122 E 1st Street – “Adobes on Ash”

Cash-flowing 11-unit multifamily property located just one block off Main Street in downtown Cortez, Colorado.  This historic asset offers stable tenants, consistent income, and a 6.67% cap rate in a market with extremely low rental vacancy (1.4% per recent housing study).

Zoned Central Business District (CBD) with residential use grandfathered in, the property also offers development upside, including potential second-story additions and alley-facing commercial/residential expansion (buyer to verify with Town of Cortez).

📍 Walkable downtown location
📈 Strong tenant demand
🏗️ Expansion potential
🌄 10 miles from Mesa Verde National Park

Ideal for investors seeking reliable cash flow with long-term appreciation and value-add opportunities.