Residential Income Property for
For Sale
$765,000
2947 Glendale Drive, Evans, CO 80620
For sale residential income property at 2947 Glendale Drive in Evans, CO, with a motivated-seller posture and open-offer invitation.
Property Size4,448 SF
Days on Market50
Property Features for 2947 Glendale Drive
General Information
Standard status
Active
Size
4,448 SF
Property subtype
Multifamily
Building Details
Building Size
4,448 SF
Year Built
1971
Listing Agency:
Unique Properties, Inc.
(303) 521-3648
Listed By:
Greg Knott · License #FA.001312096
(303) 521-3648
Source:
Uniqueprop
Added: Jun 25
Changed: Aug 10
Last Checked: Aug 12 at 3:54AM
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, Inc.
Investment Insights
Based on property information with market context.
This for-sale residential income property is offered with a motivated-seller note requesting that buyers bring any and all offers. The available information classifies the asset within the residential income and other multifamily property categories, indicating a structure designed to support multiple residential units.
The property is located at 2947 Glendale Drive in Evans, Colorado 80620. No additional details were provided regarding unit mix, current occupancy, building condition, or on-site amenities, so prospective buyers should plan to verify all aspects of the property during due diligence.
For investors and owner-occupants evaluating income-focused multifamily holdings, the next step is to review the property’s actual layout and financial and operational details. Because the listing does not specify rents, lease terms, or improvements, buyers should confirm current performance, utility arrangements, and any deferred maintenance or required capital items. Interested parties may also want to coordinate early access for inspection and underwriting given the seller’s open-offer request.
The property is located at 2947 Glendale Drive in Evans, Colorado 80620. No additional details were provided regarding unit mix, current occupancy, building condition, or on-site amenities, so prospective buyers should plan to verify all aspects of the property during due diligence.
For investors and owner-occupants evaluating income-focused multifamily holdings, the next step is to review the property’s actual layout and financial and operational details. Because the listing does not specify rents, lease terms, or improvements, buyers should confirm current performance, utility arrangements, and any deferred maintenance or required capital items. Interested parties may also want to coordinate early access for inspection and underwriting given the seller’s open-offer request.
Key Highlights
- Residential income property for sale at 2947 Glendale Drive, Evans, CO
- Year built: 1971
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
6.15%
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 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$810.6K
$709.3K – $945.8K
NOI $56,745 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
585
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - For sale residential income property at 2947 Glendale Drive in Evans, CO, with a motivated-seller posture and open-offer invitation.
Where is this multifamily property located?
The property is located at 2947 Glendale Drive Evans, CO.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: Residential income property for sale at 2947 Glendale Drive, Evans, CO; Year built: 1971
