Well-Maintained Six-Unit Apartment
For Sale
$850,000
2927 State Farm Road, Evans, CO 80620
Six well-kept units with off-street parking and covered carport, offered turnkey with appliances included.
Property Size4,448 SF
Price / SF$191.10
Days on Market70
Property Features for 2927 State Farm Road
General Information
Standard status
Active
Size
4,448 SF
Property subtype
Commercial
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$5,019
Amenities
6 Carport Space(s)
Composition Roof
Sprinklers In Front
Building Details
Year Built
1971
Tenancy
Multi
Listing Agency:
CENTURY 21 CORNERSTONE
(970) 842-2444
Listed By:
STACEY MARTINDALE · License #100017993
(970) 380-3996
Source:
Corcoran
Added: Jul 5
Changed: Sep 10
Last Checked: Sep 11 at 8:28AM
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 CENTURY 21 CORNERSTONE
Investment Insights
Based on property information with market context.
This well-maintained six-unit apartment building features a desirable unit mix of five two-bedroom, one-bath units and one one-bedroom, one-bath unit. The property is set up for hassle-free operations with a sprinkler system supporting easier landscape maintenance, and all appliances are included with the sale. On-site parking is a strong amenity, highlighted by a spacious covered carport with capacity for approximately 5–6 vehicles, along with additional off-street parking.
The building is located at 2927 State Farm Rd in Evans, Colorado. With multiple residential units on one property and dedicated parking, it offers a practical setup for tenants who prefer convenient, on-site arrangements.
For buyers seeking a straightforward multifamily acquisition, this asset provides an immediately rentable configuration with six distinct units and a clear residential mix. The inclusion of appliances can simplify turnover and ongoing leasing logistics, while the available covered and off-street parking helps support tenant day-to-day needs. The overall condition and operational features make it well-suited for an investor looking to add a small apartment building to a portfolio or to purchase a first income-producing multifamily property.
The building is located at 2927 State Farm Rd in Evans, Colorado. With multiple residential units on one property and dedicated parking, it offers a practical setup for tenants who prefer convenient, on-site arrangements.
For buyers seeking a straightforward multifamily acquisition, this asset provides an immediately rentable configuration with six distinct units and a clear residential mix. The inclusion of appliances can simplify turnover and ongoing leasing logistics, while the available covered and off-street parking helps support tenant day-to-day needs. The overall condition and operational features make it well-suited for an investor looking to add a small apartment building to a portfolio or to purchase a first income-producing multifamily property.
Key Highlights
- 6‑unit apartment building built in 1971
- Unit mix: five 2BD/1BA units plus one 1BD/1BA unit
- Covered carport of approx. 780 SF for about 5–6 vehicles, plus additional off‑street parking
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
$47,012
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
5.53%
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%
$940,240
$940.2K
Cap Rate 7%
$671,600
$671.6K
Cap Rate 9%
$522,356
$522.4K
Market Conditions
NOI Build-Up for 4,448 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
$90.7K $20.40/SF
− Vacancy
−$5.3K −$1.18/SF
EGI
$85.5K $19.22/SF
− OpEx
−$38.5K −$8.65/SF
NOI
$47.0K $10.57/SF
Area
Weld County, 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%
$940,240
Cap Rate 7%
$671,600
Cap Rate 9%
$522,356
Alternative Uses
Best Use
Apartment 5plus
$671.6K
$587.7K – $783.5K
NOI $47,012 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$810.6K
$709.3K – $945.8K
NOI $56,745 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 80620, CO
20,975
Population
6,794
Households
3.1
Avg Household Size
30
Median Age
20%
College-Educated
81%
High-School Grad
5.9 sq mi
ZIP Area
3,555
Density / Sq Mi
$71,410
Median Household Income
$40,446
Median Earnings
$1,463
Median Rent
$315,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Six well-kept units with off-street parking and covered carport, offered turnkey with appliances included.
Where is this apartment building located?
The property is located at 2927 State Farm Road Evans, CO.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 6‑unit apartment building built in 1971; Unit mix: five 2BD/1BA units plus one 1BD/1BA unit; Covered carport of approx. 780 SF for about 5–6 vehicles, plus additional off‑street parking
