Adobes on Ash

Address: 122 E 1st Street, Cortez, Colorado
Property Name: Adobes On Ash
Units: 11
Zoning: Central Business District (CBD)
Cap Rate: ~6.67%

📈 Investment Overview

Adobes On Ash represents a rare opportunity to acquire the first multifamily building constructed in Cortez, offering a long-standing history of stable tenancy and consistent income. With a 6.67% cap rate, this downtown asset provides dependable cash flow with meaningful long-term appreciation and development upside.

Located just one block off Main Street, tenants enjoy excellent walkability to shops, restaurants, parks, and services, along with ample and convenient parking, supporting strong long-term occupancy.

🏠 Property Highlights

• 11 residential units (residential use grandfathered)
• Proven income-producing asset
• Fiber internet available (buyer option)
• Downtown location with sustained rental demand
• Walkable setting enhances tenant retention

🛠️ Development & Value-Add Potential

Town of Cortez Planning indicates additional development flexibility, including:

• Up to 100% lot coverage
• Opportunity to add commercial and/or residential units along the north alley
• Second-story additions permitted (buyer to verify all development options)
• Potential grants or incentives to support alley-adjacent commercial development

Zoning within the Central Business District provides rare flexibility for future expansion or mixed-use enhancement.

📍 Market Strength

• Cortez population ~9,000; county seat of Montezuma County (~27,000)
• Steady population and economic growth
• Extremely low rental vacancy rate: 1.4% (City of Cortez Housing Needs Assessment)
• Limited multifamily supply supports long-term rent stability

🌄 Regional Appeal

• Approximately 76% of Montezuma County land publicly owned (BLM & U.S. Forest Service)
• Immediate access to hiking, biking, fishing, off-roading, and winter recreation
• Just 10 miles from Mesa Verde National Park (UNESCO World Heritage Site)
• More accessible and less saturated than Colorado resort markets

💼 Investor Takeaways

• Stable cash flow in a tight rental market
• Downtown location with zoning flexibility
• Expansion and redevelopment upside
• Strong diversification opportunity for out-of-state investors
• Ideal for long-term hold or strategic value-add

📞 Next Steps

Call us to schedule a showing! 

Listed by:
Allison Klein & Mindi Clark 
United Country Blue Sky Homes and Land