Turnkey Fourplex with Private
For Sale
$760,000
3609 Butternut Dr, Loveland, CO 80538
Four individually metered units with private patios, off-street parking, and an on-site coin laundry.
Property Size3,548 SF
Price / SF$214.21
Days on Market47
Property Features for 3609 Butternut Dr
General Information
Standard status
Active
Size
3,548 SF
Total Parking Spaces
8
Property subtype
Investment
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,875
Building Details
Year Built
1971
Units
144
Tenancy
Multi
Listing Agency:
RE/MAX Alliance
(970) 443-5034
Listed By:
Tara Moreno
(970) 443-5034
Source:
Elliman
Added: Jun 23
Changed: Aug 7
Last Checked: Aug 8 at 12:21PM
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 RE/MAX Alliance
Investment Insights
Based on property information with market context.
This turnkey fourplex offers four spacious units, each with approximately 887 sq. ft. of living space. Units are equipped with through-the-wall air conditioning, private outdoor space, and individually metered electric service paid directly by tenants. Residents also benefit from a large irrigated yard with mature shade trees, an automatic sprinkler system, inviting porches, and generous off-street parking. Each unit is assigned its own driveway parking area with space for two vehicles. An on-site coin-operated laundry room adds resident convenience.
The property has seen recent updates reflecting pride of ownership, including exterior paint completed within the last year and interior paint updates throughout the units within the past few years. Updated flooring has been installed in three of the four units, and one of the two 50-gallon water heaters was replaced within the last year. Units 3609, 3611, and 3613 feature newer luxury vinyl plank flooring and/or carpet.
Located in Loveland, the property is positioned near shopping and public transportation, supporting practical day-to-day accessibility. Current rental income totals $5,440 per month across the four units, with long-term tenants in place. Several residents have expressed interest in renewing their leases, and the seller notes potential for future rent increases. For buyers seeking a well-maintained, turnkey multifamily asset, this fourplex combines tenant appeal, individually metered utilities, and straightforward on-site amenities.
The property has seen recent updates reflecting pride of ownership, including exterior paint completed within the last year and interior paint updates throughout the units within the past few years. Updated flooring has been installed in three of the four units, and one of the two 50-gallon water heaters was replaced within the last year. Units 3609, 3611, and 3613 feature newer luxury vinyl plank flooring and/or carpet.
Located in Loveland, the property is positioned near shopping and public transportation, supporting practical day-to-day accessibility. Current rental income totals $5,440 per month across the four units, with long-term tenants in place. Several residents have expressed interest in renewing their leases, and the seller notes potential for future rent increases. For buyers seeking a well-maintained, turnkey multifamily asset, this fourplex combines tenant appeal, individually metered utilities, and straightforward on-site amenities.
Key Highlights
- 1971‑built fourplex with 4 units, each offering approximately 887 sq ft of living space
- Units are individually metered with tenant‑paid electric service; through‑the‑wall A/C in each unit
- Current rental income totals $5,440/month with rents of $1,400, $1,300, $1,440, and $1,300
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
$36,519
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
4.81%
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%
$730,380
$730.4K
Cap Rate 7%
$521,700
$521.7K
Cap Rate 9%
$405,767
$405.8K
Market Conditions
NOI Build-Up for 3,548 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
$54.5K $15.36/SF
− Vacancy
−$2.3K −$0.66/SF
EGI
$52.2K $14.70/SF
− OpEx
−$15.7K −$4.41/SF
NOI
$36.5K $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%
$730,380
Cap Rate 7%
$521,700
Cap Rate 9%
$405,767
Alternative Uses
Best Use
Multifamily LT 5
$521.7K
$456.5K – $608.7K
NOI $36,519 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$482.4K
$422.1K – $562.8K
NOI $33,768 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$952.3K
$833.3K – $1.11M
NOI $66,664 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 80538, CO
49,084
Population
21,923
Households
2.2
Avg Household Size
43
Median Age
42%
College-Educated
96%
High-School Grad
102.2 sq mi
ZIP Area
480
Density / Sq Mi
$85,057
Median Household Income
$49,074
Median Earnings
$1,730
Median Rent
$472,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four individually metered units with private patios, off-street parking, and an on-site coin laundry.
Where is this quadplex located?
The property is located at 3609 Butternut Dr Loveland, CO.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: 1971‑built fourplex with 4 units, each offering approximately 887 sq ft of living space; Units are individually metered with tenant‑paid electric service; through‑the‑wall A/C in each unit; Current rental income totals $5,440/month with rents of $1,400, $1,300, $1,440, and $1,300
