CO
Montezuma
Cortez
81321
122 E 1st E Street 1-11, Cortez, CO 81321
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Listing Type
Commercial/Industrial
Listing Status
Active
29
$950,000

Home Details for 122 E 1st E Street 1-11

Price
$950,000
Type
Commercial Sale
Bedrooms
0
Bathrooms
Square feet
NaN
Year built
1940
County
Montezuma
Garage
Days on site
7
MLS Listing#
5873738
Property Description

Prime ELEVEN Unit Multi-Family Investment in Downtown Cortez, Colorado. “Adobes On Ash” represents a rare opportunity to own the first multi-family building constructed in Cortez, with a strong history of tenant stability and consistent income. With a cap rate of 6.67% this property combines reliable cash flow with long-term appreciation potential in Southwest Colorado. Cortez is located in a highly desirable part of the state that is experiencing steady population growth. Situated just one block off Main Street in downtown Cortez, the property provides tenants with convenience and walkability to shops, restaurants, and nearby parks, as well as ample/easy parking supporting long-term occupancy. Town of Cortez Planning indicates that there is Additional Development Potential on the property including 100% lot coverage, and an opportunity to add commercial/ residential along the alley with potential grants to incentivize new businesses adjacent to alleys. Property is zoned as Central Business District, with current residential use grandfathered in. Second story additions would also be allowed (Buyer to verify all development potential with Town of Cortez Planning). Cortez is a vibrant, small town (population ~9,000, serving as the county seat of Montezuma County (population ~27,000). The region is known for its abundant recreational opportunities. Residents enjoy easy access to a wide variety of landscape ranging from high desert to alpine forest, where hiking, biking, off-roading, fishing, and winter recreation are plentiful. Unlike larger resort towns, Cortez remains less saturated and more accessible, with more individuals and families pursuing relocations to authentic, outdoor-oriented communities. A recent Housing Needs Assessment Report by the city of Cortez reported a rental vacancy rate of 1.4%, making this property a very strong candidate for both income stability and property value appreciation. Fiber Internet is available to property if desired.

Property Features
  • Utilities
    • Natural Gas Available
    • Electricity Available
    • Electricity Connected
    • Natural Gas Connected
    • Sewer Connected
  • Water Features
    • Public
Listing Courtesy: Wild Roses Real Estate LLC - 970-547-4662
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EXIT REALTY DTC, CHERRY CREEK, PIKES PEAK
383 Inverness Parkway Suite 140, Englewood, CO 80112
Sheryll White Broker. 303 790 7200
Dawn Campbell
Associate Broker
Office
303 790 7200
Agent
303 408 3229
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