For Sale
$2,700,000

1650 29Th Avenue PlGreeley, CO 80634

13-unit apartment building, renovated, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
116
This meticulously renovated 13-unit apartment building, Chateau 29, is situated in West Greeley, Colorado, at 1650 29th Ave Pl, 80634. Built in 1979, this three-story building boasts 14,031 square feet on a 23,444 square foot lot. The property features a mix of unit types including one studio, two one-bedroom/one-bathroom units, and ten spacious two-bedroom/one-and-a-half-bathroom units. Recent upgrades include a new roof, resurfaced parking lot, upgraded boiler, fresh exterior paint, renovated stairwells, and updated landscaping. Interior renovations are equally impressive, with each unit showcasing high-end stainless steel appliances, quartz countertops, new bathrooms, recently replaced windows and flooring, and in-unit laundry facilities. The property offers a compelling investment opportunity with a current NOI of $150,356 and a pro-forma NOI of $171,161, translating to a current cap rate of 5.57% and a pro-forma cap rate of 6.34%. The asking price is $2,700,000, representing a price per unit of $207,692.31 and a price per square foot of $192.43. Its prime location provides easy access to major highways, diverse retail and business districts, parks, and entertainment options. This property presents a strong value proposition for investors seeking a well-maintained, high-performing multifamily asset in a desirable location.

Highlights

  • $2,700,000 asking price for a 13-unit apartment building in Greeley, CO.
  • 14,031 square feet, offering $192.43 per square foot.
  • 5.57% cap rate, with a pro-forma cap rate of 6.34%.
  • $150,356 current NOI, projecting $171,161 pro-forma NOI.
  • 13 units, priced at $207,692 per unit.
  • Three-story building constructed in 1979, situated on a 23,444 square foot lot.

Property Details for 1650 29Th Avenue Pl

Property type
Apartment buildings
Square Feet
14,031 SF
Year Built
1979
Buildings
1
Stories
3
Units
13

Location Insight

City
Greeley
County
Weld
State
Colorado
Latitude
40.413352237517
Longitude
-104.7280486293
1650 29Th Avenue Pl, Greeley, Colorado

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1650 29Th Avenue Pl
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