334 Mulberry St Fort Collins, CO 80524

Property Details for 334 Mulberry St

Year built

1882

Property size

4,130 SF

Property type

Commercial real estate

Description

This exceptional 5-unit apartment building, located at 334 E Mulberry St in Fort Collins, Colorado, presents a compelling investment opportunity. The property, known as the Historic Arthur House, boasts 4,130 square feet of net rentable space across three stories, situated on a 14,500 square foot lot. Built in 1882 and renovated in 2010, this Class B property features classic Victorian architectural details, offering a unique blend of historical charm and modern functionality. Currently operating with a 5.10% cap rate and a NOI of $76,454, a pro-forma analysis projects a 6.62% cap rate and a NOI of $99,192. The asking price is $1,499,000, translating to $362.95 per square foot and $299,800 per unit. The property includes 21 parking spaces, a significant advantage in this desirable location. Its prime Old Town Fort Collins location, just blocks from Colorado State University, ensures high visibility and strong rental demand. The property is zoned NCB, offering flexibility for various uses, including continued operation as apartments, or conversion to other possibilities such as offices, medical facilities, or a group home. The extensive renovations, including a new GAF Architectural Roofing System and a complete sewer line replacement, ensure long-term value and minimal maintenance needs. The property is currently 100% occupied with an occupancy date of August 1, 2024. This turnkey opportunity is ideal for both investors seeking strong returns and owner-users looking for a unique and versatile property in a thriving Colorado location. The land value alone is $103.38 per square foot.