Description

We are offering a four-unit multifamily property at 404 State Street in Fort Morgan, Colorado, for $725,000, which works out to $181,250 per unit and about $117 per square foot. The building has approximately 6,200 square feet on a 9,147 square foot lot, and it produces net operating income of $57,035, a 7.87 percent cap rate at the asking price.

The building dates to 1906 and has been updated over time, including back units that were newly built out in 2024. The units are spacious, each has in-unit laundry, and the layout gives an owner more scale than a single-family rental while staying easy to manage.

Our underwriting shows net operating income growing to about $59,734 as rents move to market, lifting the cap rate to roughly 8.24 percent. That combination of positive cash flow today and steady upside makes the property a fit for a first multifamily purchase or an addition to an existing northern Colorado portfolio. Four units also qualify for residential financing in many cases, which can make the purchase easier for a smaller investor or an owner who plans to live on site.

The property overlooks Glenn Miller Park and is a short drive from Riverside Park on the South Platte River. Fort Morgan is the seat of Morgan County, and its agricultural, industrial and service employers drive consistent rental demand. Contact Andy Monette or David Barocas of Pinnacle Real Estate Advisors for the full financial analysis and to arrange a showing.