Stabilized Office
For Sale
$1,375,000
2802 Dr 2802 Madison Square Dr 2802, Loveland, CO 80538
Three-unit, fully occupied office building totaling 5,082 SF with leases in place.
Property Size5,082 SF
Price / SF$270.56
Days on Market166
Property Features for 2802 Dr 2802 Madison Square Dr 2802
General Information
Standard status
Active
Size
5,082 SF
Property subtype
Office
Occupancy
100%
Additional Details
Office Units
3
Amenities
Central Air
3
R3
30928.0
Building Details
Year Built
1991
Tenancy
Multi
Listing Agency:
Cushman & Wakefield
(970) 222-6452
Listed By:
Travis Ackerman · License #100014006
(970) 222-6452
Source:
Xome
Added: Mar 12
Changed: Aug 23
Last Checked: Aug 23 at 11:07AM
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 Cushman & Wakefield
Investment Insights
Based on property information with market context.
This stabilized professional office building is fully occupied across three units by two established companies. The property comprises 5,082 square feet and is presented as a low-maintenance investment with existing lease commitments.
The asset is located at 2802 Madison Square Dr in Loveland, Colorado. The current leases include two and six years remaining, providing short-term security with ongoing occupancy.
The building’s configuration supports multiple tenants within a single office property, with all units currently leased.
The asset is located at 2802 Madison Square Dr in Loveland, Colorado. The current leases include two and six years remaining, providing short-term security with ongoing occupancy.
The building’s configuration supports multiple tenants within a single office property, with all units currently leased.
Key Highlights
- Three‑unit office building fully occupied with two established companies
- Total building size: 5,082 SF
- Leases in place across all units
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
$72,041
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
5.24%
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%
$1,440,820
$1.4M
Cap Rate 7%
$1,029,157
$1.0M
Cap Rate 9%
$800,456
$800.5K
Market Conditions
NOI Build-Up for 5,082 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
$103.1K $20.28/SF
− Vacancy
−$7.0K −$1.38/SF
EGI
$96.1K $18.90/SF
− OpEx
−$24.0K −$4.73/SF
NOI
$72.0K $14.18/SF
Area
Larimer County, CO
Vacancy
6.80%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
25.00%
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%
$1,440,820
Cap Rate 7%
$1,029,157
Cap Rate 9%
$800,456
Alternative Uses
Best Use
Office B
$1.03M
$900.5K – $1.20M
NOI $72,041 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,486 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
665
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-unit, fully occupied office building totaling 5,082 SF with leases in place.
Where is this office building located?
The property is located at 2802 Dr 2802 Madison Square Dr 2802 Loveland, CO.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Three‑unit office building fully occupied with two established companies; Total building size: 5,082 SF; Leases in place across all units
