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1629 Azalea Dr 4 Unit Apartment Building $1,050,000 ($262,500/Unit) 6.09% Cap Rate Fort Collins, CO 80526
Investment Highlights
- Fully renovated, turnkey asset with minimal near-term capex and reduced maintenance risk
- Prime West Fort Collins location near Horsetooth Reservoir and outdoor amenities
- Large unit format benefits from rising homeownership affordability challenges
- All three-bedroom units drive strong demand from families and long-term renters
- Supply-constrained submarket supports long-term rent growth and appreciation
- Upside through rent growth as leases roll to market levels
Executive Summary
Marcus & Millichap is pleased to present 1629 Azalea Drive, a fully renovated multifamily asset located in one of Fort Collins’ most desirable residential corridors. Situated just minutes from the renowned Horsetooth Reservoir, the property benefits from immediate access to some of Northern Colorado’s most sought-after outdoor recreation amenities, including boating, hiking, mountain biking, and open space trails. The asset features an attractive unit mix comprised entirely of spacious three -bedroom units, a highly desirable layout that appeals to families, roommates, and long-term residents seeking larger living accommodations.
Current ownership has completed extensive renovations throughout the property, creating a turnkey investment opportunity with limited near -term capital requirements. In addition to its renovated condition, investors are presented with a compelling value -add opportunity through the continued growth of rental rates toward market levels. Combining a premium Fort Collins location, large three -bedroom floorplans, modernized interiors, and operational upside, 1629 Azalea Drive offers investors the opportunity to acquire a high-quality asset positioned for both stable cash flow and future income growth.
Current ownership has completed extensive renovations throughout the property, creating a turnkey investment opportunity with limited near -term capital requirements. In addition to its renovated condition, investors are presented with a compelling value -add opportunity through the continued growth of rental rates toward market levels. Combining a premium Fort Collins location, large three -bedroom floorplans, modernized interiors, and operational upside, 1629 Azalea Drive offers investors the opportunity to acquire a high-quality asset positioned for both stable cash flow and future income growth.
Property Facts
| Price | $1,050,000 | Apartment Style | Low-Rise |
| Price Per Unit | $262,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 6.09% | Building Size | 3,952 SF |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1969/2024 |
| Property Subtype | Apartment | Parking Ratio | 2.02/1,000 SF |
| Zoning | MMN | ||
| Price | $1,050,000 |
| Price Per Unit | $262,500 |
| Sale Type | Investment |
| Cap Rate | 6.09% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 3,952 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1969/2024 |
| Parking Ratio | 2.02/1,000 SF |
| Zoning | MMN |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 3 | $1,695 | 969 |
| 3+2 | 1 | $1,695 | 1,093 |
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Somewhat walkable
30/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 97212-06-006 | Improvements Assessment | $48,750 |
| Land Assessment | $12,500 | Total Assessment | $61,250 |
Property Taxes
Parcel Number
97212-06-006
Land Assessment
$12,500
Improvements Assessment
$48,750
Total Assessment
$61,250
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