Two-Unit Office
For Sale
$1,175,000
2802 Madison Sq Dr, Loveland, CO 80538
Commercial Sale, Loveland, CO
Property Size5,082 SF
Lot Size0.71 Acres
Price / SF$231.21
Days on Market11
Property Features for 2802 Madison Sq Dr
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
R3
Rooms
Basement
Basement
Partial
Accessibility
Accessible Approach with Ramp
Appliances
No Inclusions
Subdivision
Madison Center Condos
Lot features
Level, City Limits, Paved, Curbs, Gutters, Sidewalks, Street Light
View
City
Elementary school
Mary Blair
High school
Mountain View
Elementary school district
Thompson R2-J
Middle school district
Thompson R2-J
High school district
Thompson R2-J
Directions
From Downtown Loveland: Head toward N Lincoln Ave. Turn left onto N Lincoln Ave. Pass by Dairy Queen (Treat) (on the right in 0.9 mi). Turn right to stay on N Lincoln Ave. Turn right onto E 29th St. Turn right onto Yew Dr. Turn left onto Madison Square Dr. Building will be on the left.
Standard status
Active
APN
R1337246
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
25906
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1991
Building materials
Frame, Brick
Roof type
Composition
Listing Agency:
eXp Realty - Estes Park
(970) 586-8300
Listed By:
Seth Smith
(970) 310-9778
Added: Aug 26
Changed: Sep 3
Last Checked: Sep 5 at 4:06PM
MLS# 1067781
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 office property contains two separate professional units, occupied by a home health care company and a CPA practice. Both suites are leased, providing an established operating setup for an owner seeking an income-producing office asset. The building dates to 1991 and includes a basement, frame and brick construction, forced-air heating, central air conditioning, a composition roof, and an accessible approach with ramp.
The property occupies 0.71 acres in Loveland, Colorado. Site services include public sewer and cable availability. R3 zoning is also identified for the property. Its configuration supports continued use as a multi-occupant professional office building, with existing occupancy across both units.
The property occupies 0.71 acres in Loveland, Colorado. Site services include public sewer and cable availability. R3 zoning is also identified for the property. Its configuration supports continued use as a multi-occupant professional office building, with existing occupancy across both units.
Key Highlights
- Two professional office units are currently leased
- Occupancy includes a home health care company and a CPA practice
- 0.71‑acre property in Loveland, Colorado
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
6.13%
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 6.13%
Second Best
Apartment 5plus
$691.0K
$604.6K – $806.1K
NOI $48,368 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,486 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
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 units - R3-zoned office asset with two leased professional suites and on-site accessibility improvements.
Where is this office units located?
The property is located at 2802 Madison Sq Dr Loveland, CO.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Two professional office units are currently leased; Occupancy includes a home health care company and a CPA practice; 0.71‑acre property in Loveland, Colorado
