4-Unit Quadplex with Upgraded
For Sale
$695,000
738 37th Ave Court, Greeley, CO 80634
Fully occupied residential income property with fenced grounds, room air conditioning, and convenient access to shopping and dining.
Property Size3,998 SF
Price / SF$173.84
Days on Market504
Property Features for 738 37th Ave Court
General Information
Standard status
Active
Size
3,998 SF
Property subtype
Income Property
Taxes and HOA fees
Annual Taxes
$3,664
Amenities
Air Conditioning-Room
Baseboard
Crawl Space, None
Dishwasher, Disposal, Oven, Refrigerator
3998
Assessor
No
North
Window Coverings
Room Air Conditioner
Smoke Detector(s)
Building Details
Year Built
1972
Stories
2
Listing Agency:
T.R.I.
(970) 352-1025
Listed By:
Andrew Martinez · License #100004427
(970) 352-1025
Source:
Compass
Added: Apr 15, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:04PM
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 T.R.I.
Investment Insights
Based on property information with market context.
This 1972 quadplex contains four two-bedroom residences, each configured with one full and one half bathroom. The building provides 3,998 square feet on a 0.24-acre lot with R-H zoning, fenced grounds, front-yard sprinklers, and room air conditioning. All four units are currently rented, providing an occupied multifamily configuration.
Unit 3 has received kitchen and flooring improvements, including new cabinets, countertops, and vinyl plank flooring, along with dedicated laundry hookups. A new boiler was installed in November of 2024, and some residences have newer windows. The property is positioned near shopping and restaurants with access to Hwy 34. Mineral rights are excluded from the sale.
Unit 3 has received kitchen and flooring improvements, including new cabinets, countertops, and vinyl plank flooring, along with dedicated laundry hookups. A new boiler was installed in November of 2024, and some residences have newer windows. The property is positioned near shopping and restaurants with access to Hwy 34. Mineral rights are excluded from the sale.
Key Highlights
- Four 2‑bedroom, 1 1/2‑bath units; all are currently rented
- 3,998‑SF quadplex on a 0.24‑acre lot
- Unit 3 updated with kitchen improvements, vinyl plank flooring, and laundry hookups
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
$46,013
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
6.62%
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%
$920,260
$920.3K
Cap Rate 7%
$657,329
$657.3K
Cap Rate 9%
$511,256
$511.3K
Market Conditions
NOI Build-Up for 3,998 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
$69.6K $17.40/SF
− Vacancy
−$3.8K −$0.96/SF
EGI
$65.7K $16.44/SF
− OpEx
−$19.7K −$4.93/SF
NOI
$46.0K $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%
$920,260
Cap Rate 7%
$657,329
Cap Rate 9%
$511,256
Alternative Uses
Best Use
Multifamily LT 5
$657.3K
$575.2K – $766.9K
NOI $46,013 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$603.7K
$528.2K – $704.3K
NOI $42,256 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office B
$728.6K
$637.6K – $850.1K
NOI $51,004 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 80634, CO
65,980
Population
25,802
Households
2.6
Avg Household Size
36
Median Age
32%
College-Educated
90%
High-School Grad
38.3 sq mi
ZIP Area
1,723
Density / Sq Mi
$83,255
Median Household Income
$46,808
Median Earnings
$1,567
Median Rent
$405,300
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?
Quadplex - Fully occupied residential income property with fenced grounds, room air conditioning, and convenient access to shopping and dining.
Where is this quadplex located?
The property is located at 738 37th Ave Court Greeley, CO.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1 1/2‑bath units; all are currently rented; 3,998‑SF quadplex on a 0.24‑acre lot; Unit 3 updated with kitchen improvements, vinyl plank flooring, and laundry hookups
