Multi-Tenant Office Building For
For Sale
$2,840,000
1901 56th Ave, Greeley, CO 80634
Multi-tenant office building in west Greeley with four tenants.
Property Size19,879 SF
Days on Market120
Property Features for 1901 56th Ave
General Information
Standard status
Active
Size
19,879 SF
Property subtype
Commercial
Building Details
Building Size
19,879 SF
Year Built
1996
Listing Agency:
Ccb Real Estate Llc
(970) 663-3150
Listed By:
Jacob Hallauer
(970) 663-3150
Source:
Elliman
Added: Apr 24
Changed: Aug 17
Last Checked: Aug 20 at 10:57AM
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 Ccb Real Estate Llc
Investment Insights
Based on property information with market context.
A multi-tenant office building is available for sale on W. 20th Street in west Greeley. The building is fully occupied by four tenants and features low NNN expenses. The location provides accessibility to restaurants, retail, residential areas, recreational facilities, and public amenities. Recent improvements to the property include fresh exterior paint and a newly resurfaced parking lot. The bike score is 36, indicating it is somewhat bikeable, and the walk score is 19, indicating car-dependent.
Key Highlights
- Fully occupied multi‑tenant office building.
- Attractive low NNN expenses.
- Excellent accessibility to restaurants, retail, residential areas, recreational facilities, and public amenities.
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
$253,606
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
8.93%
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%
$5,072,120
$5.1M
Cap Rate 7%
$3,622,943
$3.6M
Cap Rate 9%
$2,817,844
$2.8M
Market Conditions
NOI Build-Up for 19,879 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
$357.8K $18.00/SF
− Vacancy
−$19.7K −$0.99/SF
EGI
$338.1K $17.01/SF
− OpEx
−$84.5K −$4.25/SF
NOI
$253.6K $12.76/SF
Area
Greeley, CO
Vacancy
5.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$5,072,120
Cap Rate 7%
$3,622,943
Cap Rate 9%
$2,817,844
Alternative Uses
Best Use
Office B
$3.62M
$3.17M – $4.23M
NOI $253,606 @ 7.0% cap · market cap 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Explore this area
Business Placement
Demographics for 80634, CO
65,980
Population
25,802
Households
2.6
Avg Household Size
36
Median Age
32%
College-Educated
90%
High-School Grad
38.3 sq mi
ZIP Area
1,723
Density / Sq Mi
$83,255
Median Household Income
$46,808
Median Earnings
$1,567
Median Rent
$405,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant office building in west Greeley with four tenants.
Where is this office building located?
The property is located at 1901 56th Ave Greeley, CO.
What is the asking price?
The asking price for this property is $2,840,000.
What are key features of this property?
This property features: Fully occupied multi‑tenant office building.; Attractive low NNN expenses.; Excellent accessibility to restaurants, retail, residential areas, recreational facilities, and public amenities.
