4-Unit Quadplex with
For Sale
$695,000
732 37th Ave Court, Greeley, CO 80634
Tenant-occupied units offer two bedrooms, one-and-a-half baths, off-street parking, and proximity to shopping and restaurants.
Property Size3,998 SF
Lot Size0.23 Acres
Price / SF$173.84
Days on Market504
Property Features for 732 37th Ave Court
General Information
Standard status
Active
Size
3,998 SF
Lot size
0.23 Acres
Property subtype
Income Property
Zoning
R-H
Occupancy
100%
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,664
Amenities
Air Conditioning-Room
Baseboard
Crawl Space, None
Dishwasher, Disposal, Oven, Refrigerator
3998
Assessor
No
South
Window Coverings
Room Air Conditioner
Smoke Detector(s)
Building Details
Year Built
1972
Buildings
1
Stories
2
Tenancy
Multi
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 31
Last Checked: Aug 31 at 6:34AM
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 4-unit quadplex at 732 37th Ave Court includes four tenant-occupied residences, each with 2 bedrooms and 1 1/2 baths. The property offers room air conditioning, baseboard heat, dishwashers, disposals, ovens, refrigerators, window coverings, and smoke detectors. Unit #2 features upgraded kitchen cabinets, counters, flooring, appliances, and laundry hookups.
A new boiler was installed in November of 2023, and the units have newer windows. The fenced property includes off-street parking and front sprinklers on a 0.23-acre lot. Located in west Greeley, the property is near shopping and restaurants and is zoned R-H. The building was constructed in 1972 and contains 3,998 square feet.
A new boiler was installed in November of 2023, and the units have newer windows. The fenced property includes off-street parking and front sprinklers on a 0.23-acre lot. Located in west Greeley, the property is near shopping and restaurants and is zoned R-H. The building was constructed in 1972 and contains 3,998 square feet.
Key Highlights
- Four 2‑bedroom, 1 1/2‑bath units; all are currently tenant occupied
- Unit #2 includes upgraded cabinets, counters, floors, appliances, and laundry hookups
- New boiler installed in November of 2023
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
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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 - Tenant-occupied units offer two bedrooms, one-and-a-half baths, off-street parking, and proximity to shopping and restaurants.
Where is this quadplex located?
The property is located at 732 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 tenant occupied; Unit #2 includes upgraded cabinets, counters, floors, appliances, and laundry hookups; New boiler installed in November of 2023
