5-Unit Brick Apartment
For Sale
$815,000
2137 19th Ave, Greeley, CO 80631
Residential Income, Greeley, CO
Property Size5,940 SF
Lot Size0.34 Acres
Price / SF$137.21
Days on Market47
Property Features for 2137 19th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-H
Bedrooms
9
Bathrooms
7
Full bathrooms
7
Rooms
Dining Room, Bathroom 7, Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 9, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 7, Bathroom 4, Bathroom 3, Bathroom 5, Bathroom 6, Basement, Bedroom 1, Bedroom 8
Parking
8
Parking features
Open
Window features
Window Coverings
Patio and Porch features
Patio, Deck
Interior features
Eat-in Kitchen, Separate Dining Room, Pantry, Bay or Bow Window, Walk-In Closet(s), Washer/Dryer Hookup
Exterior features
Sprinkler System
Basement
Partially Finished, Walk-Out Access
Appliances
Electric Range, Dishwasher, Refrigerator, Washer, Dryer, Microwave, All Appliances, Disposal, Fire Alarm
Subdivision
Royal Manor Sub
Lot features
Wooded, Evergreen Trees, Deciduous Trees, Level, Sloping Lot, Abuts Stream/ Creek/ River, Abuts Public Open Space, House Faces East, City Limits, Paved, Curbs, Gutters, Sidewalks, Mineral Rights Excluded
View
City
Elementary school
Jackson
Middle school
Brentwood
High school
Greeley Central
Elementary school district
Greeley 6
Middle school district
Greeley 6
High school district
Greeley 6
Standard status
Active
APN
R3587186
Size
5,940 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3886
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Baseboard, Forced Air
Cooling system
Ceiling Fan(s), Window Unit(s), Central Air, Wall/Window Unit(s)
Water source
Public
Amenities
in-unit washer/dryer
wall A/C unit
garage
deck
carport
storage shed
Building Details
Year built
1969
Floors in Building
1
Number of units
5
Flooring type
Wood
Building materials
Brick
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Group Greeley
(970) 493-0700
Listed By:
Cathy Goza · License #40027771
(970) 613-0700
Added: Aug 13
Changed: Sep 26
Last Checked: Sep 28 at 11:06AM
MLS# 1066452
Copyright © 2026 IRES MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit apartment property includes one 3-bedroom unit, two 2-bedroom units, one 1-bedroom unit, and one studio. The 5,940-square-foot building was constructed in 1969 with brick exterior construction and has updated kitchens, wood flooring, appliances, in-unit washer and dryer equipment, wall A/C units, and refreshed tub surrounds. The property also includes dining areas, pantries, walk-in closets, decks, a patio, and a storage shed currently leased to a tenant.
Set on 0.34 acres in Greeley’s Glenmere Park area, the property is within walking distance of the University of Northern Colorado campus. Unit 2137 includes an attached 2-car garage and an oversized deck overlooking the creek through Glenmere Park. Units 2131, 2133, and 2135 share covered carport parking. The roof was replaced in August 2026, and all HVAC units have been inspected.
Set on 0.34 acres in Greeley’s Glenmere Park area, the property is within walking distance of the University of Northern Colorado campus. Unit 2137 includes an attached 2-car garage and an oversized deck overlooking the creek through Glenmere Park. Units 2131, 2133, and 2135 share covered carport parking. The roof was replaced in August 2026, and all HVAC units have been inspected.
Key Highlights
- 5,940‑square‑foot apartment building with 5 units
- Unit mix includes one 3‑bedroom, two 2‑bedroom, one 1‑bedroom, and one studio unit
- Brick construction built in 1969 on 0.34 acres
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
$62,781
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
7.70%
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%
$1,255,620
$1.3M
Cap Rate 7%
$896,871
$896.9K
Cap Rate 9%
$697,567
$697.6K
Market Conditions
NOI Build-Up for 5,940 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
$121.2K $20.40/SF
− Vacancy
−$7.0K −$1.18/SF
EGI
$114.1K $19.22/SF
− OpEx
−$51.4K −$8.65/SF
NOI
$62.8K $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%
$1,255,620
Cap Rate 7%
$896,871
Cap Rate 9%
$697,567
Alternative Uses
Best Use
Apartment 5plus
$896.9K
$784.8K – $1.05M
NOI $62,781 @ 7.0% cap · market cap 7.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$1.08M
$947.3K – $1.26M
NOI $75,780 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
276
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
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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 - Updated apartment property near the University of Northern Colorado with varied unit layouts, covered parking, and an attached garage.
Where is this apartment building located?
The property is located at 2137 19th Ave Greeley, CO.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: 5,940‑square‑foot apartment building with 5 units; Unit mix includes one 3‑bedroom, two 2‑bedroom, one 1‑bedroom, and one studio unit; Brick construction built in 1969 on 0.34 acres
