Four-Unit Multifamily
For Sale
$725,000
404 State St, Fort Morgan, CO 80701
Four-unit multifamily in Fort Morgan with spacious units and rental demand supported by local agricultural, industrial, and service employment.
Property Size6,200 SF
Days on Market117
Property Features for 404 State St
General Information
Standard status
Active
Size
6,200 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
4
Building Details
Building Size
6,200 SF
Year Built
1906
Tenancy
Multi
Listing Agency:
PINNACLE REAL ESTATE ADVISORS
Listed By:
Andy Monette · License #100068216
(714) 330-1436
Source:
Pinnaclerea
Added: Jul 4
Changed: Oct 25
Last Checked: Oct 26 at 2:16PM
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 PINNACLE REAL ESTATE ADVISORS
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Investment Insights
Based on property information with market context.
This four-unit multifamily property at 404 State Street in Fort Morgan, CO offers a straightforward rental setup with spacious units designed for long-term tenancy. The asset’s manageable size supports efficient day-to-day operations while providing more scale than a single-family rental portfolio.
The property is positioned in a growing regional market, with rental demand attributed to the area’s agricultural, industrial, and service-based employment base. For investors seeking a residential income asset with an established four-unit configuration, this property provides a practical platform to manage and lease multiple units within one building.
As a four-unit structure, it combines multiple income-producing units under one roof and offers a clear, operationally manageable unit count for prospective owners and their brokers to evaluate.
The property is positioned in a growing regional market, with rental demand attributed to the area’s agricultural, industrial, and service-based employment base. For investors seeking a residential income asset with an established four-unit configuration, this property provides a practical platform to manage and lease multiple units within one building.
As a four-unit structure, it combines multiple income-producing units under one roof and offers a clear, operationally manageable unit count for prospective owners and their brokers to evaluate.
Key Highlights
- Four‑unit multifamily property built in 1906
- Spacious unit layouts
- Rental demand supported by local agricultural, industrial, and service‑based employment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,229
Cap Rate
8.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,244,580
$1.2M
Cap Rate 7%
$888,986
$889.0K
Cap Rate 9%
$691,433
$691.4K
Market Conditions
NOI Build-Up for 6,200 SF
Gross rent
$95.2K $15.36/SF
− Vacancy
−$6.3K −$1.02/SF
EGI
$88.9K $14.34/SF
− OpEx
−$26.7K −$4.30/SF
NOI
$62.2K $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 Rate 5%
$1,244,580
Cap Rate 7%
$888,986
Cap Rate 9%
$691,433
Alternative Uses
Best Use
Multifamily LT 5
$889.0K
$777.9K – $1.04M
NOI $62,229 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$799.2K
$699.3K – $932.4K
NOI $55,942 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,075 @ 7.0% cap · market cap 17.53%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily in Fort Morgan with spacious units and rental demand supported by local agricultural, industrial, and service employment.
Where is this quadplex located?
The property is located at 404 State St Fort Morgan, CO.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1906; Spacious unit layouts; Rental demand supported by local agricultural, industrial, and service‑based employment
