Corner Office
New
For Sale
$1,900,000
1600 N Pennsylvania St, Denver, CO 80203
Office property with a historic building footprint and prominent corner placement in Denver.
Property Size18,806 SF
Lot Size0.09 Acres
Price / SF$274.77
Days on Market2
Property Features for 1600 N Pennsylvania St
General Information
Standard status
Active
Size
18,806 SF
Class
B
Lot size
0.09 Acres
Property subtype
Office
Building Details
Building Size
18,806 SF
Year Built
1925
Buildings
1
Listing Agency:
Kaufman Hagan Commercial Real Estate
(303) 358-9337
Listed By:
Nick Schill
(303) 358-9337
Source:
Pinnaclerea
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 4:24AM
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 Kaufman Hagan Commercial Real Estate
Investment Insights
Based on property information with market context.
This office property includes one building totaling 6,915 square feet on a 4,012-square-foot lot. Built in 1925, the structure occupies the northeast corner of Pennsylvania Street and 16th Street in Denver, Colorado. The address is 1600 N Pennsylvania St, providing a clearly identified urban office location.
Key Highlights
- 6,915‑square‑foot office building
- 4,012‑square‑foot lot
- Constructed in 1925
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
$101,319
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
5.33%
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%
$2,026,380
$2.0M
Cap Rate 7%
$1,447,414
$1.4M
Cap Rate 9%
$1,125,767
$1.1M
Market Conditions
NOI Build-Up for 6,915 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
$182.6K $26.40/SF
− Vacancy
−$47.5K −$6.86/SF
EGI
$135.1K $19.54/SF
− OpEx
−$33.8K −$4.88/SF
NOI
$101.3K $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%
$2,026,380
Cap Rate 7%
$1,447,414
Cap Rate 9%
$1,125,767
Alternative Uses
Best Use
Office B
$1.45M
$1.27M – $1.69M
NOI $101,319 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,091 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,914
Businesses Nearby
Explore this area
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
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 - Office property with a historic building footprint and prominent corner placement in Denver.
Where is this office building located?
The property is located at 1600 N Pennsylvania St Denver, CO.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 6,915‑square‑foot office building; 4,012‑square‑foot lot; Constructed in 1925
