25-Unit Apartment
For Sale
$3,375,000
1550 Pennsylvania St, Denver, CO 80203
Well-maintained 1950-built community with one-bedroom units and recent boiler, water heater, and roof overlay improvements.
Property Size20,000 SF
Days on Market95
Property Features for 1550 Pennsylvania St
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Multifamily
Site & Location
Neighborhood
North Capitol Hill
Units
Unit Mix
25 x 1BR/1BA
Multifamily Units
25
Additional Details
Cap Rate
4.04%
Amenities
Value Add Opportunity in Capitol Hill
Newer Boiler (2000), New Windows, New Water Heater (2021), Roof Overlay (2019)
Walkable to Retail, Bars, Breweries, and Resturants
Building Details
Building Size
20,000 SF
Year Built
1950
Units
25
Listing Agency:
Denver Office
Listed By:
Boomer Beatty · License #License(s): CO: 100051692
(303) 328-2041
Source:
Marcusmillichap
Added: Jul 29
Changed: Oct 26
Last Checked: Oct 30 at 10:28AM
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 Denver Office
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Investment Insights
Based on property information with market context.
The Birney at 1550 Pennsylvania St is a well-maintained 25-unit apartment community originally constructed in 1950. The property provides tenants with 25 large one-bedroom, one-bathroom apartments that measure around 640 SF each. Inside, unit features include hardwood floors, original built-in kitchen cabinets, tile countertops, gas ranges, large closets, ceiling fans, and tile surrounds in the bathrooms.
Recent capital renovations include a newer boiler, newer water heater, and a recent overlay on the roof. The basement also includes three large storage rooms that can be converted to amenity space, such as a gym, game room, storage lockers, or a resident lounge. The property has a 4.04% figure provided in the remarks.
Location supports daily convenience for residents, with Civic Center Park about 0.5 miles away and Denver’s Central Business District about 0.9 miles from The Birney. The property is one block from Colfax, which offers a range of bars, shops, restaurants, and music venues.
Recent capital renovations include a newer boiler, newer water heater, and a recent overlay on the roof. The basement also includes three large storage rooms that can be converted to amenity space, such as a gym, game room, storage lockers, or a resident lounge. The property has a 4.04% figure provided in the remarks.
Location supports daily convenience for residents, with Civic Center Park about 0.5 miles away and Denver’s Central Business District about 0.9 miles from The Birney. The property is one block from Colfax, which offers a range of bars, shops, restaurants, and music venues.
Key Highlights
- 25‑unit apartment community originally constructed in 1950
- 25 one‑bedroom, one‑bathroom apartments around 640 SF each
- Recent capital improvements include newer boiler, water heater, and roof overlay
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$303,673
Cap Rate
9.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,073,460
$6.1M
Cap Rate 7%
$4,338,186
$4.3M
Cap Rate 9%
$3,374,144
$3.4M
Market Conditions
NOI Build-Up for 20,000 SF
Gross rent
$588.0K $29.40/SF
− Vacancy
−$35.9K −$1.79/SF
EGI
$552.1K $27.61/SF
− OpEx
−$248.5K −$12.42/SF
NOI
$303.7K $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 Rate 5%
$6,073,460
Cap Rate 7%
$4,338,186
Cap Rate 9%
$3,374,144
Alternative Uses
Best Use
Apartment 5plus
$4.34M
$3.80M – $5.06M
NOI $303,673 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.37M
$5.57M – $7.43M
NOI $445,670 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
25
Residential units
Location Intelligence
Trade Area within ½ mile
11,202
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 1950-built community with one-bedroom units and recent boiler, water heater, and roof overlay improvements.
Where is this apartment building located?
The property is located at 1550 Pennsylvania St Denver, CO.
What is the asking price?
The asking price for this property is $3,375,000.
What are key features of this property?
This property features: 25‑unit apartment community originally constructed in 1950; 25 one‑bedroom, one‑bathroom apartments around 640 SF each; Recent capital improvements include newer boiler, water heater, and roof overlay
