Remodeled Office Space For
For Sale
$199,900
929 38th Ave Ct 103, Greeley, CO 80634
Remodeled office space in high-traffic area, ideal for investment.
Property Size631 SF
Lot Size0.01 Acres
Days on Market164
Property Features for 929 38th Ave Ct 103
General Information
Standard status
Active
Size
631 SF
Lot size
0.01 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,196
Building Details
Building Size
631 SF
Year Built
1972
Listing Agency:
PBS Properties, LLC
(970) 270-8526
Listed By:
Robert Maize
(970) 270-8526
Source:
Elliman
Added: Mar 11
Changed: Aug 11
Last Checked: Aug 21 at 1:23PM
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 PBS Properties, LLC
Investment Insights
Based on property information with market context.
This well-maintained commercial property features a remodeled office space suitable for investment. The layout includes a waiting area, two small rooms, and a larger multi-purpose room. Located in a high-traffic area, the property offers good exposure. The main building agreement covers utilities including gas, water, electric, and sewer, as well as trash and snow removal, and common area exterior maintenance.
Key Highlights
- Remodeled office space featuring a waiting area, 2 small rooms, and a large multi‑purpose room.
- Main building agreement covers all utilities, trash & snow removal, and common area exterior maintenance.
- High traffic area provides great exposure for a commercial investment.
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
$8,050
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
4.03%
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%
$161,000
$161.0K
Cap Rate 7%
$115,000
$115.0K
Cap Rate 9%
$89,444
$89.4K
Market Conditions
NOI Build-Up for 631 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
$11.4K $18.00/SF
− Vacancy
−$625 −$0.99/SF
EGI
$10.7K $17.01/SF
− OpEx
−$2.7K −$4.25/SF
NOI
$8.0K $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%
$161,000
Cap Rate 7%
$115,000
Cap Rate 9%
$89,444
Alternative Uses
Best Use
Office B
$115.0K
$100.6K – $134.2K
NOI $8,050 @ 7.0% cap · market cap 4.03%
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
842
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 units - Remodeled office space in high-traffic area, ideal for investment.
Where is this office units located?
The property is located at 929 38th Ave Ct 103 Greeley, CO.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Remodeled office space featuring a waiting area, 2 small rooms, and a large multi‑purpose room.; Main building agreement covers all utilities, trash & snow removal, and common area exterior maintenance.; High traffic area provides great exposure for a commercial investment.
