Fully Rented
For Sale
$698,000
2208 10th Avenue Unit A and B, Greeley, CO 80631
Three residential units include six-, four-, and two-bedroom layouts with basement storage.
Property Size4,588 SF
Days on Market136
Property Features for 2208 10th Avenue Unit A and B
General Information
Standard status
Active
Size
4,588 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Gross Income
$65,220
Taxes and HOA fees
Annual Taxes
$341
Building Details
Building Size
4,588 SF
Year Built
1946
Tenancy
Multi
Listing Agency:
Better Realty
(970) 397-3775
Listed By:
Carey McGrath · License #100030108
Source:
Eliselosassore
Added: Mar 30
Changed: Aug 2
Last Checked: Aug 11 at 12:17PM
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 Better Realty
Investment Insights
Based on property information with market context.
Located at 2208 10th Avenue in Greeley, this triplex was built in 1946 and includes three residential units. The unit mix consists of six-bedroom, four-bedroom, and two-bedroom residences, creating a varied configuration within one property. All three units are currently rented.
The property sits next to the University of Northern Colorado in an area described as serving student rentals. Basement storage provides additional space that can be used by the owner or made available to tenants. The combination of three separate units, a defined bedroom mix, current occupancy, and proximity to the university gives the property a straightforward residential income profile.
The property sits next to the University of Northern Colorado in an area described as serving student rentals. Basement storage provides additional space that can be used by the owner or made available to tenants. The combination of three separate units, a defined bedroom mix, current occupancy, and proximity to the university gives the property a straightforward residential income profile.
Key Highlights
- Three‑unit triplex built in 1946
- Six‑bedroom, four‑bedroom, and two‑bedroom unit mix
- All three units are currently rented
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
$52,803
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
7.56%
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%
$1,056,060
$1.1M
Cap Rate 7%
$754,329
$754.3K
Cap Rate 9%
$586,700
$586.7K
Market Conditions
NOI Build-Up for 4,588 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
$79.8K $17.40/SF
− Vacancy
−$4.4K −$0.96/SF
EGI
$75.4K $16.44/SF
− OpEx
−$22.6K −$4.93/SF
NOI
$52.8K $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%
$1,056,060
Cap Rate 7%
$754,329
Cap Rate 9%
$586,700
Alternative Uses
Best Use
Multifamily LT 5
$754.3K
$660.0K – $880.1K
NOI $52,803 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$692.7K
$606.2K – $808.2K
NOI $48,492 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office B
$836.2K
$731.6K – $975.5K
NOI $58,531 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
576
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 - Three residential units include six-, four-, and two-bedroom layouts with basement storage.
Where is this triplex located?
The property is located at 2208 10th Avenue Unit A and B Greeley, CO.
What is the asking price?
The asking price for this property is $698,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1946; Six‑bedroom, four‑bedroom, and two‑bedroom unit mix; All three units are currently rented
