Half-Duplex with Fenced
For Sale
$269,900
220 S Spruce St, Fort Morgan, CO 80701
CONDOS - Fort Morgan, CO
Property Size2,280 SF
Lot Size0.14 Acres
Price / SF$118.38
Days on Market143
Property Features for 220 S Spruce St
General Information
Property type
Residential
Property subtype
Duplex
Zoning
Res
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 2, Basement, Bedroom 3
Parking features
Off Street
Window features
Window Coverings
Pets allowed
Dogs OK, Cats OK
Interior features
Eat-in Kitchen, Open Floorplan, Walk-In Closet(s)
Exterior features
Sprinkler System
Fencing
Fenced
Basement
Unfinished, Full
Appliances
Electric Range, Dishwasher, Refrigerator, Washer, Dryer
Subdivision
Pioneer Add
Lot features
Level, Paved, Sidewalks
Elementary school
Fort Morgan
Middle school
Fort Morgan
High school
Fort Morgan
Elementary school district
Fort Morgan RE-3
Middle school district
Fort Morgan RE-3
High school district
Fort Morgan RE-3
Standard status
Active
APN
122907142006
Size
2,280 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
954
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Amenities
fully fenced backyard
storage shed
private attached bathroom
walk-in closet
Building Details
Year built
2002
Floors in Building
1
Building materials
Frame
Roof type
Composition
Additional Structures
Storage
Listing Agency:
eXp Realty LLC
(888) 440-2724
Listed By:
Baylei Curtis
(970) 441-0223
Added: Apr 13
Changed: Aug 4
Last Checked: Sep 2 at 8:06AM
MLS# 1056341
Copyright © 2026 IRES MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Well-maintained half-duplex featuring three bedrooms and two bathrooms with convenient main-floor living. Interior highlights include an eat-in kitchen, an open floorplan, and a primary suite with a private attached bathroom plus a walk-in closet. Recent updates include a new roof, new windows, new carpet in the living room/primary bedroom, and some fresh interior paint. The full unfinished basement offers expansion potential, including a bathroom rough-in ready for future completion.
Outside, enjoy a fully fenced backyard with room for outdoor activities, pets, or gardening. A storage shed is included, and the property also features a sprinkler system. Parking is available off-street with space for two vehicles directly in front of the home.
Built in 2002 with frame construction, forced air heating, and central air conditioning, this half-duplex is supported by public sewer and natural gas availability.
Outside, enjoy a fully fenced backyard with room for outdoor activities, pets, or gardening. A storage shed is included, and the property also features a sprinkler system. Parking is available off-street with space for two vehicles directly in front of the home.
Built in 2002 with frame construction, forced air heating, and central air conditioning, this half-duplex is supported by public sewer and natural gas availability.
Key Highlights
- 0.14‑acre lot with 2,280 SF half‑duplex built in 2002
- 3 bedrooms and 2 bathrooms with eat‑in kitchen and open floorplan
- Primary suite includes private attached bathroom and walk‑in closet
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
$22,884
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
8.48%
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%
$457,680
$457.7K
Cap Rate 7%
$326,914
$326.9K
Cap Rate 9%
$254,267
$254.3K
Market Conditions
NOI Build-Up for 2,280 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
$35.0K $15.36/SF
− Vacancy
−$2.3K −$1.02/SF
EGI
$32.7K $14.34/SF
− OpEx
−$9.8K −$4.30/SF
NOI
$22.9K $10.04/SF
Area
Morgan County, CO
Vacancy
6.65%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$457,680
Cap Rate 7%
$326,914
Cap Rate 9%
$254,267
Alternative Uses
Best Use
Multifamily LT 5
$326.9K
$286.1K – $381.4K
NOI $22,884 @ 7.0% cap · market cap 8.48%
Second Best
Apartment 5plus
$293.9K
$257.2K – $342.9K
NOI $20,572 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$667.6K
$584.1K – $778.9K
NOI $46,731 @ 7.0% cap · market cap 17.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
Explore this area
Business Placement
Demographics for 80701, CO
16,101
Population
6,575
Households
2.4
Avg Household Size
35
Median Age
19%
College-Educated
84%
High-School Grad
616.5 sq mi
ZIP Area
26
Density / Sq Mi
$72,500
Median Household Income
$41,071
Median Earnings
$1,096
Median Rent
$318,100
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?
Duplex - Three-bedroom, two-bath half-duplex with a fenced backyard, sprinkler system, and an unfinished basement with bathroom rough-in.
Where is this duplex located?
The property is located at 220 S Spruce St Fort Morgan, CO.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 0.14‑acre lot with 2,280 SF half‑duplex built in 2002; 3 bedrooms and 2 bathrooms with eat‑in kitchen and open floorplan; Primary suite includes private attached bathroom and walk‑in closet
