Triplex with Three
For Sale
$719,999
1201 32nd St, Denver, CO 80205
Three two-bedroom residences provide a flexible multifamily configuration near restaurants, coffee shops, and entertainment venues.
Property Size2,148 SF
Days on Market156
Property Features for 1201 32nd St
General Information
Standard status
Active
Size
2,148 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,517
Building Details
Building Size
2,148 SF
Year Built
1894
Listing Agency:
(303) 319-0332
Listed By:
Kristie Martinez-Goble
(303) 319-0332
Source:
Elliman
Added: Mar 28
Changed: Aug 30
Last Checked: Aug 30 at 12:50AM
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 Kristie Martinez-Goble
Investment Insights
Based on property information with market context.
This multifamily property contains three separate units, each configured with two bedrooms and one bathroom. Built in 1894, the property requires substantial repairs and renovation. The existing unit layout provides a clear basis for repositioning the building as a three-unit rental asset or for an owner-occupant arrangement with additional units.
Located at 1201 32nd St in Denver, the property is positioned in a highly walkable and bike-friendly area near restaurants, coffee shops, The Gallery, Shake Shack, Walnut Room, and Great Divide Brewery. WalkScore is 93, BikeScore is 98, and TransitScore is 57, reflecting strong pedestrian and bicycle access with established transit service nearby.
Located at 1201 32nd St in Denver, the property is positioned in a highly walkable and bike-friendly area near restaurants, coffee shops, The Gallery, Shake Shack, Walnut Room, and Great Divide Brewery. WalkScore is 93, BikeScore is 98, and TransitScore is 57, reflecting strong pedestrian and bicycle access with established transit service nearby.
Key Highlights
- Three units, each with 2 bedrooms and 1 bathroom
- Built in 1894
- Substantial repairs and renovation needed
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
$35,697
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
4.96%
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%
$713,940
$713.9K
Cap Rate 7%
$509,957
$510.0K
Cap Rate 9%
$396,633
$396.6K
Market Conditions
NOI Build-Up for 2,148 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
$54.1K $25.20/SF
− Vacancy
−$3.1K −$1.46/SF
EGI
$51.0K $23.74/SF
− OpEx
−$15.3K −$7.12/SF
NOI
$35.7K $16.62/SF
Area
Denver, CO
Vacancy
5.79%
Lease Rate
$25.20 /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%
$713,940
Cap Rate 7%
$509,957
Cap Rate 9%
$396,633
Alternative Uses
Best Use
Multifamily LT 5
$510.0K
$446.2K – $595.0K
NOI $35,697 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$465.9K
$407.7K – $543.6K
NOI $32,614 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$683.8K
$598.3K – $797.8K
NOI $47,865 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,935
Businesses Nearby
Explore this area
Business Placement
Demographics for 80205, CO
34,967
Population
19,040
Households
1.8
Avg Household Size
34
Median Age
61%
College-Educated
94%
High-School Grad
4.6 sq mi
ZIP Area
7,602
Density / Sq Mi
$98,770
Median Household Income
$69,760
Median Earnings
$1,816
Median Rent
$627,600
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?
Triplex - Three two-bedroom residences provide a flexible multifamily configuration near restaurants, coffee shops, and entertainment venues.
Where is this triplex located?
The property is located at 1201 32nd St Denver, CO.
What is the asking price?
The asking price for this property is $719,999.
What are key features of this property?
This property features: Three units, each with 2 bedrooms and 1 bathroom; Built in 1894; Substantial repairs and renovation needed
