4-Unit Quadplex with
For Sale
$985,000
414 Mulberry Dr, Loveland, CO 80538
MULTI_FAMILY - Loveland, CO
Property Size4,736 SF
Lot Size0.23 Acres
Price / SF$207.98
Days on Market175
Property Features for 414 Mulberry Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
12
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 3, Bathroom 1, Bathroom 6, Bedroom 11, Bedroom 12, Bathroom 5, Bedroom 2, Bedroom 8, Bathroom 7, Bedroom 5, Bathroom 8, Bathroom 3, Bathroom 2, Bedroom 9, Bedroom 4, Bedroom 6, Bathroom 4, Bedroom 7, Basement, Bedroom 10, Bedroom 1
Parking
8
Patio and Porch features
Patio
Interior features
Eat-in Kitchen, Washer/Dryer Hookup, Outside Entry
Basement
Full, Partially Finished
Appliances
No Units Furnished, Electric Range, Dishwasher, Refrigerator
Subdivision
Ridgewood
Elementary school
Lincoln
Middle school
Erwin, Lucile
High school
Loveland
Elementary school district
Thompson R2-J
Middle school district
Thompson R2-J
High school district
Thompson R2-J
Standard status
Active
APN
R0759341
Size
4,736 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4433
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Forced Air
Building Details
Year built
1986
Floors in Building
2
Number of units
4
Building materials
Frame
Roof type
Composition
Listing Agency:
Group Harmony
(970) 229-0700
Listed By:
Ryan Spencer
(970) 214-0263
Added: Feb 20
Changed: Aug 1
Last Checked: Aug 14 at 1:06PM
MLS# 1052120
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 4-unit quadplex offers four rented residential units configured as three-bedroom, two-bath homes. Each unit includes approximately 1,184 finished square feet across three levels, with a bright main-level living room and a functional kitchen that provides patio access. Two upstairs bedrooms share a full bath, and each home has a fully finished basement with a third bedroom, second bathroom, laundry area, utility space, and a rec room.
The property is frame construction, built in 1986, with forced-air heating and a composition roof. Outdoor space is provided by an individual patio. The home is served by public sewer, and natural gas is available. Interior features include an eat-in kitchen, washer/dryer hookup, and outside entry.
Zoned R3, the quadplex sits on a 0.23-acre lot at 414-420 Mulberry Drive in Loveland, CO 80538.
The property is frame construction, built in 1986, with forced-air heating and a composition roof. Outdoor space is provided by an individual patio. The home is served by public sewer, and natural gas is available. Interior features include an eat-in kitchen, washer/dryer hookup, and outside entry.
Zoned R3, the quadplex sits on a 0.23-acre lot at 414-420 Mulberry Drive in Loveland, CO 80538.
Key Highlights
- Four rented units in a 4‑unit quadplex on a 0.23‑acre lot
- Each unit has about 1,184 finished SF across three levels
- Three bedrooms and two bathrooms per unit, with fully finished basement space
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
$48,747
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
4.95%
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%
$974,940
$974.9K
Cap Rate 7%
$696,386
$696.4K
Cap Rate 9%
$541,633
$541.6K
Market Conditions
NOI Build-Up for 4,736 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
$72.7K $15.36/SF
− Vacancy
−$3.1K −$0.66/SF
EGI
$69.6K $14.70/SF
− OpEx
−$20.9K −$4.41/SF
NOI
$48.7K $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%
$974,940
Cap Rate 7%
$696,386
Cap Rate 9%
$541,633
Alternative Uses
Best Use
Multifamily LT 5
$696.4K
$609.3K – $812.5K
NOI $48,747 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$643.9K
$563.4K – $751.3K
NOI $45,075 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,985 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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
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 - R3 zoned 4-unit quadplex with four rented units, patio access, and forced-air heating on a 0.23-acre lot.
Where is this quadplex located?
The property is located at 414 Mulberry Dr Loveland, CO.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Four rented units in a 4‑unit quadplex on a 0.23‑acre lot; Each unit has about 1,184 finished SF across three levels; Three bedrooms and two bathrooms per unit, with fully finished basement space
