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    2916 Glen Dale Dr Evans, CO 80620

    For Sale
    $2,400,000

    18-Unit Value-Add Apartment Complex

    Property size:
    13,088 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    363
    This exceptional investment opportunity presents an 18-unit apartment complex in Evans, Colorado, situated on a 25,061 square foot lot. The property, built in 1973, comprises three two-story buildings totaling 13,088 square feet. Currently boasting a 5.87% cap rate and a $140,770 net operating income (NOI), a pro-forma analysis projects a 6.99% cap rate and a $167,680 NOI, showcasing significant value-add potential. The asking price is $2,400,000, translating to $185 per square foot and $133,333.33 per unit. All 18 units are individually deeded, providing investors with enhanced flexibility. The unit mix includes fifteen two-bedroom, one-bathroom units and three one-bedroom, one-bathroom units. Its prime location offers convenient access to the University of Northern Colorado (less than a mile away) and the Greeley Mall (five minutes away). This well-maintained property presents a compelling opportunity for investors seeking to capitalize on a proven renovation strategy and acquire an asset below replacement cost within a thriving market. The property is classified as a Class C multifamily investment.

    Property Features for 2916 Glen Dale Dr

    General Information

    Property type
    Multifamily properties
    Square Feet
    13,088 SF
    Class
    C

    Building Details

    Year Built
    1973
    Buildings
    3
    Stories
    2
    Units
    18

    HighLights

    • Well‑maintained 18‑unit apartment complex in Evans, CO.
    • Ideal unit mix: 15 two‑bedroom/one‑bathroom, 3 one‑bedroom/one‑bathroom units.
    • Significant value‑add potential through renovations; projected 6.99% cap rate and $167,680 NOI.
    • Less than one mile from the University of Northern Colorado.
    • Five minutes from Greeley Mall.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evans
    County
    Weld
    State
    Colorado
    Longitude
    -104.69305508553
    Latitude
    40.39020410457

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    FAQs

    What type of property is this?
    Multifamily property - 18-Unit Value-Add Apartment Complex
    Where is this multifamily property located?
    The property is located at 2916 Glen Dale Dr Evans, CO.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: Well-maintained 18-unit apartment complex in Evans, CO.; Ideal unit mix: 15 two-bedroom/one-bathroom, 3 one-bedroom/one-bathroom units.; Significant value-add potential through renovations; projected 6.99% cap rate and $167,680 NOI.
    Request Owner's contact information
    2916 Glen Dale Dr Evans, CO 80620
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    Evans, CO 80620
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2916 Glen Dale Dr Evans, CO 80620
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