Building Details

Year Built 1962

Listing Agency: UNIQUE PROPERTIES LLC Show Phone

Listed By: WILL MCCAULEY · License ##100087986 Show Phone

Source: Corcoran

Added: Mar 13 Changed: Aug 9 Last Checked: Aug 9 at 8:09PM

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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 UNIQUE PROPERTIES LLC

Investment Insights

Based on property information with market context.

Westview Apartments is a low-rise multifamily community located in Greeley, Colorado. The property consists of three two-story apartment buildings constructed in 1962, 1969, and 1970, with a total gross building area of approximately 30,188 square feet. Constructed with wood frame and masonry veneer exteriors, the buildings feature pitched composition shingle roofs. The property is located in the West submarket, near schools, retail centers, and major commuter routes. The unit mix includes 4 one-bedroom, one-bath units, 34 two-bedroom, one-bath units, and 2 three-bedroom, one-bath units, for a total of 40 apartments. Westview Apartments presents a stable investment opportunity in a growing Northern Colorado market with demand for rental housing. The asset offers operational upside through the implementation of a Ratio Utility Billing System (RUBS), allowing a future owner to recapture utility expenses and improve net operating income.

Key Highlights

• Stable investment opportunity in a growing Northern Colorado market.
• Clear operational upside through implementation of a Ratio Utility Billing System (RUBS).
• Convenient location in the West submarket, with close proximity to schools, retail centers, and major commuter routes.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$319,064

Cap Rate

6.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,381,280 $6.4M

Cap Rate 7%

$4,558,057 $4.6M

Cap Rate 9%

$3,545,156 $3.5M

Market Conditions

NOI Build-Up for 30,188 SF

Gross rent

$615.8K $20.40/SF

− Vacancy

−$35.7K −$1.18/SF

EGI

$580.1K $19.22/SF

− OpEx

−$261.1K −$8.65/SF

NOI

$319.1K $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 Rate 5%

$6,381,280

Cap Rate 7%

$4,558,057

Cap Rate 9%

$3,545,156

Alternative Uses

Best Use

Apartment 5plus

$4.56M

$3.99M – $5.32M (±1% cap)

NOI $319,064 @ 7.0% cap · market cap 6.38%

Second Best

—

—

no second resolved use

Theoretical Best

Office B

$5.50M

$4.81M – $6.42M (±1% cap)

NOI $385,123 @ 7.0% cap · market cap 7.70%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Garden Center Law Firm Big Box & Wholesale Store Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,251

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

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Well-maintained apartment community in Greeley, Colorado with value-add potential.

Where is this apartment building located?

The property is located at 2435 2439 & 2459 W 11th Street Greeley, CO.

What is the asking price?

The asking price for this property is $5,000,000.

What are key features of this property?

This property features: Stable investment opportunity in a growing Northern Colorado market.; Clear operational upside through implementation of a Ratio Utility Billing System (RUBS).; Convenient location in the West submarket, with close proximity to schools, retail centers, and major commuter routes.