Renovated Multifamily Apartment
For Sale
$2,500,000
1650 29th Avenue Place, Greeley, CO 80634
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 Market49
Property Features for 1650 29th Avenue Place
General Information
Standard status
Active
Size
14,031 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6.56%
Highway Access
Yes
Multifamily Units
13
Building Details
Building Size
14,031 SF
Year Built
1979
Tenancy
Multi
Listing Agency:
Unique Properties, Inc
(303) 931-0793
Listed By:
Phil Dankner · License #ER.000183921
(303) 931-0793
Source:
Uniqueprop
Added: Jun 25
Changed: Aug 9
Last Checked: Aug 12 at 4:12AM
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, Inc
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 = 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
$148,297
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
5.93%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
