Historic Five-Unit Apartment
For Sale
$1,325,000
1121 Josephine Street, Denver, CO 80206
Multifamily property with varied layouts, shared laundry, storage, and off-street parking.
Property Size4,518 SF
Days on Market20
Property Features for 1121 Josephine Street
General Information
Standard status
Active
Size
4,518 SF
Class
B
Total Parking Spaces
1
Property subtype
Commercial
Zoning
G-MU-3
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,029
Amenities
common backyard
storage room/workshop
common coin operated laundry
Building Details
Building Size
4,518 SF
Year Built
1893
Units
5
Listing Agency:
GRACE MANAGEMENT & INVEST.
(917) 733-0509
Listed By:
Sara Bohks
(917) 733-0509
Source:
Coloradopartners
Added: Aug 11
Changed: Aug 29
Last Checked: Aug 29 at 10:46PM
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 GRACE MANAGEMENT & INVEST.
Investment Insights
Based on property information with market context.
Built in 1893, this five-unit apartment property combines historic architectural details with varied residential layouts. Interior features include a grand staircase, stained-glass windows, archways, high ceilings, and a claw-foot tub. Unit configurations include open living space, separate kitchens, a sunroom, private deck space, and lower-level storage within select units. One unit measures around 700 square feet.
The property includes a basement storage room and workshop, common coin-operated laundry, and a detached garage with one parking space. Four additional parking spaces are located behind the building. Zoned G-MU-3, the property is located at 1121 Josephine Street in Denver, near the Botanic Gardens, Cheesman Park, Cherry Creek, and City Park.
The property includes a basement storage room and workshop, common coin-operated laundry, and a detached garage with one parking space. Four additional parking spaces are located behind the building. Zoned G-MU-3, the property is located at 1121 Josephine Street in Denver, near the Botanic Gardens, Cheesman Park, Cherry Creek, and City Park.
Key Highlights
- Five‑unit apartment property built in 1893
- G‑MU‑3 zoning
- Historic details include a grand staircase, stained‑glass windows, archways, and high ceilings
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
$68,600
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
5.18%
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%
$1,372,000
$1.4M
Cap Rate 7%
$980,000
$980.0K
Cap Rate 9%
$762,222
$762.2K
Market Conditions
NOI Build-Up for 4,518 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
$132.8K $29.40/SF
− Vacancy
−$8.1K −$1.79/SF
EGI
$124.7K $27.61/SF
− OpEx
−$56.1K −$12.42/SF
NOI
$68.6K $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%
$1,372,000
Cap Rate 7%
$980,000
Cap Rate 9%
$762,222
Alternative Uses
Best Use
Apartment 5plus
$980.0K
$857.5K – $1.14M
NOI $68,600 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,677 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,016
Businesses Nearby
Explore this area
Business Placement
Demographics for 80206, CO
26,108
Population
15,580
Households
1.7
Avg Household Size
38
Median Age
78%
College-Educated
97%
High-School Grad
2.5 sq mi
ZIP Area
10,443
Density / Sq Mi
$102,248
Median Household Income
$69,908
Median Earnings
$1,694
Median Rent
$892,200
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 - Multifamily property with varied layouts, shared laundry, storage, and off-street parking.
Where is this apartment building located?
The property is located at 1121 Josephine Street Denver, CO.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Five‑unit apartment property built in 1893; G‑MU‑3 zoning; Historic details include a grand staircase, stained‑glass windows, archways, and high ceilings
