Aurora Multifamily Investment
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1601 Joliet St, Aurora, CO 80010
Renovated multifamily asset in Aurora, near major employment corridor.
Property Size16,200 SF
Price / SF$182.10
Days on Market166
Property Features for 1601 Joliet St
General Information
Standard status
Active
Size
16,200 SF
Property subtype
Multifamily
Occupancy
92%
Net Operating Income
$149,682
Building Details
Year Built
1959
Year Renovated
2022
Buildings
4
Units
24
Listing Agency:
MMG
(303) 257-7627
Listed By:
Adam Riddle · License #CO 100024441
Source:
Crexi
Added: Mar 19
Changed: Aug 23
Last Checked: Aug 28 at 8:25PM
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 MMG
Investment Insights
Based on property information with market context.
The 1601–1645 Joliet Street Apartments present an opportunity to acquire a renovated multifamily asset in Aurora, Colorado. The property is positioned within a major employment corridor of the Denver metro area, benefiting from its proximity to leading healthcare, military, aerospace, bioscience, and logistics employers. This asset features renovated units and a two-bedroom-heavy unit mix. The property size is 16200 square feet.
Key Highlights
- Renovated multifamily asset in Aurora, Colorado.
- Located within a major employment corridor of the Denver metro area.
- Proximity to leading healthcare, military, aerospace, bioscience, and logistics employers.
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
$216,239
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
7.33%
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%
$4,324,780
$4.3M
Cap Rate 7%
$3,089,129
$3.1M
Cap Rate 9%
$2,402,656
$2.4M
Market Conditions
NOI Build-Up for 16,200 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
$421.8K $26.04/SF
− Vacancy
−$28.7K −$1.77/SF
EGI
$393.2K $24.27/SF
− OpEx
−$176.9K −$10.92/SF
NOI
$216.2K $13.35/SF
Area
Aurora, CO
Vacancy
6.80%
Lease Rate
$26.04 /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%
$4,324,780
Cap Rate 7%
$3,089,129
Cap Rate 9%
$2,402,656
Alternative Uses
Best Use
Apartment 5plus
$3.09M
$2.70M – $3.60M
NOI $216,239 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.53M
$3.96M – $5.28M
NOI $316,872 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 80010, CO
42,303
Population
15,394
Households
2.7
Avg Household Size
32
Median Age
19%
College-Educated
73%
High-School Grad
5.1 sq mi
ZIP Area
8,295
Density / Sq Mi
$60,755
Median Household Income
$36,349
Median Earnings
$1,400
Median Rent
$385,700
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 - Renovated multifamily asset in Aurora, near major employment corridor.
Where is this apartment building located?
The property is located at 1601 Joliet St Aurora, CO.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Renovated multifamily asset in Aurora, Colorado.; Located within a major employment corridor of the Denver metro area.; Proximity to leading healthcare, military, aerospace, bioscience, and logistics employers.
