Legal Over/Under
For Sale
$649,500
625 S Whitcomb Street, Fort Collins, CO 80521
Two separately configured units with shared laundry, alley access, and flexible OT-B zoning near CSU and Old Town.
Property Size1,900 SF
Days on Market12
Property Features for 625 S Whitcomb Street
General Information
Standard status
Active
Size
1,900 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
OT-B
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,994
Amenities
washer/dryer
front porch
hardwood floors
Building Details
Building Size
1,900 SF
Year Built
1925
Buildings
1
Stories
1
Units
2
Construction
ranch style bungalow
Listing Agency:
RE/MAX Alliance-Wellington
(970) 568-3600
Listed By:
Kareen Kinzli Larsen · License #40018369
(970) 568-3600
Source:
Coloradopartners
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 25 at 9:08AM
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 RE/MAX Alliance-Wellington
Investment Insights
Based on property information with market context.
Built in 1925, this legal over/under duplex includes a main-level bungalow and a separate lower-level residence. The upper unit has a front porch, living room with original hardwood floors, two bedrooms, one bathroom, and a kitchen. The lower unit has its own west-side entrance, full kitchen, living room, two bedrooms with legal egress windows, one bathroom, and a large pantry. Both residences share the washer and dryer.
Recent improvements include a roof and gutters completed in 2023 and a furnace installed in 2024. Alley access serves four off-street parking spaces, with two additional spaces positioned in front of the detached garage. The property is located half a block from CSU and within walking distance of Old Town Fort Collins.
The OT-B zoning district is identified as allowing future fourplex development, accessory dwelling units, and short-term rentals, subject to buyer verification with the City of Fort Collins. The existing layout also supports continued two-unit use or a potential single-family conversion with a lower-level rental.
Recent improvements include a roof and gutters completed in 2023 and a furnace installed in 2024. Alley access serves four off-street parking spaces, with two additional spaces positioned in front of the detached garage. The property is located half a block from CSU and within walking distance of Old Town Fort Collins.
The OT-B zoning district is identified as allowing future fourplex development, accessory dwelling units, and short-term rentals, subject to buyer verification with the City of Fort Collins. The existing layout also supports continued two-unit use or a potential single-family conversion with a lower-level rental.
Key Highlights
- Legal over/under duplex with two bedrooms and one bathroom in each unit
- Roof and gutters replaced in 2023; furnace installed in 2024
- Six off‑street parking spaces: four accessed from the alley and two by the detached garage
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
$25,419
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
3.91%
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%
$508,380
$508.4K
Cap Rate 7%
$363,129
$363.1K
Cap Rate 9%
$282,433
$282.4K
Market Conditions
NOI Build-Up for 1,900 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
$38.3K $20.16/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$36.3K $19.11/SF
− OpEx
−$10.9K −$5.73/SF
NOI
$25.4K $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%
$508,380
Cap Rate 7%
$363,129
Cap Rate 9%
$282,433
Alternative Uses
Best Use
Multifamily LT 5
$363.1K
$317.7K – $423.7K
NOI $25,419 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$337.0K
$294.9K – $393.1K
NOI $23,588 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$494.8K
$432.9K – $577.2K
NOI $34,633 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,201
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
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 separately configured units with shared laundry, alley access, and flexible OT-B zoning near CSU and Old Town.
Where is this duplex located?
The property is located at 625 S Whitcomb Street Fort Collins, CO.
What is the asking price?
The asking price for this property is $649,500.
What are key features of this property?
This property features: Legal over/under duplex with two bedrooms and one bathroom in each unit; Roof and gutters replaced in 2023; furnace installed in 2024; Six off‑street parking spaces: four accessed from the alley and two by the detached garage
