Capitol Hill Multifamily
For Sale
$1,600,000
1060 N Pennsylvania Street, Denver, CO 80203
Historic charm meets strong cash flow in Denver's Capitol Hill.
Property Size4,653 SF
Days on Market129
Property Features for 1060 N Pennsylvania Street
General Information
Standard status
Active
Size
4,653 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,787
Building Details
Building Size
4,653 SF
Year Built
1892
Listing Agency:
Verity Real Estate
(303) 638-9038
Listed By:
Lisa Nicholaides · License #100036138
Source:
Eliselosassore
Added: Apr 23
Changed: Aug 25
Last Checked: Aug 29 at 2:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Verity Real Estate
Investment Insights
Based on property information with market context.
This multifamily property is located in the Capitol Hill neighborhood. The property features a converted mansion with a stone exterior, stained glass windows, balconies, and a front porch. There are seven units in total, with five units in the main residence and two units in a detached carriage house. Residents have access to a shared community laundry in the basement and a private courtyard/garden area. The property has undergone system upgrades, including a new boiler in 2024, updated interior gas lines, and main water lines. The property is located near public transportation, parks, dining, and urban amenities. The property has a bike score of 98, a walk score of 91, and a transit score of 49.
Key Highlights
- Strong In‑Place Income and Proven Cash Flow Performance
- Seven Units providing diversified income streams (five in main residence, two in detached carriage house)
- Recent Major System Upgrades: New Boiler (2024), Updated Gas and Water Lines
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
$70,649
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
4.42%
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%
$1,412,980
$1.4M
Cap Rate 7%
$1,009,271
$1.0M
Cap Rate 9%
$784,989
$785.0K
Market Conditions
NOI Build-Up for 4,653 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
$136.8K $29.40/SF
− Vacancy
−$8.3K −$1.79/SF
EGI
$128.5K $27.61/SF
− OpEx
−$57.8K −$12.42/SF
NOI
$70.6K $15.18/SF
Area
Denver, CO
Vacancy
6.10%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,412,980
Cap Rate 7%
$1,009,271
Cap Rate 9%
$784,989
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$883.1K – $1.18M
NOI $70,649 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,685 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,282
Businesses Nearby
Explore this area
Business Placement
Demographics for 80203, CO
22,883
Population
16,887
Households
1.4
Avg Household Size
33
Median Age
69%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
20,803
Density / Sq Mi
$74,654
Median Household Income
$59,229
Median Earnings
$1,569
Median Rent
$462,500
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 - Historic charm meets strong cash flow in Denver's Capitol Hill.
Where is this apartment building located?
The property is located at 1060 N Pennsylvania Street Denver, CO.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Strong In‑Place Income and Proven Cash Flow Performance; Seven Units providing diversified income streams (five in main residence, two in detached carriage house); Recent Major System Upgrades: New Boiler (2024), Updated Gas and Water Lines
