Greeley Multifamily Investment
For Sale
$5,000,000
2435 2439 & 2459 W 11th Street, Greeley, CO 80634
Well-maintained apartment community in Greeley, Colorado with value-add potential.
Property Size30,188 SF
Price / SF$165.63
Days on Market152
Property Features for 2435 2439 & 2459 W 11th Street
General Information
Standard status
Active
Size
30,188 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,210
Amenities
Balcony
Asphalt
Cul-De-Sac
Landscaped
Building Details
Year Built
1962
Listing Agency:
UNIQUE PROPERTIES LLC
(303) 321-5888
Listed By:
WILL MCCAULEY · License ##100087986
Source:
Corcoran
Added: Mar 13
Changed: Aug 9
Last Checked: Aug 9 at 8:09PM
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 = 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
$319,064
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
6.38%
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%
$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
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
$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 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%
$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
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
NOI $385,123 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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.
