Brick
New
For Sale
$560,000
449 E Drake Rd, Fort Collins, CO 80525
Residential Income, Fort Collins, CO
Property Size1,616 SF
Lot Size0.17 Acres
Price / SF$346.53
Days on Market4
Property Features for 449 E Drake Rd
General Information
Property type
Residential
Property subtype
Duplex
Zoning
MMN
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Basement, Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2
Parking
2
Window features
Window Coverings
Patio and Porch features
Patio
Interior features
Eat-in Kitchen
Fencing
Fenced
Basement
Crawl Space, Partial
Appliances
Electric Range, Refrigerator, Washer, Dryer, Microwave
Subdivision
Fahrenbruch Leisure Village
Lot features
Paved, Curbs, Gutters, Sidewalks, Street Light
Elementary school
Odea
Middle school
Boltz
High school
Ft Collins
Elementary school district
Poudre
Middle school district
Poudre
High school district
Poudre
Standard status
Active
APN
R0126748
Size
1,616 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3522
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1967
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Harmony Brokers
(970) 282-9488
Listed By:
Jeff Theisen
(970) 430-9067
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 27 at 12:06PM
MLS# 1069503
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.
This 1967 brick duplex contains two units, each with two bedrooms and one bathroom. The building measures 1,616 square feet on a 0.17-acre lot and is zoned MMN. Interior features include an eat-in kitchen, with a patio and fenced area outside. Appliances include an electric range, refrigerator, washer, dryer, and microwave; heating is forced air, and cooling is central air.
Recent plumbing work was completed, with warranties covering certain sections. The property has public water and sewer, and natural gas is available.
Recent plumbing work was completed, with warranties covering certain sections. The property has public water and sewer, and natural gas is available.
Key Highlights
- Two units, each configured with 2 bedrooms and 1 bathroom
- 1,616‑square‑foot building on a 0.17‑acre lot
- MMN zoning
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
$21,619
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
3.86%
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%
$432,380
$432.4K
Cap Rate 7%
$308,843
$308.8K
Cap Rate 9%
$240,211
$240.2K
Market Conditions
NOI Build-Up for 1,616 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
$32.6K $20.16/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$30.9K $19.11/SF
− OpEx
−$9.3K −$5.73/SF
NOI
$21.6K $13.38/SF
Area
Fort Collins, CO
Vacancy
5.20%
Lease Rate
$20.16 /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%
$432,380
Cap Rate 7%
$308,843
Cap Rate 9%
$240,211
Alternative Uses
Best Use
Multifamily LT 5
$308.8K
$270.2K – $360.3K
NOI $21,619 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$286.6K
$250.8K – $334.4K
NOI $20,062 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$420.8K
$368.2K – $490.9K
NOI $29,456 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,347
Businesses Nearby
Explore this area
Business Placement
Demographics for 80525, CO
55,901
Population
25,144
Households
2.2
Avg Household Size
37
Median Age
59%
College-Educated
98%
High-School Grad
23.4 sq mi
ZIP Area
2,389
Density / Sq Mi
$93,349
Median Household Income
$48,876
Median Earnings
$1,744
Median Rent
$563,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two two-bedroom, one-bathroom units are set within a brick building in Fort Collins.
Where is this duplex located?
The property is located at 449 E Drake Rd Fort Collins, CO.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Two units, each configured with 2 bedrooms and 1 bathroom; 1,616‑square‑foot building on a 0.17‑acre lot; MMN zoning
