3310 Butternut Dr, Loveland, CO 80538

Property Description

EXTREMELY STRONG RENTAL MARKET - NOT OVERBUILT & STRONG DEMAND. This offering presents a rare opportunity to acquire a fully repositioned, 34-unit multifamily portfolio in Loveland, Colorado at $6,800,000. Spanning three buildings built between 1972 and 1978, the property has just completed a comprehensive, unit-by-unit renovation program, including new kitchens with granite countertops, updated bathrooms with new tile and fixtures, contemporary LVP flooring, all-new LED lighting, and energy-efficient appliances and thermostats throughout. Beyond the interiors, ownership invested heavily in the buildings' major systems and exteriors - new water heaters and electrical panel upgrades across two of the three buildings, new gutters, fresh sealcoat and striping, updated address signage, and a durable, low-maintenance stained (not painted) brick exterior. Together, these improvements substantially de-risk the near-term capital outlook for a new owner, removing the deferred-maintenance burden typically associated with 1970s-vintage garden-style assets and reducing the likelihood of significant capex or unplanned operational costs in the years immediately following acquisition. The hard work is already done - and the upside is still on the table. Ownership has absorbed the heaviest lift of the value-add plan, the renovation, leaving a new buyer with an immediate, low-risk growth story: current rents of $1,350/unit sit meaningfully below the $1,474 market average for comparable renovated product, with no further capital investment required to close that gap - just lease-up and renewal cycling. Layer in a $75/month utility reimbursement fee that isn't yet fully rolled out portfolio-wide, and the path to NOI growth of roughly 34% (Trailing 12 months to Pro Forma) comes into clear view. Butternut Apartments offers the best of both worlds: the stability of a turn-key asset paired with the upside of a value-add deal - without the execution risk.