Four-Unit Multifamily
For Sale
$765,000
3681 Butternut Dr, Loveland, CO 80538
Four-unit multifamily property with all two-bedroom residences.
Property Size4,000 SF
Days on Market53
Property Features for 3681 Butternut Dr
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multifamily
Occupancy
95%
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
Offered below recent comparable sales, providing an attractive basis with long-term appreciation potential
Opportunity to increase revenue through rent growth as leases turn over and rents move toward market levels
Spacious two-bedroom floorplans appeal to renters seeking affordable, functional living space
Located in Loveland, a growing market supported by strong employment, population growth, and renter demand
Convenient access to major employers, shopping, dining, and Northern Colorado's top recreation destinations
Building Details
Building Size
4,000 SF
Units
4
Tenancy
Multi
Listed By:
David Bomgaars · License #License(s): CO: FA100104456
(303) 328-2069
Source:
Marcusmillichap
Added: Jul 20
Changed: Aug 23
Last Checked: Sep 10 at 5:35AM
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 Bomgaars
Investment Insights
Based on property information with market context.
3681 Butternut Drive is a four-unit multifamily property featuring a unit mix comprised entirely of two-bedroom residences. The floorplans are designed to provide more living space, with spacious two-bedroom layouts throughout the property.
The location is described as minutes from Downtown Loveland, with convenient access to retail and dining options including The Promenade Shops at Centerra and The Marketplace at Centerra. Major employers are also nearby, including UCHealth Medical Center of the Rockies, McKee Medical Center, Hach, Woodward, and Banner Health. The property also benefits from easy access to Highway 34 and Interstate 25.
Outdoor recreation is supported by proximity to Benson Sculpture Garden, Mehaffey Park, Boyd Lake State Park, Devil’s Backbone Open Space, and the Loveland Recreation Trail system. Based on the information provided, the asset is offered for sale at a listed price of $765,000.
The location is described as minutes from Downtown Loveland, with convenient access to retail and dining options including The Promenade Shops at Centerra and The Marketplace at Centerra. Major employers are also nearby, including UCHealth Medical Center of the Rockies, McKee Medical Center, Hach, Woodward, and Banner Health. The property also benefits from easy access to Highway 34 and Interstate 25.
Outdoor recreation is supported by proximity to Benson Sculpture Garden, Mehaffey Park, Boyd Lake State Park, Devil’s Backbone Open Space, and the Loveland Recreation Trail system. Based on the information provided, the asset is offered for sale at a listed price of $765,000.
Key Highlights
- Four‑unit multifamily property built in 1979
- All units are 2‑bedroom residences
- Located in Loveland, CO just minutes from Downtown Loveland
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
$41,172
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
5.38%
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%
$823,440
$823.4K
Cap Rate 7%
$588,171
$588.2K
Cap Rate 9%
$457,467
$457.5K
Market Conditions
NOI Build-Up for 4,000 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
$61.4K $15.36/SF
− Vacancy
−$2.6K −$0.66/SF
EGI
$58.8K $14.70/SF
− OpEx
−$17.6K −$4.41/SF
NOI
$41.2K $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%
$823,440
Cap Rate 7%
$588,171
Cap Rate 9%
$457,467
Alternative Uses
Best Use
Multifamily LT 5
$588.2K
$514.7K – $686.2K
NOI $41,172 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$543.9K
$475.9K – $634.5K
NOI $38,070 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$1.07M
$939.5K – $1.25M
NOI $75,156 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,015
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily property with all two-bedroom residences.
Where is this quadplex located?
The property is located at 3681 Butternut Dr Loveland, CO.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1979; All units are 2‑bedroom residences; Located in Loveland, CO just minutes from Downtown Loveland
