1734 Azalea Drive

Investment Overview

1734 Azalea Drive is a six-unit apartment building in southwest Fort Collins, one story over a full finished basement on a 13,100 SF lot. The unit mix is four two-bedroom and two three-bedroom flats — fourteen bedrooms in total, averaging 875 rentable square feet. The building is brick-veneer frame on a concrete foundation with a composition shingle roof replaced in 2024. Sewer lines were replaced prior to the current ownership. Every unit has in-unit washer and dryer, dishwasher, and garbage disposal — amenities that are scarce in comparably priced Fort Collins product of this vintage. The property is all-electric with no gas service, and a dedicated maintenance closet serves the building. The asset is run lean and direct. All utilities are back-billed to residents, including landscaping charges, and carpet and unit cleaning at turnover are charged back through security deposits. Two residents have been in place six and seven years. Trailing twelve-month controllable expenses were under $200 per unit. Four of the six units have been updated, and achieved rents show little separation between updated and original units. That leaves a buyer two independent levers: complete the remaining two units, and mark the long-tenured leases to market on natural turnover. In-place rents sit roughly 7% below market, with essentially all of that gap in the two bedroom units.

Investment Highlights

• Six-unit apartment building with fourteen bedrooms across two-bedroom and three-bedroom flats
• 5,390 SF building on a 13,100 SF lot
• Four of six units have been updated
• Brick-veneer frame construction on a concrete foundation
• Composition shingle roof replaced in 2024
• Every unit includes in-unit washer and dryer
• Dedicated maintenance closet serving the building
• All utilities back-billed to residents, including landscaping charges
• Low trailing twelve-month controllable expenses under $200 per unit
• Zoned MMN