Colorado situation guide · Updated November 2026

Wholesaling Small Multifamily Properties in Colorado

Wholesaling small multifamily properties in Colorado means putting a duplex, triplex or fourplex under contract and assigning that contract to an investor who wants rental income. Front Range suburbs like Aurora have plenty of older small buildings owned by people who are tired of repairs and tenants. These deals pay more than single-family flips, but the buyer pool is smaller and the numbers must be cleaner. Start with our motivated seller guide to see who is ready to sell.

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The short answer

Can you wholesale a small multifamily property in Colorado?

Generally yes, if you contract as a principal and market your contract rather than acting as an agent. Colorado has no wholesaling statute that we could find, so ask an attorney and check current rules.

A small multifamily wholesale follows the same steps as a house deal. You sign a purchase contract with the owner, then assign it to a buyer for a fee. Colorado broker law has a principal exclusion in C.R.S. 12-10-201, which many wholesalers rely on, but the text is broad and guidance on assignments is thin. Read our legal overview and our assignment guide before you start.

What changes is the paper you collect. You want leases, a rent roll, utility bills and a list of tenants, and you want to know who pays for water and trash. Buyers price these buildings off income, so learn net operating income and cap rate before you quote a price. Our MAO calculator helps you work backward from the buyer’s number.

Small Multifamily Properties in Colorado at a glance

Property size	Two to four units, often sold as a single parcel
Key numbers	Rent roll, vacancy, taxes, insurance and repairs
Buyer type	Local landlords, house hackers and small funds
Licensing	No wholesaling statute found; check principal rules
Tenants	Leases usually stay in place after the sale
Eviction rules	Colorado tenant law has changed lately; check current text

The opportunity

Why small multifamily works in Colorado

Rents along the Front Range stayed high compared with wages, so landlords keep buying small buildings. Aurora sits across Arapahoe, Adams and Douglas counties, which gives you three markets and three sets of public records. Many older fourplexes near Colfax and Havana are owned by retirees who never raised rents and now face roof, boiler and sewer-line bills. Use our off-market guide to build a list.

Tired small landlords

Owners with three or four doors and old buildings often want out. See our tenant-occupied guide.

Income-minded buyers

Investors pay for rent, so a clean rent roll can support a stronger price than a similar house.

Fewer rivals

Many wholesalers skip multifamily, so a well-run deal stands out. Our buy box guide shows how to match buyers.

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Lead sources

Where to find small multifamily leads in Colorado

County assessor data. Search property class codes for duplexes, triplexes and fourplexes in Arapahoe, Adams and Douglas counties. Pair it with owner lookup.
Absentee owners. Mailing addresses outside Aurora can signal a landlord who lives elsewhere. See absentee owner leads.
Driving the corridors. Look for deferred paint, mixed-up trash bins and boarded units. Our driving for dollars guide explains the routine.
Expired listings. Owners whose fourplex sat on the market may now prefer a quick cash offer.
Code complaints. City code records can show buildings with repeat violations and weary owners.

Your exit

Who buys small multifamily deals in Colorado

Local landlords with two or three rentals are the core buyers. House hackers who live in one unit and rent the rest also pay well, though they usually need a lender, so closing can take longer. Small funds buy in bulk and want a tight package of leases and numbers.

Show every buyer the rent roll and your repair estimate, not just the price. Match each building to the buyer’s buy box, and use an investor-friendly title company that has closed assignments before.

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Step by step

How to start wholesaling small multifamily properties in Colorado

Pick a target area. Choose a few zip codes in Aurora and learn which county each parcel sits in.
Pull a list. Filter by unit count, ownership length and mailing address.
Talk to the owner. Ask about rents, vacancies, repairs and why they want to sell.
Get the paper. Request leases and a rent roll. Check numbers with due diligence.
Run the math. Use the ARV calculator and the MAO calculator, then compare with rent-based value.
Sign as principal. Use a contract that allows assignment and keep your fee in writing.
Assign and close. Send the package to your buyer list and close through title.

Your checklist for wholesaling Small Multifamily Properties in Colorado

Collect all leases and a current rent roll before you set a price.
Check who pays utilities and whether units share meters.
Confirm unit count with the county and the city, since some units may be unpermitted.
Disclose that you may assign the contract.
Have a Colorado attorney review your contract and fee.

A Colorado example: a tired landlord with a four-unit building

Asking idea	About $720,000
Contract price	$655,000
Gross rents	About $6,400 a month
Repairs needed	Roof and two kitchens, about $60,000
Assignment fee	$18,000
Buyer’s all-in price	$673,000 plus repairs

A retired owner near East Colfax in Aurora had a fourplex he bought in the 1990s. Two units rented well, one was vacant and the roof leaked. He told you he was done with calls at night.

You offered $655,000 and wrote in that you could assign. You collected the leases and saw that rents were below market. A local landlord who owns several buildings in Adams County liked the upside after repairs.

She paid you $18,000 to take over the contract and closed through title. Run your own version with our ARV guide.

Colorado rules to know

Colorado rules for small multifamily wholesalers

We found no Colorado wholesaling statute or registration law, but that is based on searches, so check current text. Wholesalers generally rely on the principal-acquirer exclusion in C.R.S. 12-10-201, and the option dealer language is broad. If you market the contract and not the building, and do not act for the owner, you reduce the risk. Ask an attorney or the DORA Division of Real Estate where you are unsure.

Tenants matter more here than in a house deal. Colorado changed its eviction rules in recent years, including a just-cause law passed in 2024, so check the current text before you promise a buyer a vacant building. Denver has discussed a wholesaler ordinance, but we saw it only as a proposal. See our attorney guide.

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Multifamily numbers punish guesses. Mentorship students send us rent rolls and we help them check the math before they sign.

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FAQ

Small Multifamily Properties in Colorado: common questions

Is wholesaling small multifamily properties in Colorado legal?

Colorado has no wholesaling statute we could find. Wholesalers generally act as principals, but the rules are broad, so ask an attorney. Market your contract, not the building, and do not act for the owner, since that reduces the risk.

How many units count as small multifamily?

Most investors use two to four units, since lenders treat these as residential. Buildings of that size are often sold as a single parcel, and house hackers who live in one unit and rent the rest usually need a lender, so closing can take longer.

What do multifamily buyers want to see?

A rent roll, leases, expenses and a clear repair list, so they can estimate net income. Add utility bills and a note on who pays water and trash, and confirm unit count with the county, since some units may be unpermitted.

Do tenants stay after an assignment?

In most cases the leases stay with the building, so the new owner takes over the tenants. Check the current text of Colorado tenant law before you promise a buyer a vacant building, because eviction rules have changed in recent years.

Can I wholesale a building with a vacant unit?

Yes. Vacant units lower the income, so price them honestly and tell the buyer what you know. In the Aurora fourplex example, one unit sat vacant and the roof leaked, and the buyer still paid after seeing the leases and rents.