Four-Unit Duplex
For Sale
$430,000
1024 31st Ave, Greeley, CO 80634
Residential Income, Greeley, CO
Property Size1,576 SF
Lot Size0.13 Acres
Price / SF$272.84
Days on Market24
Property Features for 1024 31st Ave
General Information
Property type
Residential
Property subtype
Duplex
Zoning
RL
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2
Parking
1
Parking features
Open
Interior features
Eat-in Kitchen, Washer/Dryer Hookup, Outside Entry, 6-Panel Doors
Exterior features
Sprinkler System
Fencing
Chain Link, Fenced
Appliances
Electric Range, Dishwasher, Refrigerator, Washer, Dryer, Microwave, All Appliances, Disposal, Fire Alarm
Subdivision
Hunter Heights 3rd Add
Lot features
Deciduous Trees, Level, House Faces West, City Limits, Paved, Curbs, Gutters, Sidewalks, Mineral Rights Excluded
View
City
Elementary school
Scott
Middle school
Franklin
High school
Greeley Central
Elementary school district
Greeley 6
Middle school district
Greeley 6
High school district
Greeley 6
Standard status
Active
APN
R2181586
Size
1,576 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1730
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Amenities
refrigerator
dishwasher
electric range/oven
microwave
in-unit washer and dryer
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Building materials
Frame, Brick
Roof type
Composition
Listing Agency:
Group Greeley
(970) 493-0700
Listed By:
Cathy Goza · License #40027771
(970) 613-0700
Added: Aug 13
Changed: Sep 1
Last Checked: Sep 5 at 10:06PM
MLS# 1066449
Copyright © 2026 IRES MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering combines two adjacent duplex buildings into a four-unit residential package. Every unit has two bedrooms, one bathroom, a private attached one-car garage, and the same floor plan and finish package. Recent improvements include new flooring and 6-panel doors. Kitchens include an electric range, dishwasher, refrigerator, microwave, disposal, and in-unit washer and dryer. Forced-air heating, central air, and ceiling fans serve the units.
The property encompasses 0.13 acres and was built in 1960. Additional features include fenced and chain-link areas, a sprinkler system, composition roofing, public sewer, cable availability, and fire alarms. The property is zoned RL and is offered together with the companion duplex property at 1030-1032 31st Ave rather than as an individual purchase. Each property contains two matching units, creating a combined four-unit package.
The property encompasses 0.13 acres and was built in 1960. Additional features include fenced and chain-link areas, a sprinkler system, composition roofing, public sewer, cable availability, and fire alarms. The property is zoned RL and is offered together with the companion duplex property at 1030-1032 31st Ave rather than as an individual purchase. Each property contains two matching units, creating a combined four-unit package.
Key Highlights
- Four residential units offered as two side‑by‑side duplexes
- Each unit includes 2 bedrooms, 1 bathroom, and a private one‑car attached garage
- New flooring and 6‑panel doors throughout all four matching units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,138
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$362,760
$362.8K
Cap Rate 7%
$259,114
$259.1K
Cap Rate 9%
$201,533
$201.5K
Market Conditions
NOI Build-Up for 1,576 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$27.4K $17.40/SF
− Vacancy
−$1.5K −$0.96/SF
EGI
$25.9K $16.44/SF
− OpEx
−$7.8K −$4.93/SF
NOI
$18.1K $11.51/SF
Area
Greeley, CO
Vacancy
5.51%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$362,760
Cap Rate 7%
$259,114
Cap Rate 9%
$201,533
Alternative Uses
Best Use
Multifamily LT 5
$259.1K
$226.7K – $302.3K
NOI $18,138 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$238.0K
$208.2K – $277.6K
NOI $16,657 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office B
$287.2K
$251.3K – $335.1K
NOI $20,106 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
968
Businesses Nearby
Explore this area
Business Placement
Demographics for 80634, CO
65,980
Population
25,802
Households
2.6
Avg Household Size
36
Median Age
32%
College-Educated
90%
High-School Grad
38.3 sq mi
ZIP Area
1,723
Density / Sq Mi
$83,255
Median Household Income
$46,808
Median Earnings
$1,567
Median Rent
$405,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching duplex buildings combine private garages, updated finishes, full appliances, and in-unit laundry for residential rental use.
Where is this duplex located?
The property is located at 1024 31st Ave Greeley, CO.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Four residential units offered as two side‑by‑side duplexes; Each unit includes 2 bedrooms, 1 bathroom, and a private one‑car attached garage; New flooring and 6‑panel doors throughout all four matching units
