4-Unit Quadplex with Updated
For Sale
$979,900
2938 Eliot Circle, Westminster, CO 80030
Well-maintained quadplex with four updated two-bedroom, one-bath units, newer windows, and shared laundry and storage access.
Property Size3,518 SF
Days on Market216
Property Features for 2938 Eliot Circle
General Information
Standard status
Active
Size
3,518 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$4,950
Amenities
secure storage room
laundry room
Building Details
Building Size
3,518 SF
Year Built
1962
Tenancy
Multi
Listing Agency:
Brokers Guild Homes
(720) 220-5432
Listed By:
Fariba Keshavarz · License #100071268
Source:
Corken
Added: Jan 21
Changed: Aug 16
Last Checked: Aug 25 at 11:40AM
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 Brokers Guild Homes
Investment Insights
Based on property information with market context.
This 4-unit quadplex features four two-bedroom, one-bath units. The units have been updated and well maintained, including LPV flooring throughout and refurbished kitchens and bathrooms. Additional improvements include newer windows and hot water heaters.
The property includes a maintenance-free concrete entrance with drainage for year-round convenience. Tenants also have access to a secure storage room and a shared laundry room.
Built in 1962, the building is designed for everyday livability and tenant functionality, with individual unit upgrades and common-area support features. Quantum fiber service is included for the units.
The property includes a maintenance-free concrete entrance with drainage for year-round convenience. Tenants also have access to a secure storage room and a shared laundry room.
Built in 1962, the building is designed for everyday livability and tenant functionality, with individual unit upgrades and common-area support features. Quantum fiber service is included for the units.
Key Highlights
- Four two‑bedroom, one‑bath units with LPV flooring
- Refurbished kitchens and bathrooms throughout the building
- Newer windows and hot water heaters
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
$51,116
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
5.22%
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%
$1,022,320
$1.0M
Cap Rate 7%
$730,229
$730.2K
Cap Rate 9%
$567,956
$568.0K
Market Conditions
NOI Build-Up for 3,518 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
$78.1K $22.20/SF
− Vacancy
−$5.1K −$1.44/SF
EGI
$73.0K $20.76/SF
− OpEx
−$21.9K −$6.23/SF
NOI
$51.1K $14.53/SF
Area
Westminster, CO
Vacancy
6.50%
Lease Rate
$22.20 /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%
$1,022,320
Cap Rate 7%
$730,229
Cap Rate 9%
$567,956
Alternative Uses
Best Use
Multifamily LT 5
$730.2K
$639.0K – $851.9K
NOI $51,116 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$646.1K
$565.3K – $753.8K
NOI $45,227 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$1.03M
$899.7K – $1.20M
NOI $71,978 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
884
Businesses Nearby
Explore this area
Business Placement
Demographics for 80030, CO
15,885
Population
6,823
Households
2.3
Avg Household Size
36
Median Age
30%
College-Educated
87%
High-School Grad
2.6 sq mi
ZIP Area
6,110
Density / Sq Mi
$61,964
Median Household Income
$43,004
Median Earnings
$1,296
Median Rent
$422,300
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?
Quadplex - Well-maintained quadplex with four updated two-bedroom, one-bath units, newer windows, and shared laundry and storage access.
Where is this quadplex located?
The property is located at 2938 Eliot Circle Westminster, CO.
What is the asking price?
The asking price for this property is $979,900.
What are key features of this property?
This property features: Four two‑bedroom, one‑bath units with LPV flooring; Refurbished kitchens and bathrooms throughout the building; Newer windows and hot water heaters
