Brick 6-Unit Apartment
For Sale
$1,440,000
1432 N Madison Street, Denver, CO 80206
Multifamily property with studio, one-bedroom, and two-bedroom apartments plus on-site laundry, parking, and storage.
Property Size4,686 SF
Days on Market63
Property Features for 1432 N Madison Street
General Information
Standard status
Active
Size
4,686 SF
Class
C
Total Parking Spaces
2
Property subtype
Commercial
Zoning
U-RH-3A
Additional Details
Road Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,756
Amenities
laundry facility
storage
fireplaces
Building Details
Building Size
4,686 SF
Year Built
1906
Buildings
1
Units
6
Construction
brick
Listing Agency:
KENTWOOD REAL ESTATE DTC, LLC
(303) 773-3399
Listed By:
Kyle Malnati · License #40042617
(303) 358-4250
Source:
Coloradopartners
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 31 at 5:08PM
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 KENTWOOD REAL ESTATE DTC, LLC
Investment Insights
Based on property information with market context.
Built in 1906, this 6-unit apartment building combines a brick exterior with large windows, hardwood floors, and a distinctive collection of original details. The unit mix includes studio, one-bedroom, and two-bedroom apartments. Interior and exterior features include stained-glass windows, fireplaces, substantial entry pillars, a grand front entrance, and bright living spaces.
The property includes a lower-level laundry facility, off-street parking, 4 garage spaces, and storage. It is located on a tree-lined street in Denver’s City Park neighborhood, with City Park and retail and restaurants along E Colfax Avenue, 11th and Madison, and the 9th and Colorado development nearby. The property is zoned U-RH-3A.
The property includes a lower-level laundry facility, off-street parking, 4 garage spaces, and storage. It is located on a tree-lined street in Denver’s City Park neighborhood, with City Park and retail and restaurants along E Colfax Avenue, 11th and Madison, and the 9th and Colorado development nearby. The property is zoned U-RH-3A.
Key Highlights
- 6‑unit apartment building with studio, one‑bedroom, and two‑bedroom units
- 1906 construction with brick exterior, hardwood floors, stained‑glass windows, and fireplaces
- Grand front entrance with large exterior pillars and original fixtures
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
$71,150
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
4.94%
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%
$1,423,000
$1.4M
Cap Rate 7%
$1,016,429
$1.0M
Cap Rate 9%
$790,556
$790.6K
Market Conditions
NOI Build-Up for 4,686 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
$137.8K $29.40/SF
− Vacancy
−$8.4K −$1.79/SF
EGI
$129.4K $27.61/SF
− OpEx
−$58.2K −$12.42/SF
NOI
$71.2K $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%
$1,423,000
Cap Rate 7%
$1,016,429
Cap Rate 9%
$790,556
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$889.4K – $1.19M
NOI $71,150 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,421 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,955
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 - Multifamily property with studio, one-bedroom, and two-bedroom apartments plus on-site laundry, parking, and storage.
Where is this apartment building located?
The property is located at 1432 N Madison Street Denver, CO.
What is the asking price?
The asking price for this property is $1,440,000.
What are key features of this property?
This property features: 6‑unit apartment building with studio, one‑bedroom, and two‑bedroom units; 1906 construction with brick exterior, hardwood floors, stained‑glass windows, and fireplaces; Grand front entrance with large exterior pillars and original fixtures
