Historic Office
For Sale
$2,300,000
1515 Race St, Denver, CO 80206
Historic commercial building dating to 1893, tied to an early Denver baking pioneer.
Property Size6,948 SF
Days on Market105
Property Features for 1515 Race St
General Information
Standard status
Active
Size
6,948 SF
Class
B
Property subtype
Office / Daycare
Building Details
Building Size
6,948 SF
Year Built
1893
Listing Agency:
Unique Properties, Inc
Listed By:
Hudson Cramer
(303) 524-2081
Source:
Uniqueprop
Added: Jun 25
Changed: Oct 6
Last Checked: Oct 5 at 4:03PM
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 Unique Properties, Inc
Investment Insights
Based on property information with market context.
This property is a historic commercial building originally constructed in 1893 by John Milheim. The building’s historical significance is tied to Milheim’s role in founding one of Denver’s first bakeries, giving the structure a notable origin story.
The asset is currently listed for sale and is located at 1515 Race St in Denver, Colorado.
As a historic property, it may appeal to buyers looking for a character-forward structure within a central Denver address. The listing also categorizes the property across office buildings and office space, along with specialty and day care center use types, which can make it relevant for a range of adaptive commercial applications. Prospective buyers should review the building’s existing configuration and any intended use requirements directly as part of their due diligence, given the age and historical background noted in the materials.
The asset is currently listed for sale and is located at 1515 Race St in Denver, Colorado.
As a historic property, it may appeal to buyers looking for a character-forward structure within a central Denver address. The listing also categorizes the property across office buildings and office space, along with specialty and day care center use types, which can make it relevant for a range of adaptive commercial applications. Prospective buyers should review the building’s existing configuration and any intended use requirements directly as part of their due diligence, given the age and historical background noted in the materials.
Key Highlights
- Historic commercial building built in 1893
- Originally built on Pennsylvania Street in 1893 by John Milheim, an early Denver baking pioneer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,802
Cap Rate
4.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,036,040
$2.0M
Cap Rate 7%
$1,454,314
$1.5M
Cap Rate 9%
$1,131,133
$1.1M
Market Conditions
NOI Build-Up for 6,948 SF
Gross rent
$183.4K $26.40/SF
− Vacancy
−$47.7K −$6.86/SF
EGI
$135.7K $19.54/SF
− OpEx
−$33.9K −$4.88/SF
NOI
$101.8K $14.65/SF
Area
Denver, CO
Vacancy
26.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,036,040
Cap Rate 7%
$1,454,314
Cap Rate 9%
$1,131,133
Alternative Uses
Best Use
Office B
$1.45M
$1.27M – $1.70M
NOI $101,802 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.94M – $2.58M
NOI $154,826 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,154
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Denver, CO
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Frequently Asked Questions
What type of property is this?
Office building - Historic commercial building dating to 1893, tied to an early Denver baking pioneer.
Where is this office building located?
The property is located at 1515 Race St Denver, CO.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Historic commercial building built in 1893; Originally built on Pennsylvania Street in 1893 by John Milheim, an early Denver baking pioneer
