Evans Multifamily Investment
2916-2924 Glendale Drive Evans, CO 80620
2916-2924 Glendale Drive, Evans, CO, 80620
$2,100,000
For Sale
$2,100,000
Well-maintained 18-unit property near the University of Northern Colorado.
Property Size13,088 SF
Price / SF$160.45
Days on Market147
Property Features for 2916-2924 Glendale Drive
General Information
- Standard status
- Active
- Size
- 13,088 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1973
Listing agency
Pinnacle Real Estate Advisors
(719) 325-6087
Listed by
Chris Knowlton · License #FA100032419
(719) 325-6087
Source
Pinnaclerea
Added: Feb 25 Updated: Jul 10 at 1:14PM Checked: Jul 10 at 1:14PM
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 Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
This well-maintained 13,088 square foot building, constructed in 1973, features 18 units. The unit mix includes 15 two-bedroom, one-bathroom units and 3 one-bedroom, one-bathroom units. The property is located less than one mile from the University of Northern Colorado and is a 5-minute drive from the Greeley Mall. There is potential for value-add through unit renovations.
Key Highlights
- Well‑maintained 18‑unit property.
- Ideal unit mix: 15 two‑bedroom/one‑bathroom and 3 one‑bedroom/one‑bathroom units.
- Value‑add potential through unit renovations.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $267.0k | $20.40 |
| − Vacancy | −$15.5k | −$1.18 |
| EGI | $251.5k | $19.22 |
| − OpEx | −$113.2k | −$8.65 |
| NOI | $138.3k | $10.57 |
13,088 SF · lease $20.40/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,330 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$2.39M
$2.09M – $2.78M
NOI $166,970 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 18-unit property near the University of Northern Colorado.
Where is this apartment building located?
The property is located at 2916-2924 Glendale Drive Evans, CO.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Well‑maintained 18‑unit property.; Ideal unit mix: 15 two‑bedroom/one‑bathroom and 3 one‑bedroom/one‑bathroom units.; Value‑add potential through unit renovations.
