Office and Retail Condo
For Sale
Contact for pricing
1948 Blake St, Denver, CO 80202
Mixed office and retail condo in a historic brick building with exposed timber and spiral duct work.
Property Size2,141 SF
Price / SF$464.74
Days on Market529
Property Features for 1948 Blake St
General Information
Standard status
Active
Size
2,141 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Building Details
Year Built
1895
Year Renovated
1993
Construction
heavy timber, brick construction
Listing Agency:
Benchmark Commercial, LLC
(303) 395-0111
Listed By:
Tanner Mason · License #ER40025251
(303) 395-0112
Source:
Moodyscre
Added: Apr 2, 2025
Changed: Sep 11
Last Checked: Sep 12 at 9:52AM
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 Benchmark Commercial, LLC
Investment Insights
Based on property information with market context.
This office and retail condo is offered as part of a historic mixed-use building and totals 2,141 square feet. The space is currently occupied by B’s Ballpark Museum. The building’s character is reflected in its classic LODO aesthetic, including heavy timber and brick construction with exposed spiral duct work.
The property is described as highly visible and located within sight of Coors Field, with dining and entertainment nearby. Access is provided to I-25 and I-70, and the remarks state that Denver International Airport is about 30 minutes away.
The building was constructed in 1895 and underwent significant renovations in 1993. It is part of an 18,750-square-foot structure that retains its historic presentation while providing the distinctive interior finishes noted in the remarks.
The property is described as highly visible and located within sight of Coors Field, with dining and entertainment nearby. Access is provided to I-25 and I-70, and the remarks state that Denver International Airport is about 30 minutes away.
The building was constructed in 1895 and underwent significant renovations in 1993. It is part of an 18,750-square-foot structure that retains its historic presentation while providing the distinctive interior finishes noted in the remarks.
Key Highlights
- Mixed office and retail condo totaling 2,141 SF in a historic brick building in LODO
- 18,750 SF building built in 1895, with significant renovations completed in 1993
- Classic LODO character with heavy timber, brick construction, and exposed spiral duct work
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
$31,370
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
3.15%
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%
$627,400
$627.4K
Cap Rate 7%
$448,143
$448.1K
Cap Rate 9%
$348,556
$348.6K
Market Conditions
NOI Build-Up for 2,141 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
$56.5K $26.40/SF
− Vacancy
−$14.7K −$6.86/SF
EGI
$41.8K $19.54/SF
− OpEx
−$10.5K −$4.88/SF
NOI
$31.4K $14.65/SF
Area
Denver, CO
Vacancy
26.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$627,400
Cap Rate 7%
$448,143
Cap Rate 9%
$348,556
Alternative Uses
Best Use
Office B
$448.1K
$392.1K – $522.8K
NOI $31,370 @ 7.0% cap · market cap 3.15%
Second Best
Retail
$418.7K
$366.4K – $488.5K
NOI $29,308 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$681.6K
$596.4K – $795.2K
NOI $47,709 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
12,453
Businesses Nearby
Explore this area
Business Placement
Demographics for 80202, CO
19,606
Population
14,394
Households
1.4
Avg Household Size
34
Median Age
72%
College-Educated
96%
High-School Grad
1.2 sq mi
ZIP Area
16,338
Density / Sq Mi
$110,372
Median Household Income
$80,331
Median Earnings
$2,246
Median Rent
$677,100
Median Home Value
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Market
Vacancy Rate% for Office in Denver, CO
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Frequently Asked Questions
What type of property is this?
Office units - Mixed office and retail condo in a historic brick building with exposed timber and spiral duct work.
Where is this office units located?
The property is located at 1948 Blake St Denver, CO.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Mixed office and retail condo totaling 2,141 SF in a historic brick building in LODO; 18,750 SF building built in 1895, with significant renovations completed in 1993; Classic LODO character with heavy timber, brick construction, and exposed spiral duct work
