Brick Fourplex with Updated
For Sale
$798,000
1480 Boston Street, Aurora, CO 80010
Two-story brick income property with remodeled units, individual storage, and tandem parking.
Property Size2,704 SF
Price / SF$295.12
Days on Market577
Property Features for 1480 Boston Street
General Information
Standard status
Active
Size
2,704 SF
Total Parking Spaces
8
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Parking per Unit
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,916
Amenities
storage unit
Building Details
Year Built
1950
Construction
brick
Listing Agency:
Manes & Associates
(303) 870-9172
Listed By:
Gary Manes · License #040006477
(303) 870-9172
Source:
Exitrealty
Added: Jan 30, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:10PM
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 Manes & Associates
Investment Insights
Based on property information with market context.
This 1950-built brick fourplex contains 2,704 square feet arranged as two upper units and two lower units. Each residence includes two bedrooms, one storage unit, and two back-to-back tandem parking spaces located behind the property. Two 75-gallon water heaters serve the building. Units at 1476 and 1480 are almost completely remodeled, while the remaining units have received some updating. The roof and exterior paint are approximately 7 years old.
The property is near bus service, Fitzsimmons, and the Medical Complex, with a K–8 school within walking distance. Retail, shopping, and restaurants are also conveniently located nearby.
The property is near bus service, Fitzsimmons, and the Medical Complex, with a K–8 school within walking distance. Retail, shopping, and restaurants are also conveniently located nearby.
Key Highlights
- Four‑unit brick building with 2,704 square feet, built in 1950
- Each unit offers 2 bedrooms, 2 tandem parking spaces, and 1 storage unit
- Two units are almost completely remodeled; the other units have some updating
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
$38,869
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
4.87%
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%
$777,380
$777.4K
Cap Rate 7%
$555,271
$555.3K
Cap Rate 9%
$431,878
$431.9K
Market Conditions
NOI Build-Up for 2,704 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
$60.0K $22.20/SF
− Vacancy
−$4.5K −$1.67/SF
EGI
$55.5K $20.54/SF
− OpEx
−$16.7K −$6.16/SF
NOI
$38.9K $14.37/SF
Area
Aurora, CO
Vacancy
7.50%
Lease Rate
$22.20 /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%
$777,380
Cap Rate 7%
$555,271
Cap Rate 9%
$431,878
Alternative Uses
Best Use
Multifamily LT 5
$555.3K
$485.9K – $647.8K
NOI $38,869 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$515.6K
$451.2K – $601.6K
NOI $36,093 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$755.6K
$661.1K – $881.5K
NOI $52,890 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 80010, CO
42,303
Population
15,394
Households
2.7
Avg Household Size
32
Median Age
19%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
8,295
Density / Sq Mi
$60,755
Median Household Income
$36,349
Median Earnings
$1,400
Median Rent
$385,700
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?
Quadplex - Two-story brick income property with remodeled units, individual storage, and tandem parking.
Where is this quadplex located?
The property is located at 1480 Boston Street Aurora, CO.
What is the asking price?
The asking price for this property is $798,000.
What are key features of this property?
This property features: Four‑unit brick building with 2,704 square feet, built in 1950; Each unit offers 2 bedrooms, 2 tandem parking spaces, and 1 storage unit; Two units are almost completely remodeled; the other units have some updating
