Four-Unit Brick
New
For Sale
$732,000
1604 Empire Ave, Loveland, CO 80538
Residential Income, Loveland, CO
Property Size3,576 SF
Lot Size0.21 Acres
Price / SF$204.70
Days on Market2
Property Features for 1604 Empire Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3E
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bathroom 1, Bathroom 4, Bedroom 8, Bedroom 3, Bedroom 4, Bedroom 5, Bathroom 3, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 2
Parking
6
Patio and Porch features
Patio
Interior features
Eat-in Kitchen, Washer/Dryer Hookup
Exterior features
Sprinkler System, Balcony
Fencing
Chain Link
Appliances
Electric Range, Refrigerator, Fire Alarm
Subdivision
Locust Park
Lot features
Deciduous Trees, Level, City Limits, Paved, Curbs, Gutters, Sidewalks
View
City
Elementary school
Namaqua
Middle school
Bill Reed
High school
Loveland
Elementary school district
Thompson R2-J
Middle school district
Thompson R2-J
High school district
Thompson R2-J
Directions
From Hwy 34 and N Taft, go West on Hwy34, left on N Estrella Ave, Right on w 15th, left on N Empire Ave, complex is on the right side of the street
Standard status
Active
APN
R0361909
Size
3,576 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4490
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Window Unit(s), Ceiling Fan(s), Wall/Window Unit(s)
Building Details
Year built
1968
Floors in Building
2
Number of units
4
Building materials
Brick
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
RE/MAX Town and Country · RE/MAX International
(970) 532-5096
Listed By:
Amber Reisbeck · License #FA100095930
(970) 691-2596
Added: Sep 17
Last Checked: Sep 18 at 1:06AM
MLS# 1068924
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 four-unit residential income property contains 3,576 square feet across four 2-bedroom, 1-bath residences. Built in 1968 with brick construction, the property includes eat-in kitchens, washer/dryer hookups, electric ranges, refrigerators, fire alarms, and a mix of window, wall/window, and ceiling-fan cooling. Baseboard heating is also provided through a boiler system.
Exterior improvements include recently painted trim, new front and rear porches and steps, patios, balconies, chain-link fencing, and a sprinkler system. The 0.21-acre site has public sewer service, cable availability, a composition roof, and R3E zoning. The property is located in Loveland, less than one mile from Lake Loveland, with grocery stores and dining nearby.
Exterior improvements include recently painted trim, new front and rear porches and steps, patios, balconies, chain-link fencing, and a sprinkler system. The 0.21-acre site has public sewer service, cable availability, a composition roof, and R3E zoning. The property is located in Loveland, less than one mile from Lake Loveland, with grocery stores and dining nearby.
Key Highlights
- Four 2‑bedroom, 1‑bath units totaling 3,576 square feet
- Brick construction on a 0.21‑acre site
- Recent exterior trim painting plus new front and rear porches and steps
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
$36,807
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
5.03%
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%
$736,140
$736.1K
Cap Rate 7%
$525,814
$525.8K
Cap Rate 9%
$408,967
$409.0K
Market Conditions
NOI Build-Up for 3,576 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
$54.9K $15.36/SF
− Vacancy
−$2.3K −$0.66/SF
EGI
$52.6K $14.70/SF
− OpEx
−$15.8K −$4.41/SF
NOI
$36.8K $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%
$736,140
Cap Rate 7%
$525,814
Cap Rate 9%
$408,967
Alternative Uses
Best Use
Multifamily LT 5
$525.8K
$460.1K – $613.5K
NOI $36,807 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$486.2K
$425.4K – $567.3K
NOI $34,035 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$959.9K
$839.9K – $1.12M
NOI $67,190 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
671
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences feature updated porches, boiler heating, and individual washer/dryer hookups.
Where is this quadplex located?
The property is located at 1604 Empire Ave Loveland, CO.
What is the asking price?
The asking price for this property is $732,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units totaling 3,576 square feet; Brick construction on a 0.21‑acre site; Recent exterior trim painting plus new front and rear porches and steps
