Renovated 8-Unit Multifamily with
For Sale
$2,600,000
1432 N Pennsylvania St, Denver, CO 80203
Eight renovated 2-bed/2-bath residences each include office nooks, in-unit washer/dryer, and five private garages.
Property Size8,664 SF
Days on Market77
Property Features for 1432 N Pennsylvania St
General Information
Standard status
Active
Size
8,664 SF
Class
Trophy asset
Total Parking Spaces
5
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
8
Building Details
Building Size
8,664 SF
Year Built
1919
Year Renovated
2010
Tenancy
Multi
Listing Agency:
Pinnacle Real Estate Advisors
Listed By:
Luke Salazar · License #100075559
(303) 589-9622
Source:
Pinnaclerea
Added: Jun 24
Changed: Aug 26
Last Checked: Sep 7 at 5:52AM
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.
The Glenellen is an 8-unit multifamily property with condo-style 2-bedroom/2-bathroom residences, each featuring a private office nook. The building presents a classic brick exterior with a gated courtyard, and it includes five private garage spaces for residents.
Built back from the studs in 2010, the property has newer plumbing and electrical. Interior upgrades include designer luxury vinyl plank flooring, updated kitchens and baths, stainless appliances, upgraded lighting, and in-unit washer/dryer.
Financing may be a key differentiator for qualified buyers, as the property features an assumable CBRE Freddie Mac SBL loan with a fixed 3.79% interest-only structure until May 2031. Additional opportunities noted in the offering include potential for condo conversion and/or ADU additions.
Built back from the studs in 2010, the property has newer plumbing and electrical. Interior upgrades include designer luxury vinyl plank flooring, updated kitchens and baths, stainless appliances, upgraded lighting, and in-unit washer/dryer.
Financing may be a key differentiator for qualified buyers, as the property features an assumable CBRE Freddie Mac SBL loan with a fixed 3.79% interest-only structure until May 2031. Additional opportunities noted in the offering include potential for condo conversion and/or ADU additions.
Key Highlights
- Eight renovated condo‑style 2 bed/2 bath residences, each with private office nook
- In‑unit washer/dryer in every unit
- Updated kitchens and baths with stainless appliances, upgraded lighting, and designer luxury vinyl plank flooring
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
$131,551
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
5.06%
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%
$2,631,020
$2.6M
Cap Rate 7%
$1,879,300
$1.9M
Cap Rate 9%
$1,461,678
$1.5M
Market Conditions
NOI Build-Up for 8,664 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
$254.7K $29.40/SF
− Vacancy
−$15.5K −$1.79/SF
EGI
$239.2K $27.61/SF
− OpEx
−$107.6K −$12.42/SF
NOI
$131.6K $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%
$2,631,020
Cap Rate 7%
$1,879,300
Cap Rate 9%
$1,461,678
Alternative Uses
Best Use
Apartment 5plus
$1.88M
$1.64M – $2.19M
NOI $131,551 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.76M
$2.41M – $3.22M
NOI $193,064 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
11,269
Businesses Nearby
Explore this area
Business Placement
Demographics for 80203, CO
22,883
Population
16,887
Households
1.4
Avg Household Size
33
Median Age
69%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
20,803
Density / Sq Mi
$74,654
Median Household Income
$59,229
Median Earnings
$1,569
Median Rent
$462,500
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 - Eight renovated 2-bed/2-bath residences each include office nooks, in-unit washer/dryer, and five private garages.
Where is this apartment building located?
The property is located at 1432 N Pennsylvania St Denver, CO.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Eight renovated condo‑style 2 bed/2 bath residences, each with private office nook; In‑unit washer/dryer in every unit; Updated kitchens and baths with stainless appliances, upgraded lighting, and designer luxury vinyl plank flooring
