11-Unit Downtown Multifamily | 6.67% Cap Rate | Development Upside

[Allison Klein]

122 E 1st Street | Cortez, CO

“Adobes on Ash” is a rare opportunity to acquire a cash-flowing 11-unit multifamily property in the heart of downtown Cortez, just one block off Main Street.

As the first multifamily building constructed in Cortez, this historic asset combines stable rental income with long-term appreciation potential. With a 6.67% cap rate, the property offers dependable returns in a market with extremely low rental vacancy.

📍 Location Highlights

• Walkable downtown location
• One block off Main Street
• Close to shops, restaurants, parks, and services
• Approximately 10 miles from Mesa Verde National Park
• Located in a region with strong outdoor tourism and public land access

🏗️ Zoning & Upside Potential

Zoned Central Business District (CBD) with residential use grandfathered in. According to the Town of Cortez Planning Department, the site allows for:

• Up to 100% lot coverage
• Potential commercial and/or residential units along the north alley
• Second-story additions (buyer to verify)
• Possible grant incentives for alley-facing commercial activation

These features provide meaningful value-add opportunities for investors seeking expansion or mixed-use redevelopment.

📈 Investment Highlights

• 11 residential units
• 6.67% cap rate
• Historic, stabilized asset
• Strong tenant demand
• Extremely low vacancy market (1.4% per recent housing study)
• Fiber internet availability
• Ideal for long-term hold or portfolio diversification

Cortez serves as the commercial hub of Montezuma County and continues to see steady population and economic growth driven by affordability and lifestyle appeal.

This property delivers stable income today with strategic upside tomorrow — a strong addition to any multifamily or mixed-use portfolio.