12-Unit Apartment
For Sale
$1,800,000
1428 S California Ave, Loveland, CO 80537
One-bedroom apartments are complemented by detached garages and access to Loveland employers, retail, and recreation.
Property Size7,076 SF
Days on Market44
Property Features for 1428 S California Ave
General Information
Standard status
Active
Size
7,076 SF
Property subtype
Multifamily
Occupancy
95%
Additional Details
Multifamily Units
12
Amenities
A fully occupied 12-unit apartment community offering dependable day-one income from a proven, well-performing asset.
Existing rents provide investors with the opportunity to increase cash flow over time through natural tenant turnover while benefiting from strong occupancy and limited operational risk.
Twelve detached garages provide an additional revenue stream while offering a highly desirable amenity that supports tenant retention and long-term demand.
The property's well-designed one-bedroom units appeal to a broad renter base seeking quality, attainable housing in one of Northern Colorado's strongest rental markets.
Conveniently located near Downtown Loveland, Highway 34, and US-287, the property offers residents easy access to major employers, retail centers, restaurants, grocery stores, and the recreational amenities that continue to attract renters to Northern Colorado.
Extensive recent improvements and a well-maintained physical plant position the property as an attractive investment for buyers seeking stable ownership with limited near-term capital needs.
Building Details
Building Size
7,076 SF
Units
12
Listing Agency:
(303) 328-2069
Listed By:
David J. Bomgaars · License #License(s): CO: FA100104456
(303) 328-2069
Source:
Marcusmillichap
Added: Jul 19
Changed: Aug 30
Last Checked: Aug 30 at 1:15PM
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 David J. Bomgaars
Investment Insights
Based on property information with market context.
This 12-unit multifamily property in Loveland, Colorado, features a one-bedroom unit mix and detached garages that provide an additional property component. The asset is positioned as an apartment community serving the local rental market.
The property is located at 1428 S California Ave in Loveland, with access to major employers, retail amenities, and recreational opportunities in the surrounding area.
The property is located at 1428 S California Ave in Loveland, with access to major employers, retail amenities, and recreational opportunities in the surrounding area.
Key Highlights
- 12‑unit multifamily property in Loveland, Colorado
- One‑bedroom apartment unit mix
- Detached garages provide an additional property component
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
$67,346
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
3.74%
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%
$1,346,920
$1.3M
Cap Rate 7%
$962,086
$962.1K
Cap Rate 9%
$748,289
$748.3K
Market Conditions
NOI Build-Up for 7,076 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
$128.2K $18.12/SF
− Vacancy
−$5.8K −$0.82/SF
EGI
$122.4K $17.30/SF
− OpEx
−$55.1K −$7.79/SF
NOI
$67.3K $9.52/SF
Area
Larimer County, CO
Vacancy
4.50%
Lease Rate
$18.12 /SF/Yr
Expense Ratio
45.00%
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%
$1,346,920
Cap Rate 7%
$962,086
Cap Rate 9%
$748,289
Alternative Uses
Best Use
Apartment 5plus
$962.1K
$841.8K – $1.12M
NOI $67,346 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $132,952 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
561
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?
Apartment building - One-bedroom apartments are complemented by detached garages and access to Loveland employers, retail, and recreation.
Where is this apartment building located?
The property is located at 1428 S California Ave Loveland, CO.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 12‑unit multifamily property in Loveland, Colorado; One‑bedroom apartment unit mix; Detached garages provide an additional property component
