Five-Bedroom
For Sale
$2,537,000
650 Inca Pkwy, Boulder, CO 80303
MULTI_FAMILY - Contemporary - Boulder, CO
Property Size5,589 SF
Lot Size0.28 Acres
Price / SF$453.93
Days on Market108
Property Features for 650 Inca Pkwy
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HRE
Bedrooms
15
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 13, Bathroom 6, Bedroom 2, Bedroom 10, Bedroom 11, Bedroom 6, Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 12, Bedroom 8, Bedroom 9, Bathroom 1, Bedroom 14, Bedroom 4, Basement, Bathroom 5, Bedroom 5, Bedroom 15, Bathroom 4, Bedroom 3, Bathroom 3
Parking
3
Window features
Window Coverings
Basement
Full, Partially Finished
Appliances
Electric Range, Dishwasher, Refrigerator, Washer, Dryer
Subdivision
Frasier Meadows
Lot features
Deciduous Trees, House Faces West
Elementary school
Eisenhower
Middle school
Manhattan
High school
Fairview
Elementary school district
Boulder Valley Dist RE2
Middle school district
Boulder Valley Dist RE2
High school district
Boulder Valley Dist RE2
Standard status
Active
APN
R0015155
Size
5,589 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10098
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Building Details
Year built
1962
Floors in Building
1
Number of units
3
Flooring type
Wood
Building materials
Brick
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Stellar Properties, LLC
(303) 442-2448
Listed By:
Antonio Martinez
(303) 886-4065
Added: Apr 29
Changed: Aug 14
Last Checked: Aug 14 at 2:06PM
MLS# 1057694
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 5,589-square-foot contemporary triplex contains three residences, each with 5 bedrooms and 2 bathrooms. Built in 1962, the brick property features wood flooring, forced-air heating, composition roofing, and a basement. Capital improvements include roof replacement, updated windows, remodeled kitchens and bathrooms, furnace upgrades, sump pumps, radon mitigation, and replacement appliances.
Located at 650 Inca Pkwy in Boulder’s Williams Village area, the property offers access to transit along Baseline Road, bike routes, parks, recreation, and neighborhood shopping. The University of Colorado is also nearby. All units have remained occupied during ownership, and current leases extend through August 2027. Reported financial metrics include a 5.5 cap rate, 14.14 GRM, and 0% vacancy rate.
Located at 650 Inca Pkwy in Boulder’s Williams Village area, the property offers access to transit along Baseline Road, bike routes, parks, recreation, and neighborhood shopping. The University of Colorado is also nearby. All units have remained occupied during ownership, and current leases extend through August 2027. Reported financial metrics include a 5.5 cap rate, 14.14 GRM, and 0% vacancy rate.
Key Highlights
- Three‑unit property with 5 bedrooms and 2 bathrooms in each residence
- 5,589 square feet on a 0.28‑acre lot
- 100% occupancy during ownership with leases in place through August 2027
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
$94,498
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
3.72%
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%
$1,889,960
$1.9M
Cap Rate 7%
$1,349,971
$1.3M
Cap Rate 9%
$1,049,978
$1.0M
Market Conditions
NOI Build-Up for 5,589 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
$142.9K $25.56/SF
− Vacancy
−$7.9K −$1.41/SF
EGI
$135.0K $24.15/SF
− OpEx
−$40.5K −$7.25/SF
NOI
$94.5K $16.91/SF
Area
Boulder, CO
Vacancy
5.50%
Lease Rate
$25.56 /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%
$1,889,960
Cap Rate 7%
$1,349,971
Cap Rate 9%
$1,049,978
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.18M – $1.57M
NOI $94,498 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,069 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,204 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
Explore this area
Business Placement
Demographics for 80303, CO
25,328
Population
12,583
Households
2
Avg Household Size
32
Median Age
79%
College-Educated
99%
High-School Grad
21.9 sq mi
ZIP Area
1,157
Density / Sq Mi
$77,344
Median Household Income
$31,661
Median Earnings
$1,833
Median Rent
$941,600
Median Home Value
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?
Triplex - Three-unit property with updated kitchens, bathrooms, windows, and furnaces.
Where is this triplex located?
The property is located at 650 Inca Pkwy Boulder, CO.
What is the asking price?
The asking price for this property is $2,537,000.
What are key features of this property?
This property features: Three‑unit property with 5 bedrooms and 2 bathrooms in each residence; 5,589 square feet on a 0.28‑acre lot; 100% occupancy during ownership with leases in place through August 2027
