Redevelopment Parcel with Medical
For Sale
$5,000,000
1120 Alpine Ave, Boulder, CO 80304
LAND - Boulder, CO
Property Size13,657 SF
Lot Size0.93 Acres
Price / SF$366.11
Days on Market156
Property Features for 1120 Alpine Ave
General Information
Property type
Land
Property subtype
Other
Zoning
BT-1
Subdivision
North Broadway
Lot features
Paved, Curbs, Gutters, Sidewalks
Standard status
Active
APN
R0000133
Lot size
0.93 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
119990
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Listing Agency:
Gibbons-White, Inc.
(303) 442-1040
Listed By:
Michael-Ryan McCarty · License #FA.040029628
(303) 586-5939
Added: Mar 23
Changed: Jun 17
Last Checked: Aug 25 at 7:06AM
MLS# 1054469
Copyright © 2026 IRES MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property at 1120-1130 Alpine Ave includes a 0.93-acre redevelopment parcel currently improved with two medical office buildings totaling 13,657 SF. The site is presented as a redevelopment canvas for a conceptual 8-level mixed-use project. The concept includes flexible, subdividable residential living space across four levels with a “paired floor” configuration designed to allow upper spaces to connect from within lower units. The plan also contemplates premium ground-floor retail, plus a rooftop recreation deck with amenities, and two levels of underground parking with 140 exceptionally wide spaces for access and loading.
Located just west of Broadway in Boulder's North Broadway area, the parcel is described as immediately south of the City of Boulder Municipal Campus. The listing also notes direct proximity across from the North Boulder Ideal Market Shopping Center.
For buyers and operators, the existing medical office buildings provide an in-place improvement while development planning is pursued for a live/work-oriented mixed-use layout. The site’s conceptual mix of residential flexibility, ground-floor retail, rooftop recreation, and structured parking is intended to support a combined tenant and resident environment on a single redevelopment parcel.
Located just west of Broadway in Boulder's North Broadway area, the parcel is described as immediately south of the City of Boulder Municipal Campus. The listing also notes direct proximity across from the North Boulder Ideal Market Shopping Center.
For buyers and operators, the existing medical office buildings provide an in-place improvement while development planning is pursued for a live/work-oriented mixed-use layout. The site’s conceptual mix of residential flexibility, ground-floor retail, rooftop recreation, and structured parking is intended to support a combined tenant and resident environment on a single redevelopment parcel.
Key Highlights
- Prime 0.93‑acre redevelopment parcel in Boulder's desirable North Broadway neighborhood.
- Conceptual 8‑level mixed‑use development opportunity.
- Innovative residential design with flexible, subdividable live/work loft spaces (56,000 SF).
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
$225,250
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
4.51%
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%
$4,505,000
$4.5M
Cap Rate 7%
$3,217,857
$3.2M
Cap Rate 9%
$2,502,778
$2.5M
Market Conditions
NOI Build-Up for 13,657 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
$344.2K $25.20/SF
− Vacancy
−$22.4K −$1.64/SF
EGI
$321.8K $23.56/SF
− OpEx
−$96.5K −$7.07/SF
NOI
$225.3K $16.49/SF
Area
Boulder, CO
Vacancy
6.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$4,505,000
Cap Rate 7%
$3,217,857
Cap Rate 9%
$2,502,778
Alternative Uses
Best Use
Retail
$3.22M
$2.82M – $3.75M
NOI $225,250 @ 7.0% cap · market cap 4.51%
Second Best
Mixed Use
$3.16M
$2.77M – $3.69M
NOI $221,448 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$4.61M
$4.04M – $5.38M
NOI $323,048 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,139
Businesses Nearby
Explore this area
Business Placement
Demographics for 80304, CO
27,532
Population
11,717
Households
2.3
Avg Household Size
41
Median Age
78%
College-Educated
95%
High-School Grad
9.0 sq mi
ZIP Area
3,059
Density / Sq Mi
$121,534
Median Household Income
$60,155
Median Earnings
$1,956
Median Rent
$1,166,100
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?
Live-work space - 0.93-acre site with two medical office buildings, well-suited for mixed-use redevelopment planning.
Where is this live-work space located?
The property is located at 1120 Alpine Ave Boulder, CO.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Prime 0.93‑acre redevelopment parcel in Boulder's desirable North Broadway neighborhood.; Conceptual 8‑level mixed‑use development opportunity.; Innovative residential design with flexible, subdividable live/work loft spaces (56,000 SF).
