IMPORTANT! This Old Town "Investment Opportunity!" is our first look at Fort Collins under the NEW Land Development Code.
Do NOT let those with powerful and vested interests tell you otherwise. Read the listing description below to see how this is an investor and developer free-for-all in the making.
Our smaller and relatively older housing stock is our most affordable. In a cruel twist, those homes will be targeted for demolition and redevelopment into multi-unit luxury housing. This will NOT help workers and lower-income community members at all. They will be displaced and dispossessed. This is gentrification.
"Investment opportunity! First, location: This property sits 2.5 blocks from Target, 3.5 blocks from Lucky's, and 5 blocks to Old Town, where you can walk to get coffee, drinks or dinner without needing to cross a major street. Transit and other nearby infrastructure make this location ideal for simple convenience. Next, opportunity: With the upcoming changes to the land use code (call for more info), this property, sitting in the NCM zoning district, will be allowed to be developed into a multi-family (up to a 6-Plex), or even simpler, can contain an ADU. That means this property is NOT relegated to a SFR investment, but has the potential to generate much more revenue. Lastly, immediacy: This property has been approved by the City to be developed into a 4-plex (several year process), so for the right investor, this work could begin immediately. Further, the plan may be modifiable to grow into a 5-plex. The house needs some work to become immediately rentable; please see the attached inspection report. But the value here is the location and opportunity. The new zoning codes in Fort Collins is a game changer, so for the right buyer this has the opportunity to become a fantastic investment."
Direct Link: https://www.compass.com/listing/335-east-magnolia-street-fort-collins-co-80524/1150114261559206721/
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