Denver Cheesman Park Apartment
For Sale
$1,275,000
1355 Vine Street, Denver, CO 80206
Six-unit apartment building in Cheesman Park neighborhood with upside potential.
Property Size4,338 SF
Price / SF$293.91
Days on Market452
Property Features for 1355 Vine Street
General Information
Standard status
Active
Size
4,338 SF
Taxes and HOA fees
Annual Taxes
$8,923
Building Details
Year Built
1901
Listing Agency:
PINNACLE REAL ESTATE ADVISORS
(303) 962-9555
Listed By:
JIM KNOWLTON · License #FA100032419
Source:
Corcoran
Added: May 29, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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.
Located in Denver’s Cheesman Park neighborhood, the property at 1355-1365 Vine Street is a six-unit apartment building. The unit mix includes four 1-bedroom, 1-bathroom units and two 1-bedroom, 1-bathroom units with a den. The 4,338 square foot property has been meticulously maintained by the current owner since 2003, with recent upgrades including newer roofs on both the apartments and the four garages, and a new water heater. The property also includes owner-owned washer and dryer. Four of the six units have a private, enclosed patio or balcony with additional storage. The property offers access to significant employment opportunities in Downtown Denver and the potential to add additional income from the four garages and one storage unit.
Key Highlights
- Prime investment opportunity in the highly desirable Cheesman Park neighborhood.
- Meticulously maintained property by the same owner since 2003.
- Attractive mix of four 1br/1ba units and two 1br/1ba units with a den.
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
$65,867
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
5.17%
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%
$1,317,340
$1.3M
Cap Rate 7%
$940,957
$941.0K
Cap Rate 9%
$731,856
$731.9K
Market Conditions
NOI Build-Up for 4,338 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
$127.5K $29.40/SF
− Vacancy
−$7.8K −$1.79/SF
EGI
$119.8K $27.61/SF
− OpEx
−$53.9K −$12.42/SF
NOI
$65.9K $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%
$1,317,340
Cap Rate 7%
$940,957
Cap Rate 9%
$731,856
Alternative Uses
Best Use
Apartment 5plus
$941.0K
$823.3K – $1.10M
NOI $65,867 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,666 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,254
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
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 - Six-unit apartment building in Cheesman Park neighborhood with upside potential.
Where is this apartment building located?
The property is located at 1355 Vine Street Denver, CO.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Prime investment opportunity in the highly desirable Cheesman Park neighborhood.; Meticulously maintained property by the same owner since 2003.; Attractive mix of four 1br/1ba units and two 1br/1ba units with a den.
