Historic Denver Square
New
For Sale
$699,000
1218 N Downing St, Denver, CO 80218
Two apartments combine historic detailing with a fenced yard, detached garage, and flexible living arrangements.
Property Size2,112 SF
Price / SF$330.97
Days on Market5
Property Features for 1218 N Downing St
General Information
Standard status
Active
Size
2,112 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Financials
Asking Price
$699,000
Average Monthly Rent
$1,800
Units
Unit Mix
1 x studio, 1 x 2BR/2BA
Multifamily Units
2
Amenities
greenhouse
Building Details
Year Built
1901
Buildings
1
Stories
3
Construction
Denver Square
Listing Agency:
Coldwell Banker 1St Choice Realty
(719) 687-0900
Listed By:
Jefferson Real Estate
(719) 836-2615
Source:
Jeffreal
Added: Sep 11
Changed: Sep 15
Last Checked: Sep 15 at 7:37AM
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 Coldwell Banker 1St Choice Realty
Investment Insights
Based on property information with market context.
Built in 1901, this 2,112-square-foot Denver Square is arranged as two apartments. The main-level studio includes a covered front porch, kitchen, full bathroom, storage, and basement access with laundry. The upper residence spans the second and third floors, offering two bedrooms, two remodeled bathrooms, a living room, updated kitchen with island, stainless appliances, pantry, and quartz counters, plus a den or office and additional laundry area. Original wood floors, woodwork, lighting, doors, hardware, and a fireplace retain the home's period character.
The property includes a fenced rear yard with a greenhouse, a back deck, and a detached two-car garage with a newer door and opener. It is located at 1218 N Downing St in Denver's Capitol Hill area, near Cheesman Park, Denver Botanic Gardens, grocery stores, Colfax, restaurants, bars, coffee shops, and other conveniences. Gas forced-air heat and existing ductwork are in place, with potential to add central AC.
The property includes a fenced rear yard with a greenhouse, a back deck, and a detached two-car garage with a newer door and opener. It is located at 1218 N Downing St in Denver's Capitol Hill area, near Cheesman Park, Denver Botanic Gardens, grocery stores, Colfax, restaurants, bars, coffee shops, and other conveniences. Gas forced-air heat and existing ductwork are in place, with potential to add central AC.
Key Highlights
- 2,112‑square‑foot Denver Square built in 1901
- Currently arranged as a studio and an upper 2‑bedroom, 2‑bath apartment
- Upper residence features updated kitchen with island, quartz counters, and stainless appliances
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
$35,099
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
5.02%
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%
$701,980
$702.0K
Cap Rate 7%
$501,414
$501.4K
Cap Rate 9%
$389,989
$390.0K
Market Conditions
NOI Build-Up for 2,112 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
$53.2K $25.20/SF
− Vacancy
−$3.1K −$1.46/SF
EGI
$50.1K $23.74/SF
− OpEx
−$15.0K −$7.12/SF
NOI
$35.1K $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%
$701,980
Cap Rate 7%
$501,414
Cap Rate 9%
$389,989
Alternative Uses
Best Use
Multifamily LT 5
$501.4K
$438.7K – $585.0K
NOI $35,099 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$458.1K
$400.9K – $534.5K
NOI $32,068 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$672.3K
$588.3K – $784.4K
NOI $47,063 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,450
Businesses Nearby
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Business Placement
Demographics for 80218, CO
19,484
Population
13,116
Households
1.5
Avg Household Size
35
Median Age
72%
College-Educated
98%
High-School Grad
1.6 sq mi
ZIP Area
12,178
Density / Sq Mi
$82,925
Median Household Income
$67,570
Median Earnings
$1,475
Median Rent
$653,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments combine historic detailing with a fenced yard, detached garage, and flexible living arrangements.
Where is this duplex located?
The property is located at 1218 N Downing St Denver, CO.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2,112‑square‑foot Denver Square built in 1901; Currently arranged as a studio and an upper 2‑bedroom, 2‑bath apartment; Upper residence features updated kitchen with island, quartz counters, and stainless appliances
