Renovated 33-Unit Apartment with
For Sale
Contact for pricing
1560 Sherman St, Denver, CO 80203
A 33-unit, elevator-served apartment community with renovated units and common areas, plus largely untapped basement space.
Property Size31,670 SF
Price / SF$183.14
Days on Market197
Property Features for 1560 Sherman St
General Information
Standard status
Active
Size
31,670 SF
Property subtype
Multifamily
Zoning
C-MX -16
Net Operating Income
$276,026
Additional Details
Multifamily Units
33
Amenities
gym
laundry room
private storage
dog wash
lounge
Building Details
Year Built
1952
Units
33
Tenancy
Multi
Listing Agency:
NORTHPEAK Commercial Advisors
Listed By:
Kevin Calame · License #CO 100022816
(303) 263-6260
Source:
Crexi
Added: Apr 10
Changed: Oct 10
Last Checked: Oct 20 at 9:00PM
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 NORTHPEAK Commercial Advisors
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Investment Insights
Based on property information with market context.
This elevator-served 33-unit apartment community was recently renovated, with updates noted across many units and common areas. The resident amenities listed include a gym, laundry room, private storage, dog wash, and a spacious lounge with a full kitchen, supporting a turn-key presentation.
The property is positioned just steps from the Colorado State Capitol. In addition to the apartments, it includes approximately 7,400± SF of basement space that remains largely untapped.
Public remarks note that the basement was previously home to Le Profile, a long-running Denver restaurant, and may present value-add possibilities depending on a buyer’s intended use for that lower level.
The property is positioned just steps from the Colorado State Capitol. In addition to the apartments, it includes approximately 7,400± SF of basement space that remains largely untapped.
Public remarks note that the basement was previously home to Le Profile, a long-running Denver restaurant, and may present value-add possibilities depending on a buyer’s intended use for that lower level.
Key Highlights
- 33‑unit, elevator‑served apartment community in Central Denver
- Recently renovated units and common areas with Year Built 1952
- Includes 7,400+ SF of basement space that remains largely untapped
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$480,866
Cap Rate
8.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,617,320
$9.6M
Cap Rate 7%
$6,869,514
$6.9M
Cap Rate 9%
$5,342,956
$5.3M
Market Conditions
NOI Build-Up for 31,670 SF
Gross rent
$931.1K $29.40/SF
− Vacancy
−$56.8K −$1.79/SF
EGI
$874.3K $27.61/SF
− OpEx
−$393.4K −$12.42/SF
NOI
$480.9K $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%
$9,617,320
Cap Rate 7%
$6,869,514
Cap Rate 9%
$5,342,956
Alternative Uses
Best Use
Apartment 5plus
$6.87M
$6.01M – $8.01M
NOI $480,866 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.08M
$8.82M – $11.76M
NOI $705,719 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
33
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11,317
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 - A 33-unit, elevator-served apartment community with renovated units and common areas, plus largely untapped basement space.
Where is this apartment building located?
The property is located at 1560 Sherman St Denver, CO.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: 33‑unit, elevator‑served apartment community in Central Denver; Recently renovated units and common areas with Year Built 1952; Includes 7,400+ SF of basement space that remains largely untapped
