House-Hackable Over/Under
For Sale
$434,900
Pending
1005 22nd Avenue, Greeley, CO 80631
Over/under duplex with separate entrances, in-unit laundry, and multiple recent exterior and interior updates.
Property Size2,148 SF
Days on Market178
Property Features for 1005 22nd Avenue
General Information
Standard status
Pending
Size
2,148 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,062
Building Details
Year Built
1955
Tenancy
Multi
Listing Agency:
BBP Realty LLC
Listed By:
John Palke · License #100082133
(970) 308-6662
Source:
Exitrealty
Added: Mar 24
Changed: Sep 10
Last Checked: Sep 15 at 6:06AM
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 well-maintained over/under duplex is designed for separate living arrangements, with two units featuring private entrances and separate laundry for added convenience and privacy. The upper unit offers three spacious bedrooms, while the lower unit includes two bedrooms. Recent updates include newer interior and exterior paint, a new roof, updated landscaping, a sprinkler system, numerous windows, and updated appliances.
The property presents timeless mid-century character throughout, including large windows, arched doorways, hardwood floors, and French doors. It is directly facing Luther Park, and is located near the University of Northern Colorado, the Medical Center, and downtown Greeley.
Set on a generously sized lot, the duplex offers a straightforward residential income configuration with distinct unit access and updated core exterior improvements.
The property presents timeless mid-century character throughout, including large windows, arched doorways, hardwood floors, and French doors. It is directly facing Luther Park, and is located near the University of Northern Colorado, the Medical Center, and downtown Greeley.
Set on a generously sized lot, the duplex offers a straightforward residential income configuration with distinct unit access and updated core exterior improvements.
Key Highlights
- Over/under duplex (1955) directly facing Luther Park, with separate private entrances for each unit
- Upper unit has 3 bedrooms; lower unit has 2 bedrooms
- Separate laundry for each unit, supporting privacy and house‑hack potential
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
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Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Over/under duplex with separate entrances, in-unit laundry, and multiple recent exterior and interior updates.
Where is this duplex located?
The property is located at 1005 22nd Avenue 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 (1955) directly facing Luther Park, with separate private entrances for each unit; Upper unit has 3 bedrooms; lower unit has 2 bedrooms; Separate laundry for each unit, supporting privacy and house‑hack potential
