20-Unit Scattered-Site Apartment
For Sale
$5,950,000
1023 W 9th Ave, Denver, CO 80204
The community offers predominantly three-bedroom apartments across multiple nearby buildings and sites.
Property Size18,294 SF
Days on Market105
Property Features for 1023 W 9th Ave
General Information
Standard status
Active
Size
18,294 SF
Property subtype
Multifamily
Occupancy
95%
Additional Details
Public Transit
Yes
Multifamily Units
20
Amenities
Less than 2 miles from Downtown Denver with access to a major employment base anchored by top corporate employers and a diversified, growing economy.
Prime Lincoln Park location with direct I-25 access and connectivity to Downtown and Denver Tech Center, expanding renter demand across key employment hubs.
Proximity to DTC (11.5 miles) with 48M+ SF of office space and Fortune 500 presence, supporting strong long-term occupancy and rent growth.
Building Details
Building Size
18,294 SF
Buildings
4
Units
20
Listed By:
Jason Hornik · License #License(s): CO: FA. 100070708
(303) 328-2064
Source:
Marcusmillichap
Added: May 21
Changed: Sep 1
Last Checked: Sep 1 at 2:50PM
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 Jason Hornik
Investment Insights
Based on property information with market context.
La Alma Family Homes is a 20-unit apartment community organized as four buildings across three locations. The unit mix is weighted toward larger layouts, with three-bedroom apartments representing 80% of the units. A contractual mark-to-market rent adjustment is scheduled for November 2026.
The property is situated in Denver’s Lincoln Park neighborhood near the Santa Fe Arts District. Nearby amenities include nightlife, dining, and parks, while the 10th & Osage Light Rail Station provides walkable transit access toward the CBD and the broader metropolitan area.
The property is situated in Denver’s Lincoln Park neighborhood near the Santa Fe Arts District. Nearby amenities include nightlife, dining, and parks, while the 10th & Osage Light Rail Station provides walkable transit access toward the CBD and the broader metropolitan area.
Key Highlights
- 20‑unit apartment community comprising four buildings
- Scattered‑site configuration across three locations within a half‑mile radius
- 80% of units are three‑bedroom apartments
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
$277,769
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
4.67%
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%
$5,555,380
$5.6M
Cap Rate 7%
$3,968,129
$4.0M
Cap Rate 9%
$3,086,322
$3.1M
Market Conditions
NOI Build-Up for 18,294 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
$537.8K $29.40/SF
− Vacancy
−$32.8K −$1.79/SF
EGI
$505.0K $27.61/SF
− OpEx
−$227.3K −$12.42/SF
NOI
$277.8K $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%
$5,555,380
Cap Rate 7%
$3,968,129
Cap Rate 9%
$3,086,322
Alternative Uses
Best Use
Apartment 5plus
$3.97M
$3.47M – $4.63M
NOI $277,769 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.82M
$5.10M – $6.79M
NOI $407,655 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
4,134
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?
Apartment building - The community offers predominantly three-bedroom apartments across multiple nearby buildings and sites.
Where is this apartment building located?
The property is located at 1023 W 9th Ave Denver, CO.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: 20‑unit apartment community comprising four buildings; Scattered‑site configuration across three locations within a half‑mile radius; 80% of units are three‑bedroom apartments
