Historic Denver Office Building For
For Sale
$3,200,000
4th Avenue & Broadway, Denver, CO 80223
Renovated 1901 office building in Denver's vibrant Baker neighborhood.
Property Size8,863 SF
Price / SF$361.05
Days on Market278
Property Features for 4th Avenue & Broadway
General Information
Standard status
Active
Size
8,863 SF
Class
B
Property subtype
Office
Building Details
Building Size
8,863 SF
Year Built
1901
Listing Agency:
Pinnacle Real Estate Advisors
(720) 291-0686
Listed By:
Cody Stambaugh · License #CO #100039158
(720) 291-0686
Source:
Pinnaclerea
Added: Nov 21, 2025
Changed: Aug 14
Last Checked: Aug 26 at 6:42AM
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 Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
Located in the heart of Denver's Baker Neighborhood, the property at 51 West 4th Avenue offers 8,863 square feet of office space. Originally constructed in 1901, this historic building was comprehensively renovated in 2014, combining original architectural elements with modern updates. The property is zoned C-MX-8, providing flexibility for various office and commercial applications. The location offers excellent visibility and accessibility. The building features 2,890 square feet on the first floor, 2,410 square feet on the second floor, 1,500 square feet on the third floor, and 1,960 square feet on the garden level. The Baker Neighborhood is known for its galleries, diverse restaurants, and cultural venues, offering a dynamic environment.
Key Highlights
- Prime location in the vibrant Denver area (Baker Neighborhood).
- 8,863 square feet of office space.
- Comprehensive renovation in 2014 blending historic charm with modern functionality.
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
$129,861
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
4.06%
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%
$2,597,220
$2.6M
Cap Rate 7%
$1,855,157
$1.9M
Cap Rate 9%
$1,442,900
$1.4M
Market Conditions
NOI Build-Up for 8,863 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
$234.0K $26.40/SF
− Vacancy
−$60.8K −$6.86/SF
EGI
$173.1K $19.54/SF
− OpEx
−$43.3K −$4.88/SF
NOI
$129.9K $14.65/SF
Area
Denver, CO
Vacancy
26.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,597,220
Cap Rate 7%
$1,855,157
Cap Rate 9%
$1,442,900
Alternative Uses
Best Use
Office B
$1.86M
$1.62M – $2.16M
NOI $129,861 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,499 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,143
Businesses Nearby
Explore this area
Business Placement
Demographics for 80223, CO
19,862
Population
9,532
Households
2.1
Avg Household Size
34
Median Age
46%
College-Educated
87%
High-School Grad
5.3 sq mi
ZIP Area
3,748
Density / Sq Mi
$80,461
Median Household Income
$50,567
Median Earnings
$1,650
Median Rent
$497,900
Median Home Value
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated 1901 office building in Denver's vibrant Baker neighborhood.
Where is this office building located?
The property is located at 4th Avenue & Broadway Denver, CO.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Prime location in the vibrant Denver area (Baker Neighborhood).; 8,863 square feet of office space.; Comprehensive renovation in 2014 blending historic charm with modern functionality.
