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    Prime Corner Lot For Sale Title is generated by Realmo AI

    1015 83rd - Lot 6 Avenue, Greeley, CO 80634

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    For Sale
    $1,110,257

    Exceptional drive-thru location at 83rd and New 11th Street.

    Type:Land or Vacant Lot
    Lot size:
    0.94 Acres
    Added:
    Aug 29, 2024
    Days on Market:
    645
    Last Refresh:
    Apr 5 at 9:40 pm

    Property Features for 1015 83rd - Lot 6 Avenue

    General Information

    Standard status
    Active
    Lot size
    0.94 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 Aug 29, 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 corner lot location at the intersection of 11th Ave. and 83rd, with easy access from Highway 34 Business.
    • Exceptional drive‑thru location with high traffic counts: 25,000+ commuters per day on Highway 34 and 8,000‑9,000 on 83rd Ave.
    • Located in Two Rivers Marketplace, a development‑friendly area at the gateway to West Greeley.
    • Zoned C‑H, Commercial High, on a .944 acre (41,121 sq. ft.) lot.
    • Part of a larger development with 10 drive‑thru lots out of 19 total sites, including finished pad sites ready for development.
    • Surrounded by existing and planned residential developments, with approximately 15,000 new homes being built or planned.

    Overview

    This corner lot, identified as Lot 6, is situated at the corner of 11th Avenue and 83rd Avenue, offering easy access from Highway 34 Business. It is an exceptional location for a drive-thru business. The lot encompasses 41,121 square feet, equivalent to 0.944 acres. The highway experiences a high volume of traffic, with over 25,000 commuters per day and growing, and 83rd Avenue sees 8,000 to 9,000 commuters daily. The site is surrounded by existing single-family and multifamily developments, with approximately 15,000 new homes either built or under construction in the area. The property is part of a larger 29-acre area zoned C-H, Commercial High. Part of the Two Rivers Marketplace, this location serves as a gateway to West Greeley. These finished pad sites are ready for business development. There are 12 total lots on Highway 34 Business and 83rd Avenue, designed for quick and easy access with multiple access points, including a planned roundabout at 83rd and 12th. Two Rivers Marketplace features 10 drive-thru lots out of 19 sites. The core center includes finished lots envisioned for a grocer, brew pubs, leisurely restaurants backing to east-facing open space, and possible hotel, office, medical, and additional drive-thru spaces. The entire loop road and 11th Avenue are completed.
    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 - Exceptional drive-thru location at 83rd and New 11th Street.
    Where is this commercial land located?
    The property is located at 1015 83rd - Lot 6 Avenue Greeley, CO.
    What is the asking price?
    The asking price for this property is $1,110,257.
    What are key features of this property?
    This property features: Prime corner lot location at the intersection of 11th Ave. and 83rd, with easy access from Highway 34 Business.; Exceptional drive‑thru location with high traffic counts: 25,000+ commuters per day on Highway 34 and 8,000‑9,000 on 83rd Ave.; Located in Two Rivers Marketplace, a development‑friendly area at the gateway to West Greeley.
    (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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