Denver Quadraplex with Income
For Sale
$1,150,000
444 Bannock St, Denver, CO 80204
Legal quadraplex in a desirable, walkable Denver neighborhood.
Property Size3,891 SF
Price / SF$295.55
Days on Market146
Property Features for 444 Bannock St
General Information
Standard status
Active
Size
3,891 SF
Property subtype
Multi-Family
Building Details
Year Built
1888
Listing Agency:
Redfin Corporation
Listed By:
Andy Potarf
(720) 244-1070
Source:
Pathhometeam
Added: Apr 24
Changed: Sep 10
Last Checked: Sep 15 at 9:47PM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
Located in a desirable and walkable Denver neighborhood, this legal quadraplex offers a blend of history, character, and income potential. The Victorian main house features three distinct rental units, each with unique architectural details. The basement unit, remodeled in 2023, complies with Denver short-term rental rules, and includes a bedroom with a non-conforming window. The main house also offers shared laundry and dedicated storage in the basement for tenant convenience. At the back of the property is a spacious carriage house, fully remodeled in 2023, serving as the fourth rental unit. This large, private residence includes its own in-unit laundry. A shared yard provides a peaceful outdoor retreat, while off-street parking adds practicality. The property is located blocks from South Broadway, with access to restaurants, bars, coffee shops, and local boutiques. The bike score is 85, the walk score is 90, and the transit score is 51.
Key Highlights
- Located in a highly desirable, walkable Denver neighborhood near South Broadway's restaurants, bars, and shops (Walk Score: 90).
- Legal quadraplex with income potential from four rental units.
- Iconic Victorian main house with three distinct rental units, each with unique architectural details.
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
$64,663
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
5.62%
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%
$1,293,260
$1.3M
Cap Rate 7%
$923,757
$923.8K
Cap Rate 9%
$718,478
$718.5K
Market Conditions
NOI Build-Up for 3,891 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
$98.1K $25.20/SF
− Vacancy
−$5.7K −$1.46/SF
EGI
$92.4K $23.74/SF
− OpEx
−$27.7K −$7.12/SF
NOI
$64.7K $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%
$1,293,260
Cap Rate 7%
$923,757
Cap Rate 9%
$718,478
Alternative Uses
Best Use
Multifamily LT 5
$923.8K
$808.3K – $1.08M
NOI $64,663 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$844.0K
$738.5K – $984.7K
NOI $59,080 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$1.24M
$1.08M – $1.45M
NOI $86,705 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,040
Businesses Nearby
Explore this area
Business Placement
Demographics for 80204, CO
35,269
Population
18,378
Households
1.9
Avg Household Size
33
Median Age
51%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$79,265
Median Household Income
$58,860
Median Earnings
$1,724
Median Rent
$579,900
Median Home Value
Check the figures for this property
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?
Quadplex - Legal quadraplex in a desirable, walkable Denver neighborhood.
Where is this quadplex located?
The property is located at 444 Bannock St Denver, CO.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Located in a highly desirable, walkable Denver neighborhood near South Broadway's restaurants, bars, and shops (Walk Score: 90).; Legal quadraplex with income potential from four rental units.; Iconic Victorian main house with three distinct rental units, each with unique architectural details.
