Updated Triplex With New
For Sale
$940,000
2400 10th Avenue, Greeley, CO 80631
Three-unit property combining a fully renovated residence with two newly constructed apartments and partial off-street parking.
Property Size4,378 SF
Days on Market14
Property Features for 2400 10th Avenue
General Information
Standard status
Active
Size
4,378 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$3,620
Building Details
Building Size
4,378 SF
Year Built
1949
Listing Agency:
Keller Williams-Preferred Rlty
(970) 396-4303
Listed By:
John Kadavy · License #IREP24046
Source:
Eliselosassore
Added: Aug 17
Changed: Aug 27
Last Checked: Aug 29 at 4:33PM
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 Keller Williams-Preferred Rlty
Investment Insights
Based on property information with market context.
This triplex, originally built in 1949, combines a comprehensively renovated four-bedroom, two-bath residence with two newly constructed three-bedroom, two-bath units. The front residence includes replacement windows, siding, maintenance-free decking, a Class 4 impact-resistant roof, custom cabinetry, quartz countertops, a tile backsplash, and new EVL flooring. The rear apartments were built from the foundation up and feature new construction finishes.
Infrastructure improvements include new water, sewer, electrical, and natural gas connections from the street. The property also includes newly installed landscaping and a concrete parking pad providing partial off-street parking. A 2 YEAR BUILDER WARRANTY is to be provided at closing.
Infrastructure improvements include new water, sewer, electrical, and natural gas connections from the street. The property also includes newly installed landscaping and a concrete parking pad providing partial off-street parking. A 2 YEAR BUILDER WARRANTY is to be provided at closing.
Key Highlights
- Triplex with one 4 bed/2 bath renovated unit and two brand‑new 3 bed/2 bath units
- Rear units constructed from the foundation up
- New water, sewer, electricity, and natural gas connections from the street
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
$50,386
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
5.36%
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%
$1,007,720
$1.0M
Cap Rate 7%
$719,800
$719.8K
Cap Rate 9%
$559,844
$559.8K
Market Conditions
NOI Build-Up for 4,378 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
$76.2K $17.40/SF
− Vacancy
−$4.2K −$0.96/SF
EGI
$72.0K $16.44/SF
− OpEx
−$21.6K −$4.93/SF
NOI
$50.4K $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%
$1,007,720
Cap Rate 7%
$719,800
Cap Rate 9%
$559,844
Alternative Uses
Best Use
Multifamily LT 5
$719.8K
$629.8K – $839.8K
NOI $50,386 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$661.0K
$578.4K – $771.2K
NOI $46,272 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office B
$797.9K
$698.2K – $930.9K
NOI $55,852 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
589
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-unit property combining a fully renovated residence with two newly constructed apartments and partial off-street parking.
Where is this triplex located?
The property is located at 2400 10th Avenue Greeley, CO.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: Triplex with one 4 bed/2 bath renovated unit and two brand‑new 3 bed/2 bath units; Rear units constructed from the foundation up; New water, sewer, electricity, and natural gas connections from the street
