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    Entertainment Building in Downtown Loveland Title is generated by Realmo AI

    285 E 3rd, Loveland, CO 80537

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    For Sale
    $4,500,000

    24,000 SF entertainment building with full-service restaurant for sale.

    Type:Commercial
    Property size:
    24,000 SF
    Lot size:
    0.65 Acres
    Price / SF:
    $187/SF
    Added:
    Nov 10, 2025
    Days on Market:
    206
    Last Refresh:
    Apr 5 at 8:21 pm

    Property Features for 285 E 3rd

    General Information

    Standard status
    Active
    Size
    24,000 SF
    Lot size
    0.65 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    2018

    We can help!

    Listing Contact
    WAYNE LEWIS
    WAYNE LEWIS

    Listing agent WAYNE LEWIS License #IA.040043311

    Listing office LC Real Estate Group, LLC

    Listing date Nov 10, 2025

    Source Corcoran

    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 LC Real Estate Group, LLC

    HighLights

    • Modern 24,000 SF entertainment building built in 2018, adaptable for various uses.
    • Includes leasehold interest of adjacent 6,150 RSF office building with no payment obligations through 04/2027.
    • Sublease income from Level Engineering, LLC at $14.75/SF NNN through 05/2026.
    • Seven fully built auditoriums with 551 luxury recliner seats, full‑service bar, large commercial kitchen, and concession areas.
    • Located in the heart of Downtown Loveland, one block from the renovated 4th Street corridor.
    • Offered at a significant discount to replacement cost in an irreplaceable location with access to public parking.

    Overview

    This 24,000 SF entertainment building, constructed in 2018 as a motion picture theatre with a full-service restaurant, is available for acquisition or lease. The property's contemporary design, high-quality finishes, and adaptable infrastructure support various future uses, including continued entertainment operations, an event venue, retail showroom, educational facility, or mixed-use redevelopment. The building features seven auditoriums with 551 luxury recliner seats, a full-service bar, a large commercial kitchen, concession areas, and back-of-house support spaces, including walk-in coolers, a freezer, and storage. The layout accommodates live performances, private events, experiential retail concepts, or education operations. Situated on 0.65 acres in Downtown Loveland, one block from the 4th Street corridor, the property benefits from pedestrian activity, outdoor entertainment in the Foundry Commons, and synergy with the city's arts and entertainment scene. The purchase includes the leasehold interest of the adjacent 6,150 RSF brick office building at 320 N. Cleveland Avenue, leased from the City of Loveland with no payment obligations through April 2027 and two five-year options through April 2037. This building is currently subleased to Level Engineering, LLC for $14.75/SF NNN through May 2026, offering the option to utilize the building upon sublease termination or offset operating costs with sublease income. The 4th Street corridor is undergoing complete renovation for walk-ability.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $355.0k $14.79
    − Vacancy −$10.3k −$0.43
    EGI $344.7k $14.36
    − OpEx −$86.2k −$3.59
    NOI $258.5k $10.77
    24,000 SF · lease $14.79/SF/yr · vacancy 2.90% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $3.69M
    $3.23M – $4.31M (±1% cap)
    NOI $258,500 @ 7.0% cap · market cap 5.74%
    Second Best
    Retail
    $3.00M
    $2.62M – $3.50M (±1% cap)
    NOI $209,987 @ 7.0% cap · market cap 4.67%
    Theoretical Best
    Office A
    $6.44M
    $5.64M – $7.52M (±1% cap)
    NOI $450,939 @ 7.0% cap · market cap 10.02%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Scripted Bar & Kitchen ... Restaurant

    Suggested Use

    Law Firm Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Loveland
    County
    Larimer
    State
    Colorado
    Longitude
    -105.074
    Latitude
    40.3947

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    FAQs

    What type of property is this?
    Theater & concert hall - 24,000 SF entertainment building with full-service restaurant for sale.
    Where is this theater & concert hall located?
    The property is located at 285 E 3rd Loveland, CO.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: Modern 24,000 SF entertainment building built in 2018, adaptable for various uses.; Includes leasehold interest of adjacent 6,150 RSF office building with no payment obligations through 04/2027.; Sublease income from Level Engineering, LLC at $14.75/SF NNN through 05/2026.
    (970) 667-7000
    We can help!
    Listing Contact
    WAYNE LEWIS
    WAYNE LEWIS
    Real Estate License ID: IA.040043311
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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