Three-Unit Residential Income
For Sale
$1,950,000
1273-1283 Meade Street, Denver, CO 80204
Built in 2024, this three-unit property features separate utility metering for each unit.
Property Size7,181 SF
Price / SF$271.55
Days on Market38
Property Features for 1273-1283 Meade Street
General Information
Standard status
Active
Size
7,181 SF
Property subtype
Multi Family
Zoning
G-MU-3
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$14,192
Building Details
Year Built
2024
Tenancy
Multi
Listing Agency:
Unique Properties LLC
(201) 274-5768
Listed By:
Brett MacDougall · License #100049630
(201) 274-5768
Source:
Exitrealty
Added: Jul 24
Changed: Aug 25
Last Checked: Aug 29 at 7:17AM
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 Unique Properties LLC
Investment Insights
Based on property information with market context.
This 7,181 SF residential income property consists of three units in a single building, constructed in 2024. The setup includes separate utility metering for each unit, with tenants maintaining their own utility accounts in addition to monthly rent.
The property is located at 1273–1283 Meade St in Denver, CO. Public remarks note proximity to the RTD Light Rail, with the Perry St Light Rail Station listed as 4.5 blocks away.
According to the provided information, the property is under G-MU-3 zoning and is described as requiring low management responsibilities due to the separate utility metering arrangement.
The property is located at 1273–1283 Meade St in Denver, CO. Public remarks note proximity to the RTD Light Rail, with the Perry St Light Rail Station listed as 4.5 blocks away.
According to the provided information, the property is under G-MU-3 zoning and is described as requiring low management responsibilities due to the separate utility metering arrangement.
Key Highlights
- Built in 2024: 7,181 SF multifamily building with 3 units
- G‑MU‑3 zoning
- Separate utility metering for each unit; tenants pay utilities via their own accounts
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
$119,338
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
6.12%
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%
$2,386,760
$2.4M
Cap Rate 7%
$1,704,829
$1.7M
Cap Rate 9%
$1,325,978
$1.3M
Market Conditions
NOI Build-Up for 7,181 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
$181.0K $25.20/SF
− Vacancy
−$10.5K −$1.46/SF
EGI
$170.5K $23.74/SF
− OpEx
−$51.1K −$7.12/SF
NOI
$119.3K $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%
$2,386,760
Cap Rate 7%
$1,704,829
Cap Rate 9%
$1,325,978
Alternative Uses
Best Use
Multifamily LT 5
$1.70M
$1.49M – $1.99M
NOI $119,338 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,034 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,018 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
993
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
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 - Built in 2024, this three-unit property features separate utility metering for each unit.
Where is this triplex located?
The property is located at 1273-1283 Meade Street Denver, CO.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Built in 2024: 7,181 SF multifamily building with 3 units; G‑MU‑3 zoning; Separate utility metering for each unit; tenants pay utilities via their own accounts
