Leased Triplex with
For Sale
$470,000
1115 12th St, Greeley, CO 80631
Three occupied residences provide separate entrances, varied bedroom layouts, and access to an enclosed tenant yard.
Property Size2,494 SF
Days on Market130
Property Features for 1115 12th St
General Information
Standard status
Active
Size
2,494 SF
Total Parking Spaces
4
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
1 x 1BR/3/4BA, 1 x 2BR/3/4BA, 1 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,583
Amenities
enclosed backyard
Building Details
Building Size
2,494 SF
Year Built
1930
Tenancy
Multi
Listing Agency:
ARI Real Estate & Investments LLC
(720) 935-8115
Listed By:
Art Gonzalez · License #100078190
(720) 935-8115
Source:
Elliman
Added: Apr 24
Changed: Aug 31
Last Checked: Aug 31 at 2:23AM
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 ARI Real Estate & Investments LLC
Investment Insights
Based on property information with market context.
This 1930 triplex includes three leased residences, each with its own exterior entrance. The unit mix consists of a main-level one-bedroom, three-quarter-bath residence; an upper-level two-bedroom, three-quarter-bath unit with an eat-in kitchen; and a larger main-level three-bedroom, one-bath unit. The third unit received fresh interior paint in summer 2023, while kitchen updates across the property include a new gas stove and new refrigerator. Heating systems include gas wall units, forced air, and bedroom baseboard heating. An enclosed backyard serves the tenants.
The property also includes four enclosed garages with alley access. The roof was replaced in 2021, and the garages are separately rented. The location is close to UNC campus and downtown Greeley, with a walk score of 80 and a bike score of 69.
The property also includes four enclosed garages with alley access. The roof was replaced in 2021, and the garages are separately rented. The location is close to UNC campus and downtown Greeley, with a walk score of 80 and a bike score of 69.
Key Highlights
- Three leased units with separate exterior entrances
- Unit mix includes one-, two-, and three‑bedroom residences
- Four enclosed garages with alley access and separate rental arrangements
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
$28,703
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
6.11%
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%
$574,060
$574.1K
Cap Rate 7%
$410,043
$410.0K
Cap Rate 9%
$318,922
$318.9K
Market Conditions
NOI Build-Up for 2,494 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
$43.4K $17.40/SF
− Vacancy
−$2.4K −$0.96/SF
EGI
$41.0K $16.44/SF
− OpEx
−$12.3K −$4.93/SF
NOI
$28.7K $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%
$574,060
Cap Rate 7%
$410,043
Cap Rate 9%
$318,922
Alternative Uses
Best Use
Multifamily LT 5
$410.0K
$358.8K – $478.4K
NOI $28,703 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$376.6K
$329.5K – $439.3K
NOI $26,360 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office B
$454.5K
$397.7K – $530.3K
NOI $31,817 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,615
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?
Triplex - Three occupied residences provide separate entrances, varied bedroom layouts, and access to an enclosed tenant yard.
Where is this triplex located?
The property is located at 1115 12th St Greeley, CO.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Three leased units with separate exterior entrances; Unit mix includes one-, two-, and three‑bedroom residences; Four enclosed garages with alley access and separate rental arrangements
