Renovated 9-Unit Apartment
For Sale
$1,430,000
1331 Columbine St, Denver, CO 80206
Turnkey 9-unit multifamily property with onsite laundry, bike storage, 11 off-street parking spaces, and a fenced yard.
Property Size5,288 SF
Days on Market96
Property Features for 1331 Columbine St
General Information
Standard status
Active
Size
5,288 SF
Total Parking Spaces
11
Property subtype
Multifamily
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
9
Building Details
Building Size
5,288 SF
Year Built
1902
Listing Agency:
Pinnacle Real Estate Advisors
Listed By:
Josh Newell · License #FA100001439
(303) 962-9559
Source:
Pinnaclerea
Added: Jun 9
Changed: Aug 26
Last Checked: Sep 12 at 5:57AM
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 9-unit apartment building is offered as a turnkey asset. The property features newer kitchens, bathrooms, floors, electrical and plumbing, windows, and a renovated roof. It also includes a parking lot and a boiler with hot water heaters, along with onsite amenities designed to support daily resident needs.
The building is located in an excellent area near Cheesman and Congress Parks, and the listing highlights strong local household demographics, including an average household income of $126,907 within one mile. Residents also benefit from 11 off-street parking spaces, plus dedicated bike storage and onsite laundry facilities. A large fenced yard provides outdoor space with potential for a dog run or other community-oriented use.
For buyers seeking a ready-to-operate income property, the combination of completed renovations, practical resident amenities, and meaningful parking capacity can help reduce near-term improvements and support resident convenience. The fenced yard and bike storage add further functional value for tenant lifestyle needs.
The building is located in an excellent area near Cheesman and Congress Parks, and the listing highlights strong local household demographics, including an average household income of $126,907 within one mile. Residents also benefit from 11 off-street parking spaces, plus dedicated bike storage and onsite laundry facilities. A large fenced yard provides outdoor space with potential for a dog run or other community-oriented use.
For buyers seeking a ready-to-operate income property, the combination of completed renovations, practical resident amenities, and meaningful parking capacity can help reduce near-term improvements and support resident convenience. The fenced yard and bike storage add further functional value for tenant lifestyle needs.
Key Highlights
- 1902‑built 9‑unit multifamily property in Congress Park
- Beautiful renovations include newer kitchens, bathrooms, floors, electrical, plumbing, windows, roof, and parking lot
- On‑site laundry and bike storage for residents
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
$80,291
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
5.61%
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%
$1,605,820
$1.6M
Cap Rate 7%
$1,147,014
$1.1M
Cap Rate 9%
$892,122
$892.1K
Market Conditions
NOI Build-Up for 5,288 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
$155.5K $29.40/SF
− Vacancy
−$9.5K −$1.79/SF
EGI
$146.0K $27.61/SF
− OpEx
−$65.7K −$12.42/SF
NOI
$80.3K $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%
$1,605,820
Cap Rate 7%
$1,147,014
Cap Rate 9%
$892,122
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,291 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,835 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
3,396
Businesses Nearby
Explore this area
Business Placement
Demographics for 80206, CO
26,108
Population
15,580
Households
1.7
Avg Household Size
38
Median Age
78%
College-Educated
97%
High-School Grad
2.5 sq mi
ZIP Area
10,443
Density / Sq Mi
$102,248
Median Household Income
$69,908
Median Earnings
$1,694
Median Rent
$892,200
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?
Apartment building - Turnkey 9-unit multifamily property with onsite laundry, bike storage, 11 off-street parking spaces, and a fenced yard.
Where is this apartment building located?
The property is located at 1331 Columbine St Denver, CO.
What is the asking price?
The asking price for this property is $1,430,000.
What are key features of this property?
This property features: 1902‑built 9‑unit multifamily property in Congress Park; Beautiful renovations include newer kitchens, bathrooms, floors, electrical, plumbing, windows, roof, and parking lot; On‑site laundry and bike storage for residents
