Six-Unit Apartment
For Sale
$2,560,000
1551-1559 Filbert Ct, Denver, CO 80220
Two-story multifamily property with varied unit layouts, garages, storage units, and laundry facilities.
Property Size7,396 SF
Days on Market9
Property Features for 1551-1559 Filbert Ct
General Information
Standard status
Active
Size
7,396 SF
Net Rentable
7,100 SF
Property subtype
Multifamily
Units
Unit Mix
1 x 1BR, 5 x 2BR
Multifamily Units
6
Amenities
garages
storage units
on-site laundry
Building Details
Building Size
7,396 SF
Year Built
1949
Buildings
1
Stories
2
Listing Agency:
Unique Properties, Inc.
Listed By:
Marc S. Lippitt · License #ER.000183921
(303) 321-5888
Source:
Uniqueprop
Added: Sep 19
Changed: Sep 27
Last Checked: Sep 26 at 4:11AM
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 six-unit apartment building occupies a single two-story structure built in 1949 and contains 7,100 rentable square feet. The unit mix includes one one-bedroom apartment and five two-bedroom apartments, with large layouts complemented by garages and storage units.
Building improvements include replacement of the roof, HVAC, electrical system, sewer line, and other major components. Laundry is provided in five units, while the sixth unit has access to onsite laundry. The property is located in Denver’s Park Hill neighborhood.
Building improvements include replacement of the roof, HVAC, electrical system, sewer line, and other major components. Laundry is provided in five units, while the sixth unit has access to onsite laundry. The property is located in Denver’s Park Hill neighborhood.
Key Highlights
- Six‑unit apartment building with 7,100 rentable square feet
- Unit mix includes 1 one‑bedroom and 5 two‑bedroom apartments
- Single two‑story building constructed in 1949
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
$112,298
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
4.39%
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%
$2,245,960
$2.2M
Cap Rate 7%
$1,604,257
$1.6M
Cap Rate 9%
$1,247,756
$1.2M
Market Conditions
NOI Build-Up for 7,396 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
$217.4K $29.40/SF
− Vacancy
−$13.3K −$1.79/SF
EGI
$204.2K $27.61/SF
− OpEx
−$91.9K −$12.42/SF
NOI
$112.3K $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%
$2,245,960
Cap Rate 7%
$1,604,257
Cap Rate 9%
$1,247,756
Alternative Uses
Best Use
Apartment 5plus
$1.60M
$1.40M – $1.87M
NOI $112,298 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.35M
$2.06M – $2.75M
NOI $164,809 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,258
Businesses Nearby
Explore this area
Business Placement
Demographics for 80220, CO
37,233
Population
17,675
Households
2.1
Avg Household Size
37
Median Age
66%
College-Educated
94%
High-School Grad
5.2 sq mi
ZIP Area
7,160
Density / Sq Mi
$101,961
Median Household Income
$61,568
Median Earnings
$1,621
Median Rent
$739,600
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 - Two-story multifamily property with varied unit layouts, garages, storage units, and laundry facilities.
Where is this apartment building located?
The property is located at 1551-1559 Filbert Ct Denver, CO.
What is the asking price?
The asking price for this property is $2,560,000.
What are key features of this property?
This property features: Six‑unit apartment building with 7,100 rentable square feet; Unit mix includes 1 one‑bedroom and 5 two‑bedroom apartments; Single two‑story building constructed in 1949
