23-Unit Apartment
New
For Sale
$3,350,000
1371 Xenia Street, Denver, CO 80220
Three-story exterior walk-up with individually metered electricity, central laundry, off-street parking, and recent common-area improvements.
Property Size15,636 SF
Days on Market2
Property Features for 1371 Xenia Street
General Information
Standard status
Active
Size
15,636 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
G-MU-5
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x studio, 19 x 1BR, 2 x 2BR
Multifamily Units
23
Taxes and HOA fees
Annual Taxes
$20,149
Amenities
central laundry facility
security cameras
central courtyard
Building Details
Building Size
15,636 SF
Year Built
1961
Stories
3
Units
23
Construction
brick and cinderblock
Listing Agency:
Marcus & Millichap Real Estate Investment Services of Atlanta, Inc.
(303) 328-2075
Listed By:
Clayton Primm · License #FA100024161
(303) 328-2075
Source:
Coloradopartners
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 7:19AM
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 at 1371 Xenia Street in Denver, this 23-unit apartment community occupies a three-story, L-shaped exterior walk-up constructed in 1961. The building features an all-brick and cinderblock exterior, flat roof, central courtyard, and a central laundry room with coin-operated equipment. The unit mix includes studios, one-bedroom apartments, and two-bedroom apartments, with most residences updated during the past 10 years with hard-surface flooring and refreshed kitchens and bathrooms.
Electricity is individually metered to each residence. Gas and water are master metered, while a central boiler replaced in 2018/2019 provides building heat; a sidearm water heater was added during the same period for domestic hot water. The property includes 20 off-street parking spaces, a front security door, alley-access security gate, and camera monitoring. Recent site work added xeriscaping, artificial grass, and improvements to the central courtyard. The property is positioned near restaurants, shopping, parks, public transportation, and Fitzsimons Medical Campus, approximately a 5-minute drive away.
Electricity is individually metered to each residence. Gas and water are master metered, while a central boiler replaced in 2018/2019 provides building heat; a sidearm water heater was added during the same period for domestic hot water. The property includes 20 off-street parking spaces, a front security door, alley-access security gate, and camera monitoring. Recent site work added xeriscaping, artificial grass, and improvements to the central courtyard. The property is positioned near restaurants, shopping, parks, public transportation, and Fitzsimons Medical Campus, approximately a 5-minute drive away.
Key Highlights
- 23 units: 2 studios, 19 one‑bedroom units, and 2 two‑bedroom units
- 1961 construction with all‑brick and cinderblock exterior and flat roof
- Central boiler replaced in 2018/2019; sidearm water heater added at the same time
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
$237,411
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
7.09%
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%
$4,748,220
$4.7M
Cap Rate 7%
$3,391,586
$3.4M
Cap Rate 9%
$2,637,900
$2.6M
Market Conditions
NOI Build-Up for 15,636 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
$459.7K $29.40/SF
− Vacancy
−$28.0K −$1.79/SF
EGI
$431.7K $27.61/SF
− OpEx
−$194.2K −$12.42/SF
NOI
$237.4K $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%
$4,748,220
Cap Rate 7%
$3,391,586
Cap Rate 9%
$2,637,900
Alternative Uses
Best Use
Apartment 5plus
$3.39M
$2.97M – $3.96M
NOI $237,411 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.98M
$4.36M – $5.81M
NOI $348,425 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
772
Businesses Nearby
Explore this area
Business Placement
Demographics for 80220, CO
37,233
Population
17,675
Households
2.1
Avg Household Size
37
Median Age
66%
College-Educated
94%
High-School Grad
5.2 sq mi
ZIP Area
7,160
Density / Sq Mi
$101,961
Median Household Income
$61,568
Median Earnings
$1,621
Median Rent
$739,600
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 - Three-story exterior walk-up with individually metered electricity, central laundry, off-street parking, and recent common-area improvements.
Where is this apartment building located?
The property is located at 1371 Xenia Street Denver, CO.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: 23 units: 2 studios, 19 one‑bedroom units, and 2 two‑bedroom units; 1961 construction with all‑brick and cinderblock exterior and flat roof; Central boiler replaced in 2018/2019; sidearm water heater added at the same time
