaved parking lot with ample parking
• 24-hour secure access to building
• Pet-friendly community
UNIT AMENITIES
• Clean, well-maintained interior hallways
• All units have ceiling fans
• Updates include new wood plank, new light fixtures, and new paint
• Opportunity for new operator to further renovations
• Spacious floor plans with oversized units
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $5,400,000 | Building Class | C |
| Price Per Unit | $90,000 | Lot Size | 1.25 AC |
| Sale Type | Investment | Building Size | 43,452 SF |
| Cap Rate | 7.01% | Average Occupancy | 95% |
| No. Units | 60 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 1.43/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | R-5 | ||
| Price | $5,400,000 |
| Price Per Unit | $90,000 |
| Sale Type | Investment |
| Cap Rate | 7.01% |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.25 AC |
| Building Size | 43,452 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1973 |
| Parking Ratio | 1.43/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-5 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Refrigerator
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 37 | - | 695 |
| 2+1 | 23 | - | 832 |
1 1
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 64101-15-034 | Total Assessment | $598,050 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
64101-15-034
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$598,050 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Sonoma Heights Apartments | 3617 Marion Dr
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