Six-Unit Apartment
For Sale
$850,000
2927 State Farm Rd, Evans, CO 80620
Residential Income, Evans, CO
Property Size4,448 SF
Lot Size0.28 Acres
Price / SF$191.10
Days on Market75
Property Features for 2927 State Farm Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 10, Bedroom 11, Bedroom 5, Bathroom 4, Bathroom 5, Bathroom 6, Bedroom 3, Bedroom 9, Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 8, Bathroom 2, Bathroom 3, Basement, Bathroom 1, Bedroom 7, Bedroom 2
Parking
6
Interior features
Eat-in Kitchen
Exterior features
Sprinkler System, Balcony
Basement
Full, Partially Finished
Appliances
Electric Range, Dishwasher, Refrigerator
Subdivision
Lakeshore 3rd Add
Lot features
Native Grass, Level, House Faces West, Mineral Rights Excluded
View
City
Elementary school
Jackson
Middle school
John Evans
High school
Greeley West
Elementary school district
Greeley 6
Middle school district
Greeley 6
High school district
Greeley 6
Standard status
Active
APN
R3877086
Size
4,448 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5019
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Cooling system
Ceiling Fan(s)
Building Details
Year built
1971
Number of units
6
Building materials
Brick
Roof type
Composition
Listing Agency:
CENTURY 21 Cornerstone
(970) 842-2444
Listed By:
Stacey Martindale · License #100017993
(970) 380-3996
Added: Jul 3
Changed: Sep 13
Last Checked: Sep 15 at 2:06AM
MLS# 1063318
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 6-unit apartment building contains five 2-bedroom, 1-bath residences and one 1-bedroom, 1-bath residence within 4,448 square feet. Built in 1971, the brick property includes eat-in kitchens, balconies, electric ranges, dishwashers, and refrigerators. Hot water heating and ceiling fans serve the units, while a composition roof and sprinkler system are also in place.
The property occupies 0.28 acres at 2927 State Farm Rd in Evans, Colorado. Parking includes a 780 sq. ft. covered carport sized for approximately 5-6 vehicles, along with additional off-street spaces. The site has public sewer service and natural gas availability, and is designated Res zoning.
The property occupies 0.28 acres at 2927 State Farm Rd in Evans, Colorado. Parking includes a 780 sq. ft. covered carport sized for approximately 5-6 vehicles, along with additional off-street spaces. The site has public sewer service and natural gas availability, and is designated Res zoning.
Key Highlights
- 6‑unit apartment building with five 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 4,448 square feet on 0.28 acres
- 780 sq. ft. covered carport for approximately 5‑6 vehicles
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
$47,012
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
5.53%
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%
$940,240
$940.2K
Cap Rate 7%
$671,600
$671.6K
Cap Rate 9%
$522,356
$522.4K
Market Conditions
NOI Build-Up for 4,448 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
$90.7K $20.40/SF
− Vacancy
−$5.3K −$1.18/SF
EGI
$85.5K $19.22/SF
− OpEx
−$38.5K −$8.65/SF
NOI
$47.0K $10.57/SF
Area
Weld County, CO
Vacancy
5.80%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$940,240
Cap Rate 7%
$671,600
Cap Rate 9%
$522,356
Alternative Uses
Best Use
Apartment 5plus
$671.6K
$587.7K – $783.5K
NOI $47,012 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$810.6K
$709.3K – $945.8K
NOI $56,745 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 80620, CO
20,975
Population
6,794
Households
3.1
Avg Household Size
30
Median Age
20%
College-Educated
81%
High-School Grad
5.9 sq mi
ZIP Area
3,555
Density / Sq Mi
$71,410
Median Household Income
$40,446
Median Earnings
$1,463
Median Rent
$315,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property with covered parking, included appliances, and a practical mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 2927 State Farm Rd Evans, CO.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 6‑unit apartment building with five 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 4,448 square feet on 0.28 acres; 780 sq. ft. covered carport for approximately 5‑6 vehicles
