Five-Unit Downtown Income
For Sale
$1,250,000
446 E 4th St, Loveland, CO 80537
MULTI_FAMILY - Contemporary - Loveland, CO
Property Size4,210 SF
Lot Size0.24 Acres
Price / SF$296.91
Days on Market93
Property Features for 446 E 4th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
DT
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Bathroom 5, Bedroom 1, Bedroom 2, Bathroom 6, Bedroom 3, Basement, Bathroom 4, Bathroom 3, Bathroom 2, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 4
Parking
2
Patio and Porch features
Patio
Interior features
Washer/Dryer Hookup
Exterior features
Sprinkler System
Basement
Unfinished
Appliances
No Units Furnished
Subdivision
Lov
Lot features
Corner Lot, House Faces North, House Faces East, Paved, Curbs, Sidewalks, Alley, Fire Hydrant within 500 Feet
Elementary school
Truscott
Middle school
Bill Reed
High school
Thompson Valley
Elementary school district
Thompson R2-J
Middle school district
Thompson R2-J
High school district
Thompson R2-J
Directions
Southwest corner of East 4th and Washington
Standard status
Active
APN
R0446238
Size
4,210 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4116
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1905
Floors in Building
1
Number of units
5
Building materials
Block, Stucco
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Real
(720) 807-2890
Listed By:
Nanci Garnand · License #40002714
(970) 227-1327
Added: May 26
Changed: Aug 4
Last Checked: Aug 26 at 12:06PM
MLS# 1060558
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 five-unit income property is set on one lot and includes an updated front house plus two duplex buildings. The front house was originally built in 1905 and has undergone updates, including kitchen upgrades, appliances, and electrical system improvements. The duplex units each include a living area, kitchen, bedroom, full bath, and mudroom entries, with dedicated space for tenant washers and dryers. One duplex unit has wood flooring while the other has carpet. The property also includes a detached garage with two separate spaces and yard grass space.
Located within the DT (Downtown) zoning area at 446 E 4th St in Loveland, the buildings front E. 4th Street and have benefited from recent street improvements. The listing is described as being just blocks from the Civic Center, Library, restaurants, shopping, and downtown events.
Water is billed back to tenants. The property is positioned within multiple Downtown (DT) zoning and development incentive districts listed in the remarks, including the Enterprise Zone, Downtown Urban Renewal Area (URA), General Improvement District #1, Historic Downtown Loveland (CEF Exempt Area), Historic Loveland BID, and Loveland DDA.
Located within the DT (Downtown) zoning area at 446 E 4th St in Loveland, the buildings front E. 4th Street and have benefited from recent street improvements. The listing is described as being just blocks from the Civic Center, Library, restaurants, shopping, and downtown events.
Water is billed back to tenants. The property is positioned within multiple Downtown (DT) zoning and development incentive districts listed in the remarks, including the Enterprise Zone, Downtown Urban Renewal Area (URA), General Improvement District #1, Historic Downtown Loveland (CEF Exempt Area), Historic Loveland BID, and Loveland DDA.
Key Highlights
- Five income‑producing rental units on one lot: updated 1905 front house plus two duplex buildings
- Detached garage with 2 separate spaces, plus yard space with grass
- Front house updated with kitchen upgrades, appliances, and electrical system improvements
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
$43,333
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
3.47%
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%
$866,660
$866.7K
Cap Rate 7%
$619,043
$619.0K
Cap Rate 9%
$481,478
$481.5K
Market Conditions
NOI Build-Up for 4,210 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
$64.7K $15.36/SF
− Vacancy
−$2.8K −$0.66/SF
EGI
$61.9K $14.70/SF
− OpEx
−$18.6K −$4.41/SF
NOI
$43.3K $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%
$866,660
Cap Rate 7%
$619,043
Cap Rate 9%
$481,478
Alternative Uses
Best Use
Multifamily LT 5
$619.0K
$541.7K – $722.2K
NOI $43,333 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$572.4K
$500.9K – $667.8K
NOI $40,069 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$1.13M
$988.8K – $1.32M
NOI $79,102 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,715
Businesses Nearby
Explore this area
Business Placement
Demographics for 80537, CO
43,603
Population
20,314
Households
2.1
Avg Household Size
44
Median Age
37%
College-Educated
95%
High-School Grad
122.4 sq mi
ZIP Area
356
Density / Sq Mi
$83,746
Median Household Income
$44,448
Median Earnings
$1,630
Median Rent
$460,100
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?
Apartment building - Five rental units on one lot, combining an updated front house and two duplex buildings with dedicated washer/dryer space.
Where is this apartment building located?
The property is located at 446 E 4th St Loveland, CO.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Five income‑producing rental units on one lot: updated 1905 front house plus two duplex buildings; Detached garage with 2 separate spaces, plus yard space with grass; Front house updated with kitchen upgrades, appliances, and electrical system improvements
