Duplex with Attached Garage and
For Sale
$465,000
901 W Kelly Dr, Loveland, CO 80537
CONDOS - Loveland, CO
Property Size1,433 SF
Lot Size0.13 Acres
Price / SF$324.49
Days on Market321
Property Features for 901 W Kelly Dr
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R3E
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2
Fencing
Fenced
Appliances
Electric Range, Dishwasher, Refrigerator, Microwave
Subdivision
Romar
Lot features
Paved
Elementary school
Garfield
Middle school
Walt Clark
High school
Thompson Valley
Elementary school district
Thompson R2-J
Middle school district
Thompson R2-J
High school district
Thompson R2-J
Standard status
Active
APN
R0409103
Size
1,433 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1950
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Building Details
Year built
1963
Floors in Building
1
Number of units
2
Building materials
Frame
Roof type
Composition
Listing Agency:
Group Centerra
(970) 613-0700
Listed By:
Meagan Griesel · License #100051782
(970) 691-0056
Added: Sep 26, 2025
Changed: Aug 2
Last Checked: Aug 12 at 12:06AM
MLS# 1044600
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 duplex offers two residential units in a frame building with forced-air heating and a composition roof. Construction dates to 1963, with electric appliances including an electric range, dishwasher, refrigerator, and microwave. Unit 901 is leased through 2/28/26 and includes 804 square feet, a built-in desk/office, hardwood floors, an attached garage, and a backyard with a patio overlooking the Barnes Irrigation river. Unit 903 has been newly renovated and is leased through 10/31/26.
Recent updates for Unit 903 include a new kitchen and appliances, a freshly tiled bath, fresh paint, LVP flooring, upgraded doors and trim, new electrical outlets/covers, and new baseboards. Both units have been pre-inspected. The property sits on a 0.13-acre lot and is zoned R3E, with fenced yard areas and natural gas available.
Overall, the layout supports separate living quarters with dedicated interior rooms including multiple bedrooms and two bathrooms across the duplex.
Recent updates for Unit 903 include a new kitchen and appliances, a freshly tiled bath, fresh paint, LVP flooring, upgraded doors and trim, new electrical outlets/covers, and new baseboards. Both units have been pre-inspected. The property sits on a 0.13-acre lot and is zoned R3E, with fenced yard areas and natural gas available.
Overall, the layout supports separate living quarters with dedicated interior rooms including multiple bedrooms and two bathrooms across the duplex.
Key Highlights
- Unit 901 leased through 2/28/26; includes 804 SF, built‑in desk/office, hardwood floors, and attached garage
- Unit 903 newly renovated and leased through 10/31/26 with updates including new kitchen and appliances
- New kitchen and appliances, freshly tiled bath, fresh paint, LVP flooring, upgraded doors and trim, new electrical outlets/covers, and new baseboards
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
$14,750
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
3.17%
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%
$295,000
$295.0K
Cap Rate 7%
$210,714
$210.7K
Cap Rate 9%
$163,889
$163.9K
Market Conditions
NOI Build-Up for 1,433 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
$22.0K $15.36/SF
− Vacancy
−$940 −$0.66/SF
EGI
$21.1K $14.70/SF
− OpEx
−$6.3K −$4.41/SF
NOI
$14.7K $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%
$295,000
Cap Rate 7%
$210,714
Cap Rate 9%
$163,889
Alternative Uses
Best Use
Multifamily LT 5
$210.7K
$184.4K – $245.8K
NOI $14,750 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$194.8K
$170.5K – $227.3K
NOI $13,639 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$384.6K
$336.6K – $448.8K
NOI $26,925 @ 7.0% cap · market cap 5.79%
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
637
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?
Duplex - Fully rented duplex in Loveland zoned R3E with forced-air natural gas availability, attached garage, and fenced yard.
Where is this duplex located?
The property is located at 901 W Kelly Dr Loveland, CO.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Unit 901 leased through 2/28/26; includes 804 SF, built‑in desk/office, hardwood floors, and attached garage; Unit 903 newly renovated and leased through 10/31/26 with updates including new kitchen and appliances; New kitchen and appliances, freshly tiled bath, fresh paint, LVP flooring, upgraded doors and trim, new electrical outlets/covers, and new baseboards
