Renovated Multifamily Apartment
1650 29th Avenue Place, Greeley, CO 80634
For Sale
$2,500,000
Newly renovated apartment community with a mix of studio, 1-bedroom, and 2-bedroom units and in-unit laundry.
Property Size14,031 SF
Days on Market140
Property Features for 1650 29th Avenue Place
General Information
Standard status
Size
Property subtype
Additional Details
Cap Rate
Highway Access
Multifamily Units
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
Unique Properties LLC
Listed By:
Phil Dankner · License CO FA.100052493
(303) 931-0793
Source:
Uniqueprop
Added: Jun 25
Changed: Nov 10
Last Checked: Nov 10 at 6:03AM
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 Unique Properties LLC
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Investment Insights
Based on property information with market context.
Chateau Terrace is a newly renovated multifamily asset offering a total mix of one studio, two 1-bedroom/1-bath units, and ten 2-bedroom/1.5-bath units. Improvements include a refreshed exterior with new paint, upgraded stairways, a resurfaced parking lot, a new roof, and an upgraded boiler. Inside, units feature contemporary finishes and in-unit laundry. Reported upgrades include stainless-steel appliances, quartz countertops, newly updated bathrooms, recently replaced windows and flooring, and renovated patios, supporting a consistent renovated look across the property.
The community is positioned in the heart of West Greeley, Colorado, with convenient access described to Greeley’s amenities, retail and business districts, historic parks, and major interstate highways and main city streets. The surrounding area also includes entertainment options, providing context for tenant convenience and day-to-day accessibility.
For investors, the property is presented with an in-place cap rate of 6.56%, and the unit mix includes both smaller and larger floorplans. For operators or buyers evaluating current rent-ready condition, the combination of recent building systems work and interior updates is designed to reduce near-term capital concerns while supporting broad tenant appeal across studios, 1-bedrooms, and 2-bedrooms.
The community is positioned in the heart of West Greeley, Colorado, with convenient access described to Greeley’s amenities, retail and business districts, historic parks, and major interstate highways and main city streets. The surrounding area also includes entertainment options, providing context for tenant convenience and day-to-day accessibility.
For investors, the property is presented with an in-place cap rate of 6.56%, and the unit mix includes both smaller and larger floorplans. For operators or buyers evaluating current rent-ready condition, the combination of recent building systems work and interior updates is designed to reduce near-term capital concerns while supporting broad tenant appeal across studios, 1-bedrooms, and 2-bedrooms.
Key Highlights
- Multifamily building built in 1979 with a current in‑place cap rate of 6.56%
- Unit mix: 1 studio, 2 one‑bed/1‑bath, and 10 two‑bed/1.5‑bath units
- Renovations include upgraded boiler, new roof, fresh paint, upgraded stairways, and a resurfaced parking lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$148,297
Cap Rate
5.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,965,940
$3.0M
Cap Rate 7%
$2,118,529
$2.1M
Cap Rate 9%
$1,647,744
$1.6M
Market Conditions
NOI Build-Up for 14,031 SF
Gross rent
$286.2K $20.40/SF
− Vacancy
−$16.6K −$1.18/SF
EGI
$269.6K $19.22/SF
− OpEx
−$121.3K −$8.65/SF
NOI
$148.3K $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 Rate 5%
$2,965,940
Cap Rate 7%
$2,118,529
Cap Rate 9%
$1,647,744
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,297 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$2.56M
$2.24M – $2.98M
NOI $179,000 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
13
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
878
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Newly renovated apartment community with a mix of studio, 1-bedroom, and 2-bedroom units and in-unit laundry.
Where is this apartment building located?
The property is located at 1650 29th Avenue Place Greeley, CO.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Multifamily building built in 1979 with a current in‑place cap rate of 6.56%; Unit mix: 1 studio, 2 one‑bed/1‑bath, and 10 two‑bed/1.5‑bath units; Renovations include upgraded boiler, new roof, fresh paint, upgraded stairways, and a resurfaced parking lot
