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 Market60
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
(303) 524-2081
Listed By:
Hudson Cramer
(303) 524-2081
Source:
Uniqueprop
Added: Jun 25
Changed: Aug 22
Last Checked: Aug 22 at 4:21AM
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 = 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
$101,802
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
4.43%
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%
$2,036,040
$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
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
$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 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%
$2,036,040
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
Property Profile
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
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
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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
