Updated Brick Fourplex Investment
For Sale
$1,199,900
2132 27th Ave Court, Greeley, CO 80634
Updated fourplex with great tenants and revenue potential.
Property Size9,072 SF
Price / SF$132.26
Days on Market328
Property Features for 2132 27th Ave Court
General Information
Standard status
Active
Size
9,072 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,943
Amenities
Gas
Electric Range, Dishwasher, Refrigerator, Fire Alarm
Eat-in Kitchen, Pantry, Washer/Dryer Hookup, Shared Bath
Frame
Building Details
Year Built
1983
Listing Agency:
Hitch Realty LLC
Listed By:
Ifiok Udowana · License #100040478
(970) 581-9795
Source:
Compass
Added: Oct 20, 2025
Changed: Sep 11
Last Checked: Sep 11 at 12:34PM
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 Hitch Realty LLC
Investment Insights
Based on property information with market context.
This updated brick fourplex presents an investment opportunity in a desirable location. The property is well-maintained and fully rented with tenants in place. Units A and B are currently rented below market value at $1700, offering potential for increased revenue. Unit C is rented for $2000, and Unit D is rented for $2075. Each unit features an identical floor plan, including a bright and open main floor with a fireplace and half bathroom, three bedrooms and a spacious bathroom upstairs, and a large unfinished basement. Each unit provides 2268 square feet of living space, along with an attached garage, patio, and outdoor space, all set within mature landscaping. Units C and D have been updated, while the remaining units are move-in ready. The property is located close to multiple parks, the university, hospitals, shopping, and offers easy access to Highway 34. The location has a bike score of 58, indicating it is bikeable, and a walk score of 45, suggesting car dependence.
Key Highlights
- High‑return investment property with all units currently rented by reliable tenants.
- Opportunity to increase revenue by raising rents on units A and B to market value.
- Potential for instant equity by deeding units separately, with comparable units selling for $360k-$380k+ each.
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
$104,409
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
8.70%
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%
$2,088,180
$2.1M
Cap Rate 7%
$1,491,557
$1.5M
Cap Rate 9%
$1,160,100
$1.2M
Market Conditions
NOI Build-Up for 9,072 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
$157.9K $17.40/SF
− Vacancy
−$8.7K −$0.96/SF
EGI
$149.2K $16.44/SF
− OpEx
−$44.7K −$4.93/SF
NOI
$104.4K $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%
$2,088,180
Cap Rate 7%
$1,491,557
Cap Rate 9%
$1,160,100
Alternative Uses
Best Use
Multifamily LT 5
$1.49M
$1.31M – $1.74M
NOI $104,409 @ 7.0% cap · market cap 8.70%
Second Best
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,884 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office B
$1.65M
$1.45M – $1.93M
NOI $115,736 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
453
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated fourplex with great tenants and revenue potential.
Where is this quadplex located?
The property is located at 2132 27th Ave Court Greeley, CO.
What is the asking price?
The asking price for this property is $1,199,900.
What are key features of this property?
This property features: High‑return investment property with all units currently rented by reliable tenants.; Opportunity to increase revenue by raising rents on units A and B to market value.; Potential for instant equity by deeding units separately, with comparable units selling for $360k-$380k+ each.
