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
Description
The Sonoma Heights Apartments offer a strong multifamily investment opportunity in Colorado Springs, situated in the expanding and sought-after Knob Hill neighborhood. The location provides convenient access to major roadways, key employers, popular shopping centers, grocery chains, restaurants, big-box retailers, and a wide range of entertainment options. Comprised of 60 units—37 one-bedrooms and 23 two-bedrooms—the property delivers value-add potential, needing only light interior cosmetic updates to reach premium rental rates. Residents benefit from surface and off-street parking, clean and well-kept common areas, and on-site laundry facilities. Units are equipped with double-pane windows, new LVT flooring, fresh paint, and updated bathrooms. The asset has also received significant capital upgrades over the past decade, including new roofs and windows, updated electrical systems, boiler replacements and repairs, and added solar panels to reduce utility costs. With opportunities for cosmetic enhancements, stronger management, and improved operational performance, Sonoma Heights stands out as a compelling repositioning prospect offering investors the potential for notable returns at an attractive cost basis.
Listing Details
- Cap Rate
7.01%
- Tenancy
Multi
- Space Type
Multifamily
- Sub Category
Apartments Building
- Sale Type
Investment Sale
- Date Listed
12/2/2025
- Net Operating Income
$378,393
- Parking Info
1.43/1,000 SF
Property Specifics
- Property Name
Sonoma Heights Apartments | 3617 Marion Drive
- Property Class
C
- No of Buildings
2
- No of Stories
3
- No of Units
60
- Year Built
1973
- Building Size
43,452 SF
- Lot Size
1.25 Ac
- APN
64101-15-034
- Zoning
R-5
- Occupancy
95%