Office Building with Covered
For Sale
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1645-1655 Grant St, Denver, CO 80203
Office building zoned C-MX-12 with secure covered parking and a 1951 building updated in 2017.
Property Size17,160 SF
Lot Size0.31 Acres
Price / SF$244.76
Days on Market444
Property Features for 1645-1655 Grant St
General Information
Standard status
Active
Size
17,160 SF
Total Parking Spaces
18
Lot size
0.31 Acres
Property subtype
OFFICE
Zoning
C-MX-12
Building Details
Year Built
1951
Year Renovated
2017
Building Size
17,160 SF
Listing Agency:
Shames Makovsky
(303) 534-5005
Listed By:
Solomon Stark
(303) 888-0002
Source:
Moodyscre
Added: Jul 1, 2025
Changed: Sep 10
Last Checked: Sep 16 at 7:26PM
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 Shames Makovsky
Investment Insights
Based on property information with market context.
This office building offers a total building size of 17,160 SF on a 13,340 SF lot. The property is zoned C-MX-12 and was built in 1951, with renovations completed in 2017. Secure parking is available with 18 covered spaces, supporting daily tenant and visitor access.
The building is located at 1645-1655 Grant St in Denver, CO 80203. Its size and parking configuration are suited for office users that prioritize convenient, protected parking.
With an established base built in the mid-20th century and updates completed in 2017, the property provides a straightforward office setting within the C-MX-12 zoning classification and includes on-site covered parking for 18 vehicles.
The building is located at 1645-1655 Grant St in Denver, CO 80203. Its size and parking configuration are suited for office users that prioritize convenient, protected parking.
With an established base built in the mid-20th century and updates completed in 2017, the property provides a straightforward office setting within the C-MX-12 zoning classification and includes on-site covered parking for 18 vehicles.
Key Highlights
- 17,160 SF office building on a 13,340 SF lot
- Zoned C‑MX‑12
- Built 1951, renovated 2017
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
$251,428
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
5.99%
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%
$5,028,560
$5.0M
Cap Rate 7%
$3,591,829
$3.6M
Cap Rate 9%
$2,793,644
$2.8M
Market Conditions
NOI Build-Up for 17,160 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
$453.0K $26.40/SF
− Vacancy
−$117.8K −$6.86/SF
EGI
$335.2K $19.54/SF
− OpEx
−$83.8K −$4.88/SF
NOI
$251.4K $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%
$5,028,560
Cap Rate 7%
$3,591,829
Cap Rate 9%
$2,793,644
Alternative Uses
Best Use
Office B
$3.59M
$3.14M – $4.19M
NOI $251,428 @ 7.0% cap · market cap 5.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.46M
$4.78M – $6.37M
NOI $382,385 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
11,501
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 building zoned C-MX-12 with secure covered parking and a 1951 building updated in 2017.
Where is this office building located?
The property is located at 1645-1655 Grant St Denver, CO.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 17,160 SF office building on a 13,340 SF lot; Zoned C‑MX‑12; Built 1951, renovated 2017
