Mixed-Use Property with Owner-User
For Sale
$1,600,000
203 W Myrtle St, Fort Collins, CO 80521
Three apartments and three commercial suites support a mixed-use configuration with approximately 1,200 SF for an owner-user.
Property Size4,800 SF
Days on Market45
Property Features for 203 W Myrtle St
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,949
Building Details
Building Size
4,800 SF
Year Built
1899
Buildings
1
Tenancy
Multi
Listing Agency:
Realtec C.R.E.S., LLC
Listed By:
Erik Broman · License #FA.100006880
(970) 229-9900
Source:
Elliman
Added: Aug 13
Changed: Sep 18
Last Checked: Sep 24 at 1:36PM
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 Realtec C.R.E.S., LLC
Investment Insights
Based on property information with market context.
Built in 1899, this mixed-use property combines three apartments with three commercial suites. Approximately 1,200 SF is available for an owner-user, providing an identified portion of the building for occupancy. The asset has undergone many upgrades and includes on-site parking.
The building occupies a corner lot at Mason and Myrtle in Downtown Fort Collins. Its setting scores 100 for biking, 74 for walking, and 42 for transit, with the property described as a Biker’s Paradise and Very Walkable location. These access metrics provide context for the property’s urban setting and multimodal connectivity.
The building occupies a corner lot at Mason and Myrtle in Downtown Fort Collins. Its setting scores 100 for biking, 74 for walking, and 42 for transit, with the property described as a Biker’s Paradise and Very Walkable location. These access metrics provide context for the property’s urban setting and multimodal connectivity.
Key Highlights
- Three apartments and three commercial suites
- Approximately 1,200 SF available for an owner‑user
- 1899 construction with many upgrades
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
$68,265
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
4.27%
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%
$1,365,300
$1.4M
Cap Rate 7%
$975,214
$975.2K
Cap Rate 9%
$758,500
$758.5K
Market Conditions
NOI Build-Up for 4,800 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
$118.1K $24.60/SF
− Vacancy
−$8.9K −$1.85/SF
EGI
$109.2K $22.76/SF
− OpEx
−$41.0K −$8.53/SF
NOI
$68.3K $14.22/SF
Area
Fort Collins, CO
Vacancy
7.50%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,365,300
Cap Rate 7%
$975,214
Cap Rate 9%
$758,500
Alternative Uses
Best Use
Mixed Use
$975.2K
$853.3K – $1.14M
NOI $68,265 @ 7.0% cap · market cap 4.27%
Second Best
Office B
$962.2K
$842.0K – $1.12M
NOI $67,356 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,494 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,281
Businesses Nearby
Explore this area
Business Placement
Demographics for 80521, CO
37,451
Population
15,121
Households
2.5
Avg Household Size
26
Median Age
63%
College-Educated
98%
High-School Grad
14.0 sq mi
ZIP Area
2,675
Density / Sq Mi
$52,679
Median Household Income
$15,918
Median Earnings
$1,412
Median Rent
$541,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three apartments and three commercial suites support a mixed-use configuration with approximately 1,200 SF for an owner-user.
Where is this mixed-use property located?
The property is located at 203 W Myrtle St Fort Collins, CO.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Three apartments and three commercial suites; Approximately 1,200 SF available for an owner‑user; 1899 construction with many upgrades
