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 assets 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.

Property Features