Updated Over-Under
For Sale
$434,900
1005 22nd Ave, Greeley, CO 80631
Two separate residences provide private entry, individual laundry, and flexible living arrangements across upper and lower levels.
Property Size2,148 SF
Days on Market116
Property Features for 1005 22nd Ave
General Information
Standard status
Active
Size
2,148 SF
Property subtype
Investment
Additional Details
Sprinkler System
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,062
Building Details
Building Size
2,148 SF
Year Built
1955
Buildings
1
Units
2
Listing Agency:
BBP Realty LLC
(970) 308-6662
Listed By:
John Palke · License #100082133
(970) 308-6662
Source:
Elliman
Added: May 9
Changed: Aug 31
Last Checked: Aug 31 at 2:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BBP Realty LLC
Investment Insights
Based on property information with market context.
This over-under duplex presents two distinct residences with practical separation between the upper and lower levels. The upper home contains three bedrooms, while the lower residence offers two bedrooms. Each unit has its own entrance and laundry area, supporting privacy and independent daily use. Improvements include newer interior and exterior paint, a roof, landscaping, a sprinkler system, multiple windows, and appliances.
Built in 1955, the property retains mid-century details such as hardwood floors, arched doorways, large windows, and French doors. The home faces Luther Park and is positioned near the University of Northern Colorado, the Medical Center, and downtown Greeley. The property is located at 1005 22nd Ave, Greeley, CO 80631. Showings require 24-hour notice.
Built in 1955, the property retains mid-century details such as hardwood floors, arched doorways, large windows, and French doors. The home faces Luther Park and is positioned near the University of Northern Colorado, the Medical Center, and downtown Greeley. The property is located at 1005 22nd Ave, Greeley, CO 80631. Showings require 24-hour notice.
Key Highlights
- Over‑under duplex with a three‑bedroom upper unit and two‑bedroom lower unit
- Private entrances and separate laundry for both residences
- Recent improvements include roof, paint, windows, appliances, landscaping, and sprinkler system
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
$24,721
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
5.68%
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%
$494,420
$494.4K
Cap Rate 7%
$353,157
$353.2K
Cap Rate 9%
$274,678
$274.7K
Market Conditions
NOI Build-Up for 2,148 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
$37.4K $17.40/SF
− Vacancy
−$2.1K −$0.96/SF
EGI
$35.3K $16.44/SF
− OpEx
−$10.6K −$4.93/SF
NOI
$24.7K $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%
$494,420
Cap Rate 7%
$353,157
Cap Rate 9%
$274,678
Alternative Uses
Best Use
Multifamily LT 5
$353.2K
$309.0K – $412.0K
NOI $24,721 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$324.3K
$283.8K – $378.4K
NOI $22,703 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office B
$391.5K
$342.5K – $456.7K
NOI $27,403 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,215
Businesses Nearby
Explore this area
Business Placement
Demographics for 80631, CO
52,336
Population
18,871
Households
2.8
Avg Household Size
29
Median Age
18%
College-Educated
73%
High-School Grad
103.6 sq mi
ZIP Area
505
Density / Sq Mi
$52,470
Median Household Income
$33,062
Median Earnings
$1,209
Median Rent
$300,400
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 separate residences provide private entry, individual laundry, and flexible living arrangements across upper and lower levels.
Where is this duplex located?
The property is located at 1005 22nd Ave Greeley, CO.
What is the asking price?
The asking price for this property is $434,900.
What are key features of this property?
This property features: Over‑under duplex with a three‑bedroom upper unit and two‑bedroom lower unit; Private entrances and separate laundry for both residences; Recent improvements include roof, paint, windows, appliances, landscaping, and sprinkler system
