Evans Multifamily Investment
For Sale
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2916 Glendale Dr, Evans, CO 80620
18-unit apartment complex in Evans, Colorado.
Property Size13,088 SF
Price / SF$160.45
Days on Market673
Property Features for 2916 Glendale Dr
General Information
Standard status
Active
Size
13,088 SF
Class
C
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$155,801
Building Details
Year Built
1973
Buildings
3
Stories
2
Units
18
Listing Agency:
Pinnacle Real Estate Advisors
(303) 962-9555
Listed By:
Jim Knowlton · License #CO FA100032419
Source:
Crexi
Added: Oct 9, 2024
Changed: Aug 12
Last Checked: May 12 at 11:01PM
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 Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
The Glendale Apartments is a multifamily complex located in Evans, Colorado, comprising 18 units across three buildings, each containing six units. This property presents a value-add opportunity for investors, with potential for increased value through renovation strategies. The property is well-maintained. The total property size is 13,088 square feet. Each of the 18 units is individually deeded, providing investors with additional flexibility.
Key Highlights
- Value‑add opportunity through proven renovation strategy.
- Below replacement cost acquisition basis.
- Individually deeded units offering flexibility.
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
$138,330
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
6.59%
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%
$2,766,600
$2.8M
Cap Rate 7%
$1,976,143
$2.0M
Cap Rate 9%
$1,537,000
$1.5M
Market Conditions
NOI Build-Up for 13,088 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
$267.0K $20.40/SF
− Vacancy
−$15.5K −$1.18/SF
EGI
$251.5K $19.22/SF
− OpEx
−$113.2K −$8.65/SF
NOI
$138.3K $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%
$2,766,600
Cap Rate 7%
$1,976,143
Cap Rate 9%
$1,537,000
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,330 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$2.39M
$2.09M – $2.78M
NOI $166,970 @ 7.0% cap · market cap 7.95%
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?
Apartment building - 18-unit apartment complex in Evans, Colorado.
Where is this apartment building located?
The property is located at 2916 Glendale Dr Evans, CO.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Value‑add opportunity through proven renovation strategy.; Below replacement cost acquisition basis.; Individually deeded units offering flexibility.
