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811 E Prospect RD Fort Collins, CO 80525
4,797 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,797 sqft
Price per Sqft $239
MLS Listing ID 5510299
HOA Y/N No
Year Built 1946
Annual Tax Amount $7,225
Tax Year 2025
Lot Size 0.380 Acres
Acres 0.38
Property Sub-Type Multi Family
Source recolorado
Property Description
MODUS Real Estate is pleased to present the opportunity to acquire 811 E Prospect Rd, an eight-unit value-add multifamily asset in central Fort Collins, located approximately 1.5 miles from Colorado State University and within walking distance of the MAX Bus Rapid Transit and the Mason Corridor. The property consists of two studios, four 1BR/1BA units, and two 2BR/1BA units across approximately 4,700 net rentable square feet, with an on-site common laundry room currently under a lease held by the seller.
The property is currently 100% occupied with weighted-average in-place rents of $831/month, well below the $1,206/month market rent supported by recent leasing activity in the immediate Prospect and CSU-adjacent submarket. Offered by a long-term owner with long-term tenants in place, the asset's stable tenancy has kept in-place rents from keeping pace with the market, which is the source of the opportunity on offer. This 34.5% loss-to-lease represents the central value-add thesis: a new owner can execute a unit-by-unit turn strategy to bring rents to market and drive NOI from $44,745 (T-12) to $78,961 (Year 1 pro forma), a near-doubling of cash flow. All leases turn in August, providing flexibility for a new owner to implement their value-add strategy immediately.
Built in 1946, the property sits on a 0.38-acre lot with on-site parking and a double-structure layout that delivers single-family-style entrances and outdoor space uncommon in the Fort Collins rental stock. Recent capital investment further de-risks the acquisition: the boiler was replaced in 2026, and thermostats and zone valves were updated in all units this year. Strong fundamentals such as durable CSU-anchored demand, a constrained Fort Collins supply pipeline, and a sub-2% historical vacancy rate mitigate execution risk while the buyer drives rents to market.
The property is currently 100% occupied with weighted-average in-place rents of $831/month, well below the $1,206/month market rent supported by recent leasing activity in the immediate Prospect and CSU-adjacent submarket. Offered by a long-term owner with long-term tenants in place, the asset's stable tenancy has kept in-place rents from keeping pace with the market, which is the source of the opportunity on offer. This 34.5% loss-to-lease represents the central value-add thesis: a new owner can execute a unit-by-unit turn strategy to bring rents to market and drive NOI from $44,745 (T-12) to $78,961 (Year 1 pro forma), a near-doubling of cash flow. All leases turn in August, providing flexibility for a new owner to implement their value-add strategy immediately.
Built in 1946, the property sits on a 0.38-acre lot with on-site parking and a double-structure layout that delivers single-family-style entrances and outdoor space uncommon in the Fort Collins rental stock. Recent capital investment further de-risks the acquisition: the boiler was replaced in 2026, and thermostats and zone valves were updated in all units this year. Strong fundamentals such as durable CSU-anchored demand, a constrained Fort Collins supply pipeline, and a sub-2% historical vacancy rate mitigate execution risk while the buyer drives rents to market.
Location
State CO
County Larimer
Zoning LMN
Interior
Fireplace N
Exterior
Roof Type Composition
Total Parking Spaces 10
Garage No
Building
Sewer Public Sewer
Structure Type Wood Siding
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA
Listed by MODUS Real Estate
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