Eight-Unit Multifamily
811 E Prospect Rd Fort Collins, CO 80525
New
811 E Prospect Rd, Fort Collins, CO, 80525
$1,150,000
For Sale
$1,150,000
Eight-unit multifamily with mixed studios, 1BR/1BA, and 2BR/1BA units, on-site laundry, and 100% occupancy.
Property Size4,700 SF
Lot Size0.38 Acres
Price / SF$244.68
Days on Market7
Property Features for 811 E Prospect Rd
General Information
- Standard status
- Active
- Size
- 4,700 SF
- Lot size
- 0.38 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1946
Listing agency
(720) 496-8868
Listed by
Andrew Stephens
(720) 496-8868
Source
Elliman
Added: Jul 16 Updated: Jul 22 at 6:03AM Checked: Jul 22 at 6:03AM
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 Andrew Stephens
Investment Insights
Based on property information with market context.
MODUS Real Estate presents an eight-unit value-add multifamily asset totaling approximately 4,700 net rentable square feet. The property is currently 100% occupied and features two studio units, four 1BR/1BA units, and two 2BR/1BA units. An on-site common laundry room is currently under a lease held by the seller. Built in 1946, the community is set on a 0.38-acre lot with on-site parking and a double-structure layout that supports single-family-style entrances and outdoor space.
The property is located about 1.5 miles from Colorado State University, within walking distance of the MAX Bus Rapid Transit and the Mason Corridor. All leases turn in August, creating flexibility for a new owner to implement a unit-by-unit turn strategy.
Recent capital improvements further support the acquisition, including a boiler replacement in 2026 and updated thermostats and zone valves in all units this year. The seller-reported current in-place rents are below market rent supported by recent leasing activity, with pro forma NOI presented from $44,745 (T-12) to $78,961 (Year 1 pro forma).
The property is located about 1.5 miles from Colorado State University, within walking distance of the MAX Bus Rapid Transit and the Mason Corridor. All leases turn in August, creating flexibility for a new owner to implement a unit-by-unit turn strategy.
Recent capital improvements further support the acquisition, including a boiler replacement in 2026 and updated thermostats and zone valves in all units this year. The seller-reported current in-place rents are below market rent supported by recent leasing activity, with pro forma NOI presented from $44,745 (T-12) to $78,961 (Year 1 pro forma).
Key Highlights
- 8‑unit multifamily built in 1946 in central Fort Collins with 4,700 net rentable SF and 0.38‑acre lot
- Unit mix: 2 studios, 4 one‑bedroom (1BR/1BA), and 2 two‑bedroom (2BR/1BA) totaling 4,700 net rentable SF
- Currently 100% occupied with weighted‑average in‑place rents of $831/month
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $111.7k | $23.76 |
| − Vacancy | −$5.6k | −$1.19 |
| EGI | $106.1k | $22.57 |
| − OpEx | −$47.7k | −$10.16 |
| NOI | $58.3k | $12.41 |
4,700 SF · lease $23.76/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$833.6K
$729.4K – $972.5K
NOI $58,349 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,672 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Eight-unit multifamily with mixed studios, 1BR/1BA, and 2BR/1BA units, on-site laundry, and 100% occupancy.
Where is this apartment building located?
The property is located at 811 E Prospect Rd Fort Collins, CO.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 8‑unit multifamily built in 1946 in central Fort Collins with 4,700 net rentable SF and 0.38‑acre lot; Unit mix: 2 studios, 4 one‑bedroom (1BR/1BA), and 2 two‑bedroom (2BR/1BA) totaling 4,700 net rentable SF; Currently 100% occupied with weighted‑average in‑place rents of $831/month
