6-Unit Apartment
New
For Sale
$1,198,000
1631 Race Street, Denver, CO 80206
Converted multifamily property with varied unit layouts, shared basement laundry, and all residences currently leased.
Property Size2,695 SF
Days on Market5
Property Features for 1631 Race Street
General Information
Standard status
Active
Size
2,695 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
G-RO-3
Occupancy
100%
Units
Unit Mix
3 x studio, 3 x 1BR with lofts
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$4,880
Amenities
coin-operated laundry
Building Details
Building Size
2,695 SF
Year Built
1892
Units
6
Tenancy
Multi
Listing Agency:
Your Castle Real Estate Inc
(720) 938-4350
Listed By:
Brian MacMillan
(720) 938-4350
Source:
Coloradopartners
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 10 at 11:09AM
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 Your Castle Real Estate Inc
Investment Insights
Based on property information with market context.
This converted apartment property contains six units arranged across two levels. The main floor has three studio apartments, while the upper level includes three one-bedroom residences with loft areas. A seller-owned, coin-operated washer and dryer are located in the basement for tenant use. Four units have been updated, leaving two units with further improvement potential. All six apartments are currently leased, and the property is zoned G-RO-3. Built in 1892, the building is located at 1631 Race Street in Denver’s City Park West/Uptown area. The surrounding setting provides access to named nearby destinations including The Thin Man, Bruz Brewery, and Tattered Cover. Additional parking may be added from the alley, subject to applicable requirements.
Key Highlights
- Six‑unit apartment building with three studios and three one‑bedroom units with lofts
- Four of the 6 units have been updated; two units remain for improvement
- All 6 units are leased
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
$40,920
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
3.42%
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%
$818,400
$818.4K
Cap Rate 7%
$584,571
$584.6K
Cap Rate 9%
$454,667
$454.7K
Market Conditions
NOI Build-Up for 2,695 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
$79.2K $29.40/SF
− Vacancy
−$4.8K −$1.79/SF
EGI
$74.4K $27.61/SF
− OpEx
−$33.5K −$12.42/SF
NOI
$40.9K $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 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%
$818,400
Cap Rate 7%
$584,571
Cap Rate 9%
$454,667
Alternative Uses
Best Use
Apartment 5plus
$584.6K
$511.5K – $682.0K
NOI $40,920 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$857.9K
$750.7K – $1.00M
NOI $60,054 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,018
Businesses Nearby
Explore this area
Business Placement
Demographics for 80206, CO
26,108
Population
15,580
Households
1.7
Avg Household Size
38
Median Age
78%
College-Educated
97%
High-School Grad
2.5 sq mi
ZIP Area
10,443
Density / Sq Mi
$102,248
Median Household Income
$69,908
Median Earnings
$1,694
Median Rent
$892,200
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 - Converted multifamily property with varied unit layouts, shared basement laundry, and all residences currently leased.
Where is this apartment building located?
The property is located at 1631 Race Street Denver, CO.
What is the asking price?
The asking price for this property is $1,198,000.
What are key features of this property?
This property features: Six‑unit apartment building with three studios and three one‑bedroom units with lofts; Four of the 6 units have been updated; two units remain for improvement; All 6 units are leased
