Four-Unit Craftsman Income
For Sale
$460,000
1315 11th Avenue, Greeley, CO 80631
Four private-entry units with shared laundry, forced-air heat, and a roof replacement from 2022.
Property Size2,468 SF
Price / SF$186.39
Days on Market159
Property Features for 1315 11th Avenue
General Information
Standard status
Active
Size
2,468 SF
Total Parking Spaces
5
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,910
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 6
Changed: Aug 7
Last Checked: Aug 12 at 4:18AM
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
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
$26,085
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
5.67%
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%
$521,700
$521.7K
Cap Rate 7%
$372,643
$372.6K
Cap Rate 9%
$289,833
$289.8K
Market Conditions
NOI Build-Up for 2,468 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
$50.3K $20.40/SF
− Vacancy
−$2.9K −$1.18/SF
EGI
$47.4K $19.22/SF
− OpEx
−$21.3K −$8.65/SF
NOI
$26.1K $10.57/SF
Area
Greeley, CO
Vacancy
5.80%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$521,700
Cap Rate 7%
$372,643
Cap Rate 9%
$289,833
Alternative Uses
Best Use
Apartment 5plus
$372.6K
$326.1K – $434.8K
NOI $26,085 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$449.8K
$393.6K – $524.8K
NOI $31,486 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,078
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?
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 $460,000.
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
