Historic Triplex with Three Unit
For Sale
$1,850,000
1437 Columbine Street, Denver, CO 80206
Three-unit triplex with historic character, six bedrooms, and recent systems and exterior updates for residential income.
Property Size4,912 SF
Price / SF$376.63
Days on Market445
Property Features for 1437 Columbine Street
General Information
Standard status
Active
Size
4,912 SF
Total Parking Spaces
3
Property subtype
Multi Family
Additional Details
Cap Rate
5.8%
Fenced Yard
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,378
Building Details
Year Built
1905
Tenancy
Multi
Listing Agency:
LIV Sotheby's International Realty
(720) 628-2735
Listed By:
Katie Fredrick · License #100069320
(720) 628-2735
Source:
Exitrealty
Added: May 24, 2025
Changed: Aug 8
Last Checked: Aug 11 at 6:53AM
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 LIV Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1905 in a Revival style, this Denver triplex is configured as three separate units totaling 6 bedrooms and 6 bathrooms. Unit A is a two-level layout with 3 beds and 3 baths, while Units C and D provide 2-bed/2-bath and 1-bed/1-bath configurations, respectively. The property includes two laundry areas, a fully fenced backyard, and three off-street parking spaces, with room noted for potential future garage/parking expansion. Recent improvements include a new boiler system, underfloor heating, updated bathrooms in Units A and C, a city-compliant fire escape, and an automated sprinkler system, along with smart lighting, CCTV, and electronic keypads. Interior and exterior character elements remain throughout, including woodwork, stained glass, tile fireplaces, radiators, pocket doors, and a front porch.
Located at 1437 Columbine Street in the Congress Park area, the property is described as being within walking distance of City Park, Denver Botanic Gardens, Washington Park, and Colfax Avenue dining and nightlife. Public remarks also note convenient access to bus and light rail, and proximity to Rose, National Jewish, St. Joseph’s, and Anschutz hospitals.
For ownership or operation, the current long-term leases generate $1,850–$2,250 per month per unit, with projected annual income of $103,000 for full long-term occupancy and $140,000+ if Unit A is operated as a short-term rental. Estimated cap rate ranges are 5.3%–5.8% in the public remarks. The property is zoned for multifamily, with public remarks indicating flexibility for potential single-family conversion or reconfiguration to four units, supported by noted nearby home values.
Located at 1437 Columbine Street in the Congress Park area, the property is described as being within walking distance of City Park, Denver Botanic Gardens, Washington Park, and Colfax Avenue dining and nightlife. Public remarks also note convenient access to bus and light rail, and proximity to Rose, National Jewish, St. Joseph’s, and Anschutz hospitals.
For ownership or operation, the current long-term leases generate $1,850–$2,250 per month per unit, with projected annual income of $103,000 for full long-term occupancy and $140,000+ if Unit A is operated as a short-term rental. Estimated cap rate ranges are 5.3%–5.8% in the public remarks. The property is zoned for multifamily, with public remarks indicating flexibility for potential single-family conversion or reconfiguration to four units, supported by noted nearby home values.
Key Highlights
- 1905 triplex with 5,480 SF of income‑producing space in Denver’s Congress Park
- Configured as 3 units: Unit A 3 bed/3 bath (two levels), Unit C 2 bed/2 bath, Unit D 1 bed/1 bath
- Total of 6 bedrooms and 6 bathrooms across the three units
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
$81,631
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
4.41%
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%
$1,632,620
$1.6M
Cap Rate 7%
$1,166,157
$1.2M
Cap Rate 9%
$907,011
$907.0K
Market Conditions
NOI Build-Up for 4,912 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
$123.8K $25.20/SF
− Vacancy
−$7.2K −$1.46/SF
EGI
$116.6K $23.74/SF
− OpEx
−$35.0K −$7.12/SF
NOI
$81.6K $16.62/SF
Area
Denver, CO
Vacancy
5.79%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,632,620
Cap Rate 7%
$1,166,157
Cap Rate 9%
$907,011
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,631 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$1.07M
$932.3K – $1.24M
NOI $74,582 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,457 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
3,396
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?
Triplex - Three-unit triplex with historic character, six bedrooms, and recent systems and exterior updates for residential income.
Where is this triplex located?
The property is located at 1437 Columbine Street Denver, CO.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 1905 triplex with 5,480 SF of income‑producing space in Denver’s Congress Park; Configured as 3 units: Unit A 3 bed/3 bath (two levels), Unit C 2 bed/2 bath, Unit D 1 bed/1 bath; Total of 6 bedrooms and 6 bathrooms across the three units
