8-Unit Apartment
New
For Sale
$2,050,000
1203 E 23rd Avenue, Denver, CO 80205
Renovated multifamily property with private parking and updated in-unit systems.
Property Size5,490 SF
Days on Market4
Property Features for 1203 E 23rd Avenue
General Information
Standard status
Active
Size
5,490 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
U-SU-B1
Units
Multifamily Units
8
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$9,680
Amenities
hardwood floors
vinyl windows
in-unit washer/dryer
individual hot water heaters and furnaces
Building Details
Building Size
5,490 SF
Year Built
1907
Year Renovated
2001
Units
8
Listing Agency:
NorthPeak Commercial Advisors, LLC
(303) 818-1805
Listed By:
Conner Piretti · License #100022346
(303) 818-1805
Source:
Coloradopartners
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 11:23AM
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 NorthPeak Commercial Advisors, LLC
Investment Insights
Based on property information with market context.
Built in 1907 and comprehensively renovated in 2001, this eight-unit apartment property combines historic construction with updated building systems. The renovation included plumbing and electrical work, while individual units feature hardwood floors, vinyl windows, in-unit washer and dryer appliances, private hot water heaters, and individual furnaces. Each apartment also has dedicated off-street parking.
The property is located at 1203 E 23rd Avenue in Denver, within the City Park West, Uptown, and Five Points areas, with access to RiNo. Cornerstone Apartment Services has managed the asset for more than 5 years. The property is zoned U-SU-B1.
The property is located at 1203 E 23rd Avenue in Denver, within the City Park West, Uptown, and Five Points areas, with access to RiNo. Cornerstone Apartment Services has managed the asset for more than 5 years. The property is zoned U-SU-B1.
Key Highlights
- 8‑unit apartment property at 1203 E 23rd Avenue, Denver, CO 80205
- Renovated down to the studs in 2001
- Individual units include washers and dryers, hot water heaters, and furnaces
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
$83,358
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
4.07%
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%
$1,667,160
$1.7M
Cap Rate 7%
$1,190,829
$1.2M
Cap Rate 9%
$926,200
$926.2K
Market Conditions
NOI Build-Up for 5,490 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
$161.4K $29.40/SF
− Vacancy
−$9.8K −$1.79/SF
EGI
$151.6K $27.61/SF
− OpEx
−$68.2K −$12.42/SF
NOI
$83.4K $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%
$1,667,160
Cap Rate 7%
$1,190,829
Cap Rate 9%
$926,200
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,358 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,337 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
5,796
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?
Apartment building - Renovated multifamily property with private parking and updated in-unit systems.
Where is this apartment building located?
The property is located at 1203 E 23rd Avenue Denver, CO.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: 8‑unit apartment property at 1203 E 23rd Avenue, Denver, CO 80205; Renovated down to the studs in 2001; Individual units include washers and dryers, hot water heaters, and furnaces
