Two-Unit Duplex with Detached
For Sale
$445,000
1121 15th Street, Greeley, CO 80631
Two separately configured units include updated interiors, private outdoor space, and off-street parking.
Property Size2,296 SF
Days on Market47
Property Features for 1121 15th Street
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,043
Amenities
brick fireplace
laundry room
front porch
fenced backyard
Building Details
Building Size
2,296 SF
Year Built
1916
Listing Agency:
Kristine K Woody
Listed By:
Kristine Woody
(970) 405-8809
Source:
Eliselosassore
Added: Jul 29
Changed: Aug 24
Last Checked: Sep 12 at 9:38AM
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 Kristine K Woody
Investment Insights
Based on property information with market context.
This duplex contains an upper-level residence with 2 bedrooms and 1 bathroom, along with walnut coffered ceilings, a brick fireplace, an updated kitchen with new tile, a dining area, laundry room, and front porch. The garden-level unit adds 4 bedrooms, 1 bathroom, and egress windows throughout; it has also been recently renovated.
Exterior features include a fenced backyard with alley access, a newer sprinkler system, a large parking area, and a detached single-car garage. The roof was replaced in 2013 with 30-year architectural shingles. Situated in central Greeley, the property is near the university, shopping centers, and downtown and west Greeley entertainment options. The upper-unit tenant may relocate with 30-day notice, supporting potential owner-occupancy.
Exterior features include a fenced backyard with alley access, a newer sprinkler system, a large parking area, and a detached single-car garage. The roof was replaced in 2013 with 30-year architectural shingles. Situated in central Greeley, the property is near the university, shopping centers, and downtown and west Greeley entertainment options. The upper-unit tenant may relocate with 30-day notice, supporting potential owner-occupancy.
Key Highlights
- Upper unit offers 2 bedrooms, 1 bathroom, walnut coffered ceilings, brick fireplace, and updated kitchen tile
- Renovated garden‑level unit includes 4 bedrooms, 1 bathroom, and all egress windows
- Fenced backyard with alley access and newer 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
$26,424
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
5.94%
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%
$528,480
$528.5K
Cap Rate 7%
$377,486
$377.5K
Cap Rate 9%
$293,600
$293.6K
Market Conditions
NOI Build-Up for 2,296 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
$40.0K $17.40/SF
− Vacancy
−$2.2K −$0.96/SF
EGI
$37.7K $16.44/SF
− OpEx
−$11.3K −$4.93/SF
NOI
$26.4K $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%
$528,480
Cap Rate 7%
$377,486
Cap Rate 9%
$293,600
Alternative Uses
Best Use
Multifamily LT 5
$377.5K
$330.3K – $440.4K
NOI $26,424 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$346.7K
$303.3K – $404.5K
NOI $24,267 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office B
$418.4K
$366.1K – $488.2K
NOI $29,291 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
333
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately configured units include updated interiors, private outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 1121 15th Street Greeley, CO.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Upper unit offers 2 bedrooms, 1 bathroom, walnut coffered ceilings, brick fireplace, and updated kitchen tile; Renovated garden‑level unit includes 4 bedrooms, 1 bathroom, and all egress windows; Fenced backyard with alley access and newer sprinkler system
