Evans Multifamily Investment
Evans, CO 80620, Evans, CO 80620
Six-unit multifamily property in Evans, Colorado with value-add potential.
Type:Multifamily
Property size:
4,448 SFPrice / SF:
$175/SF- Added:
- Jan 27, 2026
- Days on Market:
- 114
- Last Refresh:
- Apr 6 at 12:55 am
Property Features
General Information
- Standard status
- Active
- Size
- 4,448 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1971
Listing agent Greg Knott License #FA.001312096 (303) 521-3648
Listing office Unique Properties, Inc. (303) 521-3648
Listing date Jan 27, 2026
Source Tcnworldwide
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 Unique Properties, Inc.
HighLights
- Value‑add opportunity with potential to increase cash‑on‑cash return to approximately 9% through interior and exterior renovations.
- Solid in‑place cap rate of 7.04% offering immediate returns.
- Recent upgrades including a new roof, new gutters, new boiler, and new exterior stairwells.
- Desirable location: 1 mile south of the University of Northern Colorado.
- Desirable location: Less than a mile east of Greeley Mall.
- Six‑unit multifamily property with a mix of one 1 bed/1 bath unit and five 2 bed/1 bath units.
Overview
The property at 2947 Glendale Drive is a six-unit multifamily building in Evans, Colorado, featuring one 1-bedroom, 1-bathroom unit and five 2-bedroom, 1-bathroom units. The property has undergone several recent upgrades, including a new roof, new gutters, a new boiler, new exterior stairwells, and updated landscaping. Situated approximately 1 mile south of the University of Northern Colorado and less than a mile east of Greeley Mall, the location offers convenient access to local amenities. With an in-place cap rate of 7.04%, the property provides immediate returns. Further value-add opportunities exist through interior and exterior renovations, particularly by updating the five unrenovated units, which could potentially increase rents and drive returns to an approximate 9% cash-on-cash return. The building contains a total of 4,448 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$522.4K
NOI $47,012 @ 9.00% cap · cautious / downside scenario
Moderate
$671.6K
NOI $47,012 @ 7.00% cap · market / base-case scenario
Aggressive
$940.2K
NOI $47,012 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $90.7k | $20.40 |
| − Vacancy | −$5.3k | −$1.18 |
| EGI | $85.5k | $19.22 |
| − OpEx | −$38.5k | −$8.65 |
| NOI | $47.0k | $10.57 |
4,448 SF · lease $20.40/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$671.6K
$587.7K – $783.5K
NOI $47,012 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$810.6K
$709.3K – $945.8K
NOI $56,745 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Map
- City
- Evans
- County
- Weld
- State
- Colorado
- Longitude
- -104.694
- Latitude
- 40.391
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six-unit multifamily property in Evans, Colorado with value-add potential.
Where is this apartment building located?
The property is located at Evans, CO.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Value‑add opportunity with potential to increase cash‑on‑cash return to approximately 9% through interior and exterior renovations.; Solid in‑place cap rate of 7.04% offering immediate returns.; Recent upgrades including a new roof, new gutters, new boiler, and new exterior stairwells.
