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2947 Glendale Dr
Evans, CO 80620
Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- New roof, new gutters, new boiler, new exterior stairwells, and updated landscaping.
- Less than a mile east of Greeley Mall
- Just 1 mile south of the University of Northern Colorado
EXECUTIVE SUMMARY
2947 Glendale Drive is a six-unit multifamily property located in Evans, Colorado. The unit mix consists of one 1 bed 1 bath unit, as well as five 2 bed 1 bath units. The property features several recent upgrades, including a new roof, new gutters, new boiler, new exterior stairwells, and updated landscaping. The investment opportunity sits just 1 mile south of the University of Northern Colorado, and less than a mile east of Greeley Mall. With an in-place cap rate of 7.04%, this property already offers solid returns. Additionally, further interior and exterior renovations, including updating the five unrenovated units, present an opportunity to significantly raise rents, potentially driving returns to an approximate 9% cash-on-cash return. This makes 2947 Glendale Drive a great investment for value-add investors.
PROPERTY FACTS
| Price Per Unit | $181,470 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 7.04% | Building Size | 4,448 SF |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 2.7/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Price Per Unit | $181,470 CAD |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 4,448 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 2.7/1,000 SF |
| Opportunity Zone |
Yes |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Maintenance on site
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | $1,536 CAD | 675 |
| 2+1 | 5 | $1,815 CAD | 725 |
PROPERTY TAXES
| Parcel Number | R3879186 | Improvements Assessment | $58,505 CAD |
| Land Assessment | $8,164 CAD | Total Assessment | $66,670 CAD |
PROPERTY TAXES
Parcel Number
R3879186
Land Assessment
$8,164 CAD
Improvements Assessment
$58,505 CAD
Total Assessment
$66,670 CAD
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