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2947 Glendale Dr 6 Unit Apartment Building $1,066,338 CAD ($177,723 CAD/Unit) 7.04% Cap Rate Evans, CO 80620
Investment Highlights
- MOTIVATED SELLER - BRING ANY AND ALL OFFERS
- Less than a mile east of Greeley Mall
- Just 1 mile south of the University of Northern Colorado
- New roof, new gutters, new boiler, new exterior stairwells, and updated landscaping.
Executive Summary
MOTIVATED SELLER - BRING ANY AND ALL OFFERS
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.
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 | $1,066,338 CAD | Building Class | C |
| Price Per Unit | $177,723 CAD | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 4,448 SF |
| Cap Rate | 7.04% | No. Stories | 2 |
| No. Units | 6 | Year Built | 1971 |
| Property Type | Multifamily | Parking Ratio | 2.7/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise |
| Price | $1,066,338 CAD |
| Price Per Unit | $177,723 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 | $1,504 CAD | 675 |
| 2+1 | 5 | $1,777 CAD | 725 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | R3879186 | Improvements Assessment | $56,602 CAD |
| Land Assessment | $7,899 CAD | Total Assessment | $64,501 CAD |
Property Taxes
Parcel Number
R3879186
Land Assessment
$7,899 CAD
Improvements Assessment
$56,602 CAD
Total Assessment
$64,501 CAD
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2947 Glendale Dr
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