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    1015 83rd - Lot 16 Avenue, Greeley, CO 80634

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    For Sale
    $652,355

    Commercial land in a rapidly growing Greeley location.

    Type:Land or Vacant Lot
    Property size:
    2,000 SF
    Lot size:
    0.67 Acres
    Price / SF:
    $326/SF
    Added:
    Sep 19, 2024
    Days on Market:
    625
    Last Refresh:
    Apr 5 at 9:56 pm

    Property Features for 1015 83rd - Lot 16 Avenue

    General Information

    Standard status
    Active
    Size
    2,000 SF
    Lot size
    0.67 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    BILL STRUBLE

    Listing agent BILL STRUBLE License #1315842

    Listing office RE/MAX ALLIANCE

    Listing date Sep 19, 2024

    Source Corcoran

    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 RE/MAX ALLIANCE

    HighLights

    • Prime drive‑thru location in rapidly growing West Greeley at Two Rivers Marketplace.
    • High‑traffic location on the Highway (East/West Corridor) with approximately 25,000 cars per day and 83rd Ave (North/South Corridor).
    • Significant residential growth in the area, with approximately 15,000 new homes planned.
    • Zoned C‑H (Commercial High), suitable for a 2,000 sq. ft. building on a .667 acre lot.
    • Part of a dynamic commercial community with planned hotel, grocer, brew pubs, and restaurants.
    • Multiple easy access points via 86th Ave., 12th/83rd Roundabout, and the new 11th Street.

    Overview

    This 0.667-acre (29,054 sq. ft.) commercial lot is located in the Two Rivers Marketplace, at the gateway to a dynamic commercial community in West Greeley. Positioned on the highway (East/West Corridor into Greeley) and 83rd Avenue (a key North/South transportation corridor), this location is ideal for a 2,000 sq. ft. drive-thru restaurant. The site benefits from substantial residential growth and a significant need for commercial businesses. Two Rivers Marketplace features eleven highway and 83rd Avenue lots designed for quick and easy access, with ten lots featuring drive-thrus. The center core is designed for stay and play features, including a hotel, grocer, brew pubs, and restaurants. The highway generates approximately 25,000 cars per day and is growing. The site is surrounded by existing single-family and multifamily developments, with approximately 15,000 new homes under development. The property totals 29 acres and is zoned C-H, Commercial High. Easy access points include 86th Avenue, 12th/83rd Roundabout, and the new 11th Street. The loop road and 11th Street are slated for completion in 2024, opening opportunities for Center Core Lots in Spring/Summer 2025. The City of Greeley is development-friendly and encourages early end-user submittals for quicker development turnarounds.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Big Box & Wholesale Store Skin Care Clinic Accounting Firm Car Rental Facility Barber Shop Veterinary Clinic Home Appliance Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greeley
    County
    Weld
    State
    Colorado
    Longitude
    -104.814
    Latitude
    40.421

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    FAQs

    What type of property is this?
    Commercial land - Commercial land in a rapidly growing Greeley location.
    Where is this commercial land located?
    The property is located at 1015 83rd - Lot 16 Avenue Greeley, CO.
    What is the asking price?
    The asking price for this property is $652,355.
    What are key features of this property?
    This property features: Prime drive‑thru location in rapidly growing West Greeley at Two Rivers Marketplace.; High‑traffic location on the Highway (East/West Corridor) with approximately 25,000 cars per day and 83rd Ave (North/South Corridor).; Significant residential growth in the area, with approximately 15,000 new homes planned.
    (303) 757-7474
    We can help!
    Listing Contact
    BILL STRUBLE
    Real Estate License ID: 1315842
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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