Denver Multifamily Investment
For Sale
$1,300,000
1361 Humboldt Street, Denver, CO 80218
Nine-unit multifamily property in Denver's Cheesman Park neighborhood.
Property Size4,519 SF
Price / SF$287.67
Days on Market460
Property Features for 1361 Humboldt Street
General Information
Standard status
Active
Size
4,519 SF
Taxes and HOA fees
Annual Taxes
$9,260
Building Details
Year Built
1928
Listing Agency:
MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES OF ATLANTA, INC.
Listed By:
CLAYTON PRIMM
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 MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES OF ATLANTA, INC.
Investment Insights
Based on property information with market context.
Located in Denver's Cheesman Park neighborhood, 1361 Humboldt Street is a nine-unit multifamily property. Constructed in 1928, the all-brick building is situated on a 4,690-SF lot. The property comprises eight one-bedroom units and one two-bedroom unit, all of which have been upgraded over the past 10 years. The building features a pitched roof estimated to be 15 years old, along with updated systems and mechanicals. The main boiler, which provides heat, was replaced in 2024, while the plumbing and electrical systems were updated in 2007. The property is individually metered for electricity, which is paid directly by the residents. Gas and water are master metered, with the owner covering the costs, which are not currently reimbursed by the residents. An on-site laundry facility is available to residents at no charge. The property requires minimal landscaping and relies on street parking, eliminating the need for parking lot maintenance. This property presents a value-add opportunity for investors to increase rents to market rates and generate additional income by charging for utilities, pets, and laundry services. The 80-acre Cheesman Park, with its open spaces, the Denver Botanical Gardens, and various events, is within walking distance. The surrounding area features a dense residential population, along with restaurants and bars.
Key Highlights
- Prime Location in Denver's desirable Cheesman Park neighborhood, offering access to the 80‑acre Cheesman Park, Denver Botanical Gardens, restaurants, and bars.
- Value‑Add Opportunity: Significant potential to increase income by raising rents and implementing charges for utilities, pets, and laundry.
- Updated Systems: Features a new boiler installed in 2024 and plumbing/electrical updates in 2007.
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
$68,615
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
5.28%
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%
$1,372,300
$1.4M
Cap Rate 7%
$980,214
$980.2K
Cap Rate 9%
$762,389
$762.4K
Market Conditions
NOI Build-Up for 4,519 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
$132.9K $29.40/SF
− Vacancy
−$8.1K −$1.79/SF
EGI
$124.8K $27.61/SF
− OpEx
−$56.1K −$12.42/SF
NOI
$68.6K $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%
$1,372,300
Cap Rate 7%
$980,214
Cap Rate 9%
$762,389
Alternative Uses
Best Use
Apartment 5plus
$980.2K
$857.7K – $1.14M
NOI $68,615 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,699 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,422
Businesses Nearby
Explore this area
Business Placement
Demographics for 80218, CO
19,484
Population
13,116
Households
1.5
Avg Household Size
35
Median Age
72%
College-Educated
98%
High-School Grad
1.6 sq mi
ZIP Area
12,178
Density / Sq Mi
$82,925
Median Household Income
$67,570
Median Earnings
$1,475
Median Rent
$653,900
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 - Nine-unit multifamily property in Denver's Cheesman Park neighborhood.
Where is this apartment building located?
The property is located at 1361 Humboldt Street Denver, CO.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Prime Location in Denver's desirable Cheesman Park neighborhood, offering access to the 80‑acre Cheesman Park, Denver Botanical Gardens, restaurants, and bars.; Value‑Add Opportunity: Significant potential to increase income by raising rents and implementing charges for utilities, pets, and laundry.; Updated Systems: Features a new boiler installed in 2024 and plumbing/electrical updates in 2007.
