Renovated Multifamily Apartment
For Sale
$1,050,000
1629 Azalea Dr, Fort Collins, CO 80526
Fully renovated multifamily asset featuring spacious three-bedroom units and a turnkey condition for investors.
Property Size3,952 SF
Days on Market76
Property Features for 1629 Azalea Dr
General Information
Standard status
Active
Size
3,952 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
Fully renovated, turnkey asset with minimal near-term capex and reduced maintenance risk
All three-bedroom units drive strong demand from families and long-term renters
Prime West Fort Collins location near Horsetooth Reservoir and outdoor amenities
Supply-constrained submarket supports long-term rent growth and appreciation
Large unit format benefits from rising homeownership affordability challenges
Upside through rent growth as leases roll to market levels
Building Details
Building Size
3,952 SF
Units
4
Listing Agency:
Denver Office
Listed By:
David Bomgaars · License #License(s): CO: FA100104456
(303) 328-2069
Source:
Marcusmillichap
Added: Jun 22
Changed: Aug 8
Last Checked: Sep 5 at 3:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Denver Office
Investment Insights
Based on property information with market context.
1629 Azalea Drive is a fully renovated multifamily apartment building with a unit mix comprised entirely of spacious three-bedroom homes. Current ownership has completed extensive renovations throughout the property, resulting in a turnkey presentation with limited near-term capital requirements.
The property is located in a highly regarded residential corridor in Fort Collins, with convenient access to outdoor recreation, including being just minutes from Horsetooth Reservoir and nearby boating, hiking, mountain biking, and open space trail opportunities.
With three-bedroom layouts as the exclusive offering, the building is designed for larger living accommodations and supports long-term residential occupancy preferences.
The property is located in a highly regarded residential corridor in Fort Collins, with convenient access to outdoor recreation, including being just minutes from Horsetooth Reservoir and nearby boating, hiking, mountain biking, and open space trail opportunities.
With three-bedroom layouts as the exclusive offering, the building is designed for larger living accommodations and supports long-term residential occupancy preferences.
Key Highlights
- Fully renovated multifamily asset
- Unit mix features spacious three‑bedroom units throughout
- Property is described as having extensive renovations completed by current ownership
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$49,062
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$981,240
$981.2K
Cap Rate 7%
$700,886
$700.9K
Cap Rate 9%
$545,133
$545.1K
Market Conditions
NOI Build-Up for 3,952 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$93.9K $23.76/SF
− Vacancy
−$4.7K −$1.19/SF
EGI
$89.2K $22.57/SF
− OpEx
−$40.1K −$10.16/SF
NOI
$49.1K $12.41/SF
Area
Fort Collins, CO
Vacancy
5.00%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$981,240
Cap Rate 7%
$700,886
Cap Rate 9%
$545,133
Alternative Uses
Best Use
Apartment 5plus
$700.9K
$613.3K – $817.7K
NOI $49,062 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$900.5K – $1.20M
NOI $72,037 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 80526, CO
45,624
Population
19,463
Households
2.3
Avg Household Size
35
Median Age
57%
College-Educated
98%
High-School Grad
32.0 sq mi
ZIP Area
1,426
Density / Sq Mi
$89,098
Median Household Income
$42,496
Median Earnings
$1,641
Median Rent
$520,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated multifamily asset featuring spacious three-bedroom units and a turnkey condition for investors.
Where is this apartment building located?
The property is located at 1629 Azalea Dr Fort Collins, CO.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Fully renovated multifamily asset; Unit mix features spacious three‑bedroom units throughout; Property is described as having extensive renovations completed by current ownership
