Duplex with Unfinished
New
For Sale
Under Contract
$435,000
232 Shupe Cir, Loveland, CO 80537
Residential, Loveland, CO
Property Size2,355 SF
Lot Size0.06 Acres
Price / SF$184.71
Days on Market4
Property Features for 232 Shupe Cir
General Information
Property type
Residential
Property subtype
Duplex
Zoning
P-8
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Dining Room, Bathroom 1, Bathroom 2, Basement, Laundry Room, Bedroom 1, Laundry Room, Bedroom 2
Parking features
Open
Window features
Window Coverings
Patio and Porch features
Deck
Interior features
Separate Dining Room, Cathedral Ceiling(s), Open Floorplan, Walk-In Closet(s), Washer/Dryer Hookup
Fireplace
1
Basement
Unfinished, Partial
Appliances
Electric Range, Dishwasher, Refrigerator, Washer, Dryer, Microwave, Disposal, Fire Alarm
Subdivision
Mariana Butte PUD
Lot features
Level, House Faces West, City Limits, Paved, Curbs, Gutters, Sidewalks
Elementary school
Namaqua
Middle school
Walt Clark
High school
Thompson Valley
Elementary school district
Thompson R2-J
Middle school district
Thompson R2-J
High school district
Thompson R2-J
Directions
West on US Hwy 34 from I25 to N Wilson Ave. South on N Wilson Ave to W First St. West on W First Street to the roundabout at Crestone Dr. Go North on Crestone Dr to Shupe Cir. East on Shupe Cir.
Standard status
Active Under Contract
APN
R1564668
Size
2,355 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2257
HOA Fee
$200 Monthly
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Amenities
gas fireplace
covered back deck
laundry room
Building Details
Year built
2000
Floors in Building
1
Building materials
Frame, Brick
Roof type
Composition
Listing Agency:
Group Centerra
(970) 613-0700
Listed By:
Shawn Holmes · License #100099296
(970) 301-2598
Added: Sep 3
Changed: Sep 5
Last Checked: Sep 6 at 8:06AM
MLS# 1067893
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.
This P-8-zoned duplex property in southwest Loveland offers 2,355 square feet, including approximately 1,295 finished square feet on the main level and approximately 1,060 square feet of unfinished basement area. The main level includes two bedrooms, two bathrooms, an open living and dining arrangement, vaulted ceilings, a gas fireplace, a separate laundry room, and a kitchen with a peninsula, cabinetry, and generous counter space. The washer and dryer are included.
Mature landscaping and trees frame the property, while a covered back deck extends the usable outdoor area. An attached 2-car garage provides parking and storage. Built in 2000, the home also includes central air, forced-air heat, a composition roof, public sewer, and cable availability.
Crestone Village East HOA provides landscaping and irrigation maintenance as well as snow removal. Boedecker Lake and Mariana Butte Golf Course are nearby, and the property is outside a metro district.
Mature landscaping and trees frame the property, while a covered back deck extends the usable outdoor area. An attached 2-car garage provides parking and storage. Built in 2000, the home also includes central air, forced-air heat, a composition roof, public sewer, and cable availability.
Crestone Village East HOA provides landscaping and irrigation maintenance as well as snow removal. Boedecker Lake and Mariana Butte Golf Course are nearby, and the property is outside a metro district.
Key Highlights
- 2,355 square feet with approximately 1,295 finished square feet and 1,060 unfinished basement square feet
- Two bedrooms and two bathrooms arranged on the main level
- Unfinished basement provides additional storage and future‑use space
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
$24,240
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
5.57%
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%
$484,800
$484.8K
Cap Rate 7%
$346,286
$346.3K
Cap Rate 9%
$269,333
$269.3K
Market Conditions
NOI Build-Up for 2,355 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
$36.2K $15.36/SF
− Vacancy
−$1.5K −$0.66/SF
EGI
$34.6K $14.70/SF
− OpEx
−$10.4K −$4.41/SF
NOI
$24.2K $10.29/SF
Area
Larimer County, CO
Vacancy
4.27%
Lease Rate
$15.36 /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%
$484,800
Cap Rate 7%
$346,286
Cap Rate 9%
$269,333
Alternative Uses
Best Use
Multifamily LT 5
$346.3K
$303.0K – $404.0K
NOI $24,240 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$320.2K
$280.2K – $373.6K
NOI $22,414 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$632.1K
$553.1K – $737.5K
NOI $44,248 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
Explore this area
Business Placement
Demographics for 80537, CO
43,603
Population
20,314
Households
2.1
Avg Household Size
44
Median Age
37%
College-Educated
95%
High-School Grad
122.4 sq mi
ZIP Area
356
Density / Sq Mi
$83,746
Median Household Income
$44,448
Median Earnings
$1,630
Median Rent
$460,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Southwest Loveland property with main-level bedrooms, a covered deck, attached garage, and HOA-maintained landscaping and snow removal.
Where is this duplex located?
The property is located at 232 Shupe Cir Loveland, CO.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 2,355 square feet with approximately 1,295 finished square feet and 1,060 unfinished basement square feet; Two bedrooms and two bathrooms arranged on the main level; Unfinished basement provides additional storage and future‑use space
