Aurora Multifamily for Sale
Here's what I've put together for a marketing description... I'm creating an Offering Memorandum as well that I can email out to interested parties, so this will function as the "executive summary" for that. And then the photos came in today as well. Take a look. and please let me know if there is anything you'd like me to add, change, or take away!
Prime development opportunity with owner occupied potential in the heart of Aurora! Positioned on an expansive 0.54-acre parcel (23,522 square feet), 493 Fulton St is a nicely updated, currently occupied residential fourplex that also represents a blank canvas for forward-thinking builders, developers, or long-term land-banking investors looking to capitalize on Aurora's massive trajectory. It offers an exceptionally rare large footprint size that is virtually impossible to assemble in established residential neighborhoods today.
Location is everything, and this lot boasts an enviable position surrounded by premier Denver-metro hotspots. Future residents will enjoy immediate proximity to the burgeoning Anschutz Medical Campus (Home to the University of Colorado, Children’s Hospital, and the Veterans Affairs hospital) just a few miles away, making it a high-demand node for healthcare professionals, researchers, and students. The property sits just a two-minute drive from the vibrant Lowry neighborhood and the bustling Stanley Marketplace, offering instant access to trendy local eateries, boutique retail shops, community events, and dynamic makerspaces. Additionally, outdoor recreation and urban amenities are easily accessible with the nearby CommonGround Golf Course, Lowry Park, and the bustling shopping hubs along Havana Street.
Unlock the true potential of this massive lot by utilizing Aurora’s progressive Unified Development Ordinance (UDO).
https://ags.auroragov.org/propinfo/propinfo.html
The flexible R2 zoning opens the door for premium future redevelopment, making it the perfect site for an ambitious new construction project. Builders can look into the feasibility of higher-density concepts, multiple detached single-family builds, or innovative multi-unit configurations. Given the lot's depth, street access, and expansive footprint, the structural possibilities allow for maximum layout efficiency, design freedom, and premium resale velocity once optimized. The current zoning implies opportunities for either 6-10 individual townhomes or 12-16 apartments, subject to city approval.
While you plan your architectural masterpieces and navigate the city permitting process, the existing 4-plex provides immediate, active rental income to comfortably offset your carrying costs. The property is explicitly being sold as a land-value acquisition, bypassing conventional income capitalization calculations to focus strictly on the underlying real estate asset value. This structure removes the friction of past maintenance history, allowing a savvy buyer to wipe the slate clean, restructure leases, or eventually clear the site entirely for a higher-yield build when the timing is right.
For buyers seeking a creative exit or an entry-level investment strategy, a unique owner-occupant scenario also awaits. With one unit currently delivered vacant, and in nicely updated move in ready condition, an astute buyer can leverage low-down-payment financing—including FHA or conventional minimal-down residential loans—to secure a massive piece of future commercial-grade land. Live in the vacant unit, manage the remaining spaces to help pay down your mortgage, and sit on a goldmine of land equity while formulating your development roadmap. Do not miss this chance to anchor your portfolio with a premier, value-add land hold in one of Colorado’s most dynamic markets.
The property has already had considerable updating as well, making it a turn key addition to your rental portfolio, including tankless water heaters, extensive repairs to the HVAC boiler system, installation of structural support piers to the building’s footing, and unit interior upgrades such as LVP flooring, upgraded carpet, and newer paint throughout. Appliances, plumbing, and electrical have been well maintained and the property has been professionally managed for over 5 years. Apartments have great natural light as well, and a limited number of shared walls in the configuration. In the back there is a multi-use option on a detached 4 car garage with an additional office/storage area. Parking for a multitude of vehicles in the oversized driveway as well and community garden boxes make this a standout property in a quiet residential neighborhood compared to the run of the mill 4-plexes in other parts of town.
Photos, including aerial pics, and Matterport walkthrough here:
https://www.virtuance.com/listing/493-fulton-st-aurora-colorado
