329 N Meldrum St

Description

GREAT Investment Opportunity in the heart of Downtown Fort Collins! 7 total units comprised of a triplex and 4 mobile homes, all legal and all permitted. Enjoy great in place rents of nearly $120,000 per year, AND future upside potential of future redevelopment on this great corner property located at Cherry & Meldrum in Downtown Fort Collins. These well located, affordable for Old Town rental units are always fully leased! Down the road, join several other previous Downtown redevelopment projects that have had great success in an around this burgeoning area of Old Town. Buy as an investment that cash flows now, and make an income while planning your next development project in this NCB zoning district. Please check with the City of Fort Collins for more information and schedule a conceptual review if so desired. This a rare chance to own over 1/3 acre of highly desirable Old Town land w/ great income in such a close proximity to Downtown Restaurants, Shopping, Lee Martinez Park, & all that Old Town has to offer. Units are fully leased thru Next May/June/July 2026 (unit dependent). You cold also make this a very cool and hip tiny home community, as the Seller has a letter in the file from Planning & Zoning that allows the 4 mobile homes to be replaced and swapped out at any point in the future, with newer trailers or even tiny homes! So use your creativity, and either upgrade and swap out for more income, or replace with newer tiny houses, or do a total redevelopment and go vertical here. So many options and so much potential. Unfortunately, so as not to disturb the Tenants, showings will not be possible on all units until the time of Contract. Units are all in middle of the road "rental grade" condition. Trailer SQFT is added to total SQFT on the listing. Buyer to verify. Property is being sold in its current "As-Is Where-Is" condition. Sellers are licensed Real Estate Brokers in the State of Colorado, and will be completing a 1031 Tax Deferred Exchange.