Mixed-Use Live/Work Redevelopment
For Sale
$5,000,000
1120 Alpine Ave, Boulder, CO 80304
Redevelopment site with two medical offices and a conceptual live/work and retail mixed-use plan.
Property Size13,657 SF
Lot Size0.93 Acres
Price / SF$366.11
Days on Market84
Property Features for 1120 Alpine Ave
General Information
Standard status
Active
Size
13,657 SF
Total Parking Spaces
140
Lot size
0.93 Acres
Property subtype
Land
Additional Details
Clear Height
12 ft
Taxes and HOA fees
Annual Taxes
$119,990
Building Details
Building Size
13,657 SF
Stories
8
Listing Agency:
Gibbons-White, Inc.
(303) 586-5939
Listed By:
Michael-Ryan McCarty · License #FA.040029628
(303) 586-5939
Source:
Elliman
Added: Jun 3
Changed: Aug 14
Last Checked: Aug 24 at 8:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gibbons-White, Inc.
Investment Insights
Based on property information with market context.
1120–1130 Alpine Avenue is a redevelopment parcel totaling 0.93 acres, currently improved with two medical office buildings totaling 13,657 SF. The offering presents a redevelopment framework for an eight-level mixed-use concept with flexible, subdividable living space. The design contemplates 56,000 SF of residential use across four levels using a “paired floor” configuration, allowing upper spaces to be accessed from within lower units and enabling multiple layouts, from two-story loft options to single-story studios. The concept also includes premium ground-floor retail totaling 16,000 SF, described as high-bay (12') and anchored by an intimate courtyard pocket park, with flexibility to lease retail separately or pair it with residential units for live/work functionality.
The site is positioned in the heart of Boulder’s North Broadway neighborhood, just west of Broadway. It is immediately south of the City of Boulder Municipal Campus and directly across from the North Boulder Ideal Market Shopping Center, providing convenient access to retail and daily essentials named in the materials, including Whole Foods, Sweet Cow, Santos, and other staples.
For buyers or operators seeking a mixed-use conversion opportunity, the combination of existing medical office improvements and the outlined live/work, retail, and rooftop amenity concept supports a range of tenanting and layout strategies. The plan also outlines parking with two levels of underground parking and 140 exceptionally wide (10') spaces, along with a 15,000 SF rooftop recreation deck featuring a rooftop pool and gardens.
The site is positioned in the heart of Boulder’s North Broadway neighborhood, just west of Broadway. It is immediately south of the City of Boulder Municipal Campus and directly across from the North Boulder Ideal Market Shopping Center, providing convenient access to retail and daily essentials named in the materials, including Whole Foods, Sweet Cow, Santos, and other staples.
For buyers or operators seeking a mixed-use conversion opportunity, the combination of existing medical office improvements and the outlined live/work, retail, and rooftop amenity concept supports a range of tenanting and layout strategies. The plan also outlines parking with two levels of underground parking and 140 exceptionally wide (10') spaces, along with a 15,000 SF rooftop recreation deck featuring a rooftop pool and gardens.
Key Highlights
- 0.93‑acre (40,349 SF) redevelopment parcel at 1120‑1130 Alpine Ave in Boulder’s North Broadway neighborhood.
- Currently improved with two medical office buildings totaling 13,657 SF.
- Conceptual 8‑level mixed‑use plan includes 56,000 SF of flexible, subdividable living space across four levels.
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
Retail
$3.22M
$2.82M – $3.75M
NOI $225,250 @ 7.0% cap · market cap 4.51%
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
Lease Details
12 ft
Clear height
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 - Redevelopment site with two medical offices and a conceptual live/work and retail mixed-use plan.
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: 0.93‑acre (40,349 SF) redevelopment parcel at 1120‑1130 Alpine Ave in Boulder’s North Broadway neighborhood.; Currently improved with two medical office buildings totaling 13,657 SF.; Conceptual 8‑level mixed‑use plan includes 56,000 SF of flexible, subdividable living space across four levels.
