1629 Azalea Dr.
Fully Renovated 4-Plex | Fort Collins, CO
Marketing description
Marcus & Millichap is pleased to present 1629 Azalea Drive, a fully renovated multifamily asset located in one of Fort Collins’ most desirable residential corridors. Situated just minutes from the renowned Horsetooth Reservoir, the property benefits from immediate access to some of Northern Colorado’s most sought-after outdoor recreation amenities, including boating, hiking, mountain biking, and open space trails. The asset features an attractive unit mix comprised entirely of spacious three -bedroom units, a highly desirable layout that appeals to families, roommates, and long-term residents seeking larger living accommodations.
Current ownership has completed extensive renovations throughout the property, creating a turnkey investment opportunity with limited near -term capital requirements. In addition to its renovated condition, investors are presented with a compelling value -add opportunity through the continued growth of rental rates toward market levels. Combining a premium Fort Collins location, large three -bedroom floorplans, modernized interiors, and operational upside, 1629 Azalea Drive offers investors the opportunity to acquire a high-quality asset positioned for both stable cash flow and future income growth.
Investment highlights
FULLY RENOVATED ASSET WITH LIMITED NEAR-TERM CAPITAL
REQUIREMENTS
Current ownership has completed extensive interior and exterior renovations, creating a
turnkey investment opportunity for new ownership. The upgraded condition minimizes
deferred maintenance and capital expenditure risk while allowing investors to focus on
operational execution and cash flow growth rather than renovation projects.
HIGHLY DESIRABLE ALL THREE-BEDROOM UNIT MIX
The property features an increasingly scarce unit mix comprised entirely of three-bedroom
residences. Larger floorplans appeal to families, roommates, and long-term renters seeking
attainable alternatives to homeownership, resulting in a broader tenant pool, reduced turnover,
and strong demand relative to smaller unit types.
EXCEPTIONAL WEST FORT COLLINS LOCATION NEAR HORSETOOTH
RESERVOIR
Located minutes from Horsetooth Reservoir and the foothills, 1629 Azalea Drive offers
residents immediate access to Northern Colorado’s premier outdoor recreation amenities,
including boating, paddleboarding, hiking, mountain biking, and open space trails. The
property also benefits from proximity to Colorado State University, major employment
centers, and the retail and dining destinations of Midtown and Old Town Fort Collins.
EMBEDDED RENT GROWTH THROUGH OPERATIONAL UPSIDE
Despite the property’s renovated condition, current rents provide investors with the
opportunity to further optimize revenue through strategic rent increases as leases roll. New
ownership can capitalize on the property’s upgraded interiors, desirable three-bedroom
floorplans, and premier location to continue narrowing the gap between in-place and market
rents.
SUPPLY-CONSTRAINED FORT COLLINS SUBMARKET
West Fort Collins remains one of the most sought-after residential locations in Northern
Colorado, characterized by limited multifamily development opportunities, strong
demographic fundamentals, and consistently high renter demand. The combination of
geographic barriers, restrictive development patterns, and proximity to outdoor amenities
supports long-term rent growth and asset appreciation.
LARGE UNIT FORMAT POSITIONED FOR LONG-TERM DEMAND
As affordability challenges continue to impact homeownership across the Front Range, well located three-bedroom rental housing has become increasingly attractive to households seeking
additional space without the financial burden of purchasing a home. This dynamic positions the
property to benefit from sustained tenant demand and stable occupancy over time
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