Eight-Unit Multifamily
For Sale
$1,150,000
811 E Prospect Road, Fort Collins, CO 80525
Eight-unit multifamily with mixed studios, 1BR/1BA, and 2BR/1BA units, on-site laundry, and 100% occupancy.
Property Size4,797 SF
Lot Size0.38 Acres
Price / SF$244.68
Days on Market41
Property Features for 811 E Prospect Road
General Information
Standard status
Active
Size
4,797 SF
Total Parking Spaces
1
Lot size
0.38 Acres
Property subtype
Commercial
Zoning
LMN
Occupancy
100%
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$7,225
Amenities
common laundry room
Building Details
Building Size
4,797 SF
Year Built
1946
Units
8
Tenancy
Multi
Listing Agency:
MODUS Real Estate
(720) 496-8868
Listed By:
Andrew Stephens · License #100098946
(720) 496-8868
Source:
Coloradopartners
Added: Jul 16
Changed: Aug 23
Last Checked: Aug 25 at 8:50AM
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 MODUS Real Estate
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
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
$58,349
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
5.07%
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%
$1,166,980
$1.2M
Cap Rate 7%
$833,557
$833.6K
Cap Rate 9%
$648,322
$648.3K
Market Conditions
NOI Build-Up for 4,700 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
$111.7K $23.76/SF
− Vacancy
−$5.6K −$1.19/SF
EGI
$106.1K $22.57/SF
− OpEx
−$47.7K −$10.16/SF
NOI
$58.3K $12.41/SF
Area
Fort Collins, CO
Vacancy
5.00%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$1,166,980
Cap Rate 7%
$833,557
Cap Rate 9%
$648,322
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,677
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
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 Road 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
