Murray Street Apartments
Renovated 8-Unit | Proven Value-Add | In-Unit Laundry | 100% 2 BR Units
Marketing description
Murray Street Apartments is an 8-unit multifamily opportunity located in Colorado Springs’ highly desirable Aviation Corridor, offering investors a rare combination of in-place yield, completed capital improvements, and remaining value-add upside.
Offered at $1,300,000 ($162,500/unit) and a 6.45% pro forma cap rate, the property provides an attractive entry basis with proven renovation execution and the ability to continue driving rental growth.
Current ownership has renovated five of the eight units, completing interior upgrades including new flooring, resurfaced countertops, updated appliances, lighting packages, bathroom improvements, and the addition of in-unit washers and dryers. These renovated units are achieving rental premiums, providing a clear path for a new owner to upgrade the remaining units and further increase income.
In addition to interior renovations, ownership has completed significant capital improvements, including a new roof, vinyl windows, and parking lot enhancements, materially reducing near-term capital expenditure requirements.
The property features a highly desirable unit mix of 100% two-bedroom, one-bath units averaging approximately 766 square feet—an ideal layout for the submarket. Residents benefit from a unique amenity set for this vintage product type, including private fenced yards, in-unit laundry, off-street parking, and a playground, all of which support strong tenant demand and retention.
Murray Street Apartments is strategically located within minutes of the Aviation Corridor, home to over 50,000 jobs including the Colorado Springs Airport, Peterson Space Force Base, Schriever Space Force Base, and Amazon. The property is also just a 10-minute drive from downtown Colorado Springs, providing access to an additional 32,000 jobs, positioning the asset within two of the region’s most significant employment centers.
With strong in-place operations, demonstrated renovation upside, and a location supported by long-term employment growth, Murray Street Apartments presents a compelling opportunity for investors seeking both yield and future appreciation.
Investment highlights
- Proven Value-Add with Remaining Upside
- 63% of units renovated with the ability to upgrade remaining units and drive rent growth
- Significant Capital Improvements Completed
- Recent upgrades include roof replacement, vinyl windows, and site improvements—limiting near-term capex
- Desirable 100% 2 Bed / 1 Bath Unit Mix
- All units average ~766 SF, catering to strong workforce housing demand
- Premium Amenity Set for Vintage Product
- Private fenced yards, in-unit laundry, off-street parking, and playground
- Strong Submarket Fundamentals
- Located in the Aviation Corridor with access to 50,000+ jobs and continued economic expansion
- Proximity to Major Employment Centers
- 10 minutes to Downtown Colorado Springs (32,000 jobs) and immediate access to major employers
- Demonstrated Rent Premiums on Renovated Units
- Interior upgrades already achieving higher rents, providing a clear path to continued NOI growth
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