Mixed-Use Redevelopment
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 Market160
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: Aug 26
Last Checked: Aug 29 at 9:06PM
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 0.93-acre property at 1120 Alpine Ave includes two medical office buildings totaling 13,657 SF. Zoned BT-1, the site is also described with an eight-level conceptual mixed-use plan that combines residential, retail, rooftop recreation, and structured parking components.
The conceptual program includes 56,000 SF of flexible residential space across four levels, 16,000 SF of ground-floor retail with 12-foot-high bays, and a 15,000 SF rooftop recreation deck with a pool and gardens. Two underground parking levels are planned with 140 spaces measuring 10 feet wide. The property is located west of Broadway, south of the City of Boulder Municipal Campus, and across from North Boulder Ideal Market Shopping Center. Natural gas is available, and public sewer serves the site.
The conceptual program includes 56,000 SF of flexible residential space across four levels, 16,000 SF of ground-floor retail with 12-foot-high bays, and a 15,000 SF rooftop recreation deck with a pool and gardens. Two underground parking levels are planned with 140 spaces measuring 10 feet wide. The property is located west of Broadway, south of the City of Boulder Municipal Campus, and across from North Boulder Ideal Market Shopping Center. Natural gas is available, and public sewer serves the site.
Key Highlights
- 0.93‑acre parcel with 40,349 sq. ft. of land area
- Two existing medical office buildings totaling 13,657 SF
- BT‑1 zoning with an eight‑level conceptual mixed‑use development plan
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
$242,876
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
4.86%
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%
$4,857,520
$4.9M
Cap Rate 7%
$3,469,657
$3.5M
Cap Rate 9%
$2,698,622
$2.7M
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
$426.1K $31.20/SF
− Vacancy
−$21.3K −$1.56/SF
EGI
$404.8K $29.64/SF
− OpEx
−$161.9K −$11.86/SF
NOI
$242.9K $17.78/SF
Area
Boulder, CO
Vacancy
5.00%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
40.00%
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%
$4,857,520
Cap Rate 7%
$3,469,657
Cap Rate 9%
$2,698,622
Alternative Uses
Best Use
Healthcare Medical
$3.47M
$3.04M – $4.05M
NOI $242,876 @ 7.0% cap · market cap 4.86%
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?
Mixed-use property - Boulder parcel with existing medical office improvements and a conceptual mixed-use development program.
Where is this mixed-use property 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: 0.93‑acre parcel with 40,349 sq. ft. of land area; Two existing medical office buildings totaling 13,657 SF; BT‑1 zoning with an eight‑level conceptual mixed‑use development plan
