Income Triplex with Finished
For Sale
$650,000
1807 21st Street Road, Greeley, CO 80631
Triplex offers three units with partially finished basements, washer-dryer hook-ups, and separate utilities.
Property Size4,802 SF
Lot Size0.47 Acres
Price / SF$135.36
Days on Market30
Property Features for 1807 21st Street Road
General Information
Standard status
Active
Size
4,802 SF
Total Parking Spaces
6
Lot size
0.47 Acres
Property subtype
Multi Family
Occupancy
100%
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,745
Amenities
washer dryer hook-ups
separate fenced backyards
Building Details
Year Built
1963
Tenancy
Multi
Listing Agency:
Wetherill Real Estate
(303) 523-5704
Listed By:
Cliff Wetherill · License #246211
(303) 523-5704
Source:
Exitrealty
Added: Jul 26
Changed: Aug 23
Last Checked: Aug 5 at 9:16AM
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 Wetherill Real Estate
Investment Insights
Based on property information with market context.
This income triplex totals 6,048 square feet and includes partially finished basements for the three units. Each basement has washer-dryer hook-ups, and the unit basements vary in finish level, with some areas including egress windows. Unit 1805 is a 2+1 bedroom configuration with a full and 3/4 bath and an about 80% finished basement. Unit 1807 is a 3-bedroom, 3/4 and full bath layout with about a 15% finished basement. Unit 1809 is a 2+1 bedroom configuration with a full bath and an about 80% finished basement with an egress window.
The property was improved with a new roof in 2017 and new exterior paint completed about 4 to 5 years ago. Hot water boilers and hot water heaters are separate for each unit, and the property is separately metered for gas and electric. There are six off-street assigned parking spaces and separate fenced backyards for all units.
The lot is 20,691 square feet and level, which may provide space for additional improvements such as garages or carports. The property reports no vacancy since early 2024.
The property was improved with a new roof in 2017 and new exterior paint completed about 4 to 5 years ago. Hot water boilers and hot water heaters are separate for each unit, and the property is separately metered for gas and electric. There are six off-street assigned parking spaces and separate fenced backyards for all units.
The lot is 20,691 square feet and level, which may provide space for additional improvements such as garages or carports. The property reports no vacancy since early 2024.
Key Highlights
- Triplex totals 6,048 SF including partially finished basements; washer‑dryer hook‑ups in each basement
- Unit 1805: 2+1 BR with full and 3/4 bath and about 80% finished basement with egress window
- Unit 1809: 2+1 BR with full bath and about 80% finished basement with egress window
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
$55,266
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
8.50%
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%
$1,105,320
$1.1M
Cap Rate 7%
$789,514
$789.5K
Cap Rate 9%
$614,067
$614.1K
Market Conditions
NOI Build-Up for 4,802 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
$83.6K $17.40/SF
− Vacancy
−$4.6K −$0.96/SF
EGI
$79.0K $16.44/SF
− OpEx
−$23.7K −$4.93/SF
NOI
$55.3K $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%
$1,105,320
Cap Rate 7%
$789,514
Cap Rate 9%
$614,067
Alternative Uses
Best Use
Multifamily LT 5
$789.5K
$690.8K – $921.1K
NOI $55,266 @ 7.0% cap · market cap 8.50%
Second Best
Apartment 5plus
$725.0K
$634.4K – $845.9K
NOI $50,753 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office B
$875.2K
$765.8K – $1.02M
NOI $61,262 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
315
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?
Triplex - Triplex offers three units with partially finished basements, washer-dryer hook-ups, and separate utilities.
Where is this triplex located?
The property is located at 1807 21st Street Road Greeley, CO.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Triplex totals 6,048 SF including partially finished basements; washer‑dryer hook‑ups in each basement; Unit 1805: 2+1 BR with full and 3/4 bath and about 80% finished basement with egress window; Unit 1809: 2+1 BR with full bath and about 80% finished basement with egress window
