Updated Fourplex with R2
For Sale
$1,250,000
493 Fulton Street, Aurora, CO 80010
Nicely updated fourplex on a 0.54-acre parcel with R2 zoning and owner-occupant flexibility.
Property Size4,200 SF
Lot Size0.54 Acres
Price / SF$297.62
Days on Market54
Property Features for 493 Fulton Street
General Information
Standard status
Active
Size
4,200 SF
Lot size
0.54 Acres
Property subtype
Multi Family
Zoning
R2
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,456
Building Details
Year Built
1941
Tenancy
Multi
Listing Agency:
Mavi Unlimited Inc
(720) 771-8061
Listed By:
Michael Hoover · License #100036906
(720) 771-8061
Source:
Exitrealty
Added: Jun 17
Changed: Aug 8
Last Checked: Jul 4 at 9:38PM
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 Mavi Unlimited Inc
Investment Insights
Based on property information with market context.
493 Fulton Street in Aurora, Colorado presents a nicely updated, currently occupied residential fourplex on an expansive 0.54-acre parcel (23,522 square feet). The property is also positioned as a development-minded option, offering a blank-canvas site for future redevelopment while maintaining an owner-occupied residential income setup.
The site is described as being in the heart of Aurora, with convenient access to the Anschutz Medical Campus (including the University of Colorado, Children’s Hospital, and the Veterans Affairs hospital) a few miles away. It also sits about a two-minute drive from the Lowry neighborhood and Stanley Marketplace, with additional nearby recreation and shopping referenced including CommonGround Golf Course and Lowry Park, plus retail along Havana Street.
The flexible R2 zoning provides redevelopment options for higher-density concepts, with the remarks indicating potential for 6–10 individual townhomes or 12–16 apartments, subject to city approval. The existing building supports immediate occupancy while the parcel supports long-range planning.
The site is described as being in the heart of Aurora, with convenient access to the Anschutz Medical Campus (including the University of Colorado, Children’s Hospital, and the Veterans Affairs hospital) a few miles away. It also sits about a two-minute drive from the Lowry neighborhood and Stanley Marketplace, with additional nearby recreation and shopping referenced including CommonGround Golf Course and Lowry Park, plus retail along Havana Street.
The flexible R2 zoning provides redevelopment options for higher-density concepts, with the remarks indicating potential for 6–10 individual townhomes or 12–16 apartments, subject to city approval. The existing building supports immediate occupancy while the parcel supports long-range planning.
Key Highlights
- Nicely updated residential fourplex built in 1941
- Set on a 0.54‑acre (23,522 SF) parcel
- R2 zoning provides redevelopment flexibility
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
$60,373
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
4.83%
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%
$1,207,460
$1.2M
Cap Rate 7%
$862,471
$862.5K
Cap Rate 9%
$670,811
$670.8K
Market Conditions
NOI Build-Up for 4,200 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
$93.2K $22.20/SF
− Vacancy
−$7.0K −$1.67/SF
EGI
$86.2K $20.54/SF
− OpEx
−$25.9K −$6.16/SF
NOI
$60.4K $14.37/SF
Area
Aurora, CO
Vacancy
7.50%
Lease Rate
$22.20 /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%
$1,207,460
Cap Rate 7%
$862,471
Cap Rate 9%
$670,811
Alternative Uses
Best Use
Multifamily LT 5
$862.5K
$754.7K – $1.01M
NOI $60,373 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$800.9K
$700.8K – $934.4K
NOI $56,062 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,152 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 80010, CO
42,303
Population
15,394
Households
2.7
Avg Household Size
32
Median Age
19%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
8,295
Density / Sq Mi
$60,755
Median Household Income
$36,349
Median Earnings
$1,400
Median Rent
$385,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Nicely updated fourplex on a 0.54-acre parcel with R2 zoning and owner-occupant flexibility.
Where is this quadplex located?
The property is located at 493 Fulton Street Aurora, CO.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Nicely updated residential fourplex built in 1941; Set on a 0.54‑acre (23,522 SF) parcel; R2 zoning provides redevelopment flexibility
