Two-Home Multifamily
For Sale
$320,000
302 12th Avenue, Greeley, CO 80631
Two residences share one legal description, with one leased through 2027 and the other offering future occupancy flexibility.
Property Size1,838 SF
Price / SF$174.10
Days on Market9
Property Features for 302 12th Avenue
General Information
Standard status
Active
Size
1,838 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,923
Building Details
Year Built
1878
Buildings
2
Tenancy
Multi
Listing Agency:
RE/MAX Alliance-Windsor
(970) 593-0999
Listed By:
Suzanne Ekeler · License #100078660
(970) 590-4841
Source:
Exitrealty
Added: Sep 5
Changed: Sep 12
Last Checked: Sep 12 at 5:48AM
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 RE/MAX Alliance-Windsor
Investment Insights
Based on property information with market context.
This multifamily property includes two separate residences conveyed together under one legal description. The front home at 302 12th Avenue was built in 1878 and provides 1,262 square feet across two stories, with three bedrooms and two bathrooms. The rear residence at 1128 3rd Street adds approximately 576 square feet, one bedroom, and one bathroom. Combined, the homes contain 1,838 square feet of living space, four bedrooms, and three bathrooms.
The rear home is occupied under a lease extending through 2027. Residents in the larger front home are scheduled to leave at the end of November, creating the option for future owner occupancy or continued rental use. The residences are located in Greeley, Colorado, and cannot be separated for individual sale.
The rear home is occupied under a lease extending through 2027. Residents in the larger front home are scheduled to leave at the end of November, creating the option for future owner occupancy or continued rental use. The residences are located in Greeley, Colorado, and cannot be separated for individual sale.
Key Highlights
- Two separate residences included under one legal description
- Front home: 1,262 square feet, two stories, 3 bedrooms, and 2 bathrooms
- Rear home: approximately 576 square feet, 1 bedroom, and 1 bathroom
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
$21,153
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
6.61%
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%
$423,060
$423.1K
Cap Rate 7%
$302,186
$302.2K
Cap Rate 9%
$235,033
$235.0K
Market Conditions
NOI Build-Up for 1,838 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
$32.0K $17.40/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$30.2K $16.44/SF
− OpEx
−$9.1K −$4.93/SF
NOI
$21.2K $11.51/SF
Area
Greeley, CO
Vacancy
5.51%
Lease Rate
$17.40 /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%
$423,060
Cap Rate 7%
$302,186
Cap Rate 9%
$235,033
Alternative Uses
Best Use
Multifamily LT 5
$302.2K
$264.4K – $352.6K
NOI $21,153 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$277.5K
$242.8K – $323.8K
NOI $19,426 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office B
$335.0K
$293.1K – $390.8K
NOI $23,448 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 80631, CO
52,336
Population
18,871
Households
2.8
Avg Household Size
29
Median Age
18%
College-Educated
73%
High-School Grad
103.6 sq mi
ZIP Area
505
Density / Sq Mi
$52,470
Median Household Income
$33,062
Median Earnings
$1,209
Median Rent
$300,400
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 - Two residences share one legal description, with one leased through 2027 and the other offering future occupancy flexibility.
Where is this multifamily property located?
The property is located at 302 12th Avenue Greeley, CO.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two separate residences included under one legal description; Front home: 1,262 square feet, two stories, 3 bedrooms, and 2 bathrooms; Rear home: approximately 576 square feet, 1 bedroom, and 1 bathroom
