Renovated Six-Unit Apartment
For Sale
$1,075,000
1537 N Pearl Street, Denver, CO 80203
Renovated 6-unit multifamily property offering a mix of studio through three-bedroom apartments.
Property Size3,453 SF
Days on Market47
Property Features for 1537 N Pearl Street
General Information
Standard status
Active
Size
3,453 SF
Class
C
Total Parking Spaces
1
Property subtype
Commercial
Zoning
C-MX-8
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,915
Building Details
Building Size
3,453 SF
Year Built
1900
Units
6
Tenancy
Multi
Listing Agency:
Pinnacle Real Estate Advisors
(303) 881-4291
Listed By:
Charlie Mitelhaus
(303) 881-4291
Source:
Coloradopartners
Added: Jul 6
Changed: Aug 8
Last Checked: Aug 20 at 1:39PM
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.
This renovated six-unit apartment building includes one studio, three one-bedroom units, one two-bedroom unit, and one three-bedroom unit. The property is presented as an income-focused residential asset with an updated condition and a unit mix designed to serve multiple renter profiles.
1537 N Pearl Street is located just off historic Colfax Avenue in Uptown. The surrounding area is described as walkable to restaurants, cafes, and shops, with additional neighborhood appeal tied to its proximity to downtown Denver, major employers, and cultural attractions.
For investors or owners seeking to add a renovated small multifamily asset to a Denver-area portfolio, the combination of a diversified unit mix and recently refreshed property condition can support broad tenant appeal across studio, one-, two-, and three-bedroom demand profiles. The location context near established retail and employment destinations further supports practical rental relevance for professionals and other residents looking for convenient access to day-to-day amenities.
1537 N Pearl Street is located just off historic Colfax Avenue in Uptown. The surrounding area is described as walkable to restaurants, cafes, and shops, with additional neighborhood appeal tied to its proximity to downtown Denver, major employers, and cultural attractions.
For investors or owners seeking to add a renovated small multifamily asset to a Denver-area portfolio, the combination of a diversified unit mix and recently refreshed property condition can support broad tenant appeal across studio, one-, two-, and three-bedroom demand profiles. The location context near established retail and employment destinations further supports practical rental relevance for professionals and other residents looking for convenient access to day-to-day amenities.
Key Highlights
- Renovated 6‑unit multifamily building built in 1900
- Unit mix includes 1 studio, 3 one‑bedroom, 1 two‑bedroom, and 1 three‑bedroom apartment
- Located just off historic Colfax Avenue in Uptown, with restaurants, cafes, and shops within walking distance
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
$52,429
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
4.88%
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%
$1,048,580
$1.0M
Cap Rate 7%
$748,986
$749.0K
Cap Rate 9%
$582,544
$582.5K
Market Conditions
NOI Build-Up for 3,453 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
$101.5K $29.40/SF
− Vacancy
−$6.2K −$1.79/SF
EGI
$95.3K $27.61/SF
− OpEx
−$42.9K −$12.42/SF
NOI
$52.4K $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%
$1,048,580
Cap Rate 7%
$748,986
Cap Rate 9%
$582,544
Alternative Uses
Best Use
Apartment 5plus
$749.0K
$655.4K – $873.8K
NOI $52,429 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$961.8K – $1.28M
NOI $76,945 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11,202
Businesses Nearby
Explore this area
Business Placement
Demographics for 80203, CO
22,883
Population
16,887
Households
1.4
Avg Household Size
33
Median Age
69%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
20,803
Density / Sq Mi
$74,654
Median Household Income
$59,229
Median Earnings
$1,569
Median Rent
$462,500
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 6-unit multifamily property offering a mix of studio through three-bedroom apartments.
Where is this apartment building located?
The property is located at 1537 N Pearl Street Denver, CO.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Renovated 6‑unit multifamily building built in 1900; Unit mix includes 1 studio, 3 one‑bedroom, 1 two‑bedroom, and 1 three‑bedroom apartment; Located just off historic Colfax Avenue in Uptown, with restaurants, cafes, and shops within walking distance
