Four-Unit Craftsman Income
1315 11th Avenue Greeley, CO 80631
For Sale
$472,000
Four private-entry units with shared laundry, forced-air heat, and a roof replacement from 2022.
Property Size2,468 SF
Price / SF$191.25
Days on Market139
Property Features for 1315 11th Avenue
General Information
- Standard status
- Active
- Size
- 2,468 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1924
Listing Agency:
ARI Real Estate & Investments LLC
(720) 935-8115
Listed By:
Art Gonzalez · License #100078190
(720) 935-8115
Source:
Exitrealty
Added: Mar 7
Changed: Jul 20
Last Checked: Jul 24 at 6:26AM
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 residential income property includes two parcels. The primary parcel features a Craftsman-style home built in 1924 that has been converted to a 4-unit configuration, with each unit having a private exterior entrance. Common systems include forced air for heat and two water heaters, along with a separate shared laundry room. The roof was replaced in 9/2022. Unit features include a mix of preserved original built-ins and fixtures across multiple layouts, including claw foot tubs and gas stoves in several units; one unit also includes a newer refrigerator, and another has a newer toilet, sink, and shower surround.
The property provides five parking spaces behind the house. There is also a one-car garage with a garage door and an old carriage house on site. The secondary included parcel is accessed only from an alley at 1116 13th Street, with lot dimensions approximately 50' x 50'. The current zoning allows for potential multifamily building, though buyers should verify permitted uses and zoning requirements.
The property provides five parking spaces behind the house. There is also a one-car garage with a garage door and an old carriage house on site. The secondary included parcel is accessed only from an alley at 1116 13th Street, with lot dimensions approximately 50' x 50'. The current zoning allows for potential multifamily building, though buyers should verify permitted uses and zoning requirements.
Key Highlights
- 1924 Craftsman home converted to a 4‑unit property with private exterior entrances for each unit
- Forced‑air heat for all units plus 2 water heaters, with a separate shared laundry room
- Roof replaced in 09/2022
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.3k | $20.40 |
| − Vacancy | −$2.9k | −$1.18 |
| EGI | $47.4k | $19.22 |
| − OpEx | −$21.3k | −$8.65 |
| NOI | $26.1k | $10.57 |
2,468 SF · lease $20.40/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$372.6K
$326.1K – $434.8K
NOI $26,085 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$449.8K
$393.6K – $524.8K
NOI $31,486 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
FAQs
What type of property is this?
Multifamily property - Four private-entry units with shared laundry, forced-air heat, and a roof replacement from 2022.
Where is this multifamily property located?
The property is located at 1315 11th Avenue Greeley, CO.
What is the asking price?
The asking price for this property is $472,000.
What are key features of this property?
This property features: 1924 Craftsman home converted to a 4‑unit property with private exterior entrances for each unit; Forced‑air heat for all units plus 2 water heaters, with a separate shared laundry room; Roof replaced in 09/2022
