Prime ELEVEN Unit Multi-Family Investment in Downtown Cortez, Colorado. “Adobes On Ash” represents a rare opportunity to own the first multi-family building constructed in Cortez, with a strong history of tenant stability and consistent income. With a cap rate of 6.67% this property combines reliable cash flow with long-term appreciation potential in Southwest Colorado. Cortez is located in a highly desirable part of the state that is experiencing steady population growth. Situated just one block off Main Street in downtown Cortez, the property provides tenants with convenience and walkability to shops, restaurants, and nearby parks, as well as ample/easy parking supporting long-term occupancy. Town of Cortez Planning indicates that there is Additional Development Potential on the property including 100% lot coverage, and an opportunity to add commercial and residential along the north alley with potential grants to incentivize new businesses adjacent to alleys. Property is zoned as Central Business District, with current residential use grandfathered in. Second story additions would also be allowed (Buyer to verify all development potential with Town of Cortez Planning). Cortez is a vibrant, thriving small town (population ~9,000, serving as the county seat of Montezuma County (population ~27,000). The city continues to benefit from steady economic and population growth, attracting residents and visitors who like the charm, affordability, and access to the outdoors. The region is known for its abundant recreational opportunities, with about 76% of Montezuma County’s land publicly owned by the BLM and U.S. Forest Service. Residents enjoy easy access to a wide variety of landscape ranging from high desert to alpine forest, where hiking, biking, off-roading, fishing, and winter recreation are plentiful. The property is just 10 miles from Mesa Verde National Park, a UNESCO World Heritage Site, and close to numerous ancient archaeological areas, making Cortez a cultural and adventure hub. Unlike larger resort towns, Cortez remains less saturated and more accessible, with more individuals and families pursuing relocations to authentic, outdoor-oriented communities. A recent Housing Needs Assessment Report by the city of Cortez reported a rental vacancy rate of 1.4%, making this property a very strong candidate for both income stability and property value appreciation. Fiber Internet is available to property if desired. This 11-unit property represents a unique addition to any investment portfolio—a proven income producer in a desirable area poised for continued growth. Whether you’re seeking a stable long-term hold or an addition to diversify your assets, this Cortez landmark offers the best of both worlds: dependable returns today and compelling potential for tomorrow.
| 2 days ago | Listing updated with changes from the MLS® | |
| a week ago | Listing first seen on site |
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