Four-Unit Apartment with Adjacent
For Sale
$1,100,000
1646 N High Street, Denver, CO 80218
Four-unit income property plus adjacent vacant development lot within the Wyman Historic District, subject to landmark review.
Property Size3,060 SF
Lot Size0.29 Acres
Price / SF$359.48
Days on Market113
Property Features for 1646 N High Street
General Information
Standard status
Active
Size
3,060 SF
Lot size
0.29 Acres
Property subtype
Multi Family
Zoning
G-RO-3
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,341
Building Details
Year Built
1897
Listing Agency:
The Agency - Denver
(303) 667-3461
Listed By:
Elise LoSasso · License #100071652
(303) 667-3461
Source:
Exitrealty
Added: May 9
Changed: Aug 8
Last Checked: Aug 29 at 6:38AM
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 The Agency - Denver
Investment Insights
Based on property information with market context.
The offering includes a four-unit apartment building at 1646 N High Street and an adjacent vacant infill development lot at 1650 N High Street. The multifamily property is currently generating rental income, while the vacant lot presents residential development possibilities, subject to review and approval through the Denver Landmark Preservation Board. The assemblage is located within the Wyman Historic District and is zoned G-RO-3 with an OD1 overlay.
With approximately 12,500 SF of combined land area and 100 feet of frontage, the combined parcels provide flexibility for a range of redevelopment strategies while maintaining existing income from the four-unit building. The location is described as being just moments from City Park, downtown Denver, and a mix of dining, shopping, and cultural amenities, with continued demand for new construction in the area.
With approximately 12,500 SF of combined land area and 100 feet of frontage, the combined parcels provide flexibility for a range of redevelopment strategies while maintaining existing income from the four-unit building. The location is described as being just moments from City Park, downtown Denver, and a mix of dining, shopping, and cultural amenities, with continued demand for new construction in the area.
Key Highlights
- 1897‑built 4‑unit apartment building at 1646 N High St generating current rental income
- Adjacent vacant infill development lot at 1650 N High St (vacant) with potential for duplex or other residential development, subject to Landmark approval
- Two‑parcel assemblage in the Wyman Historic District with review by the Denver Landmark Preservation Board
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
$50,853
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
4.62%
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%
$1,017,060
$1.0M
Cap Rate 7%
$726,471
$726.5K
Cap Rate 9%
$565,033
$565.0K
Market Conditions
NOI Build-Up for 3,060 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
$77.1K $25.20/SF
− Vacancy
−$4.5K −$1.46/SF
EGI
$72.6K $23.74/SF
− OpEx
−$21.8K −$7.12/SF
NOI
$50.9K $16.62/SF
Area
Denver, CO
Vacancy
5.79%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,017,060
Cap Rate 7%
$726,471
Cap Rate 9%
$565,033
Alternative Uses
Best Use
Multifamily LT 5
$726.5K
$635.7K – $847.6K
NOI $50,853 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$663.7K
$580.8K – $774.4K
NOI $46,462 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$974.1K
$852.4K – $1.14M
NOI $68,188 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
6,018
Businesses Nearby
Explore this area
Business Placement
Demographics for 80218, CO
19,484
Population
13,116
Households
1.5
Avg Household Size
35
Median Age
72%
College-Educated
98%
High-School Grad
1.6 sq mi
ZIP Area
12,178
Density / Sq Mi
$82,925
Median Household Income
$67,570
Median Earnings
$1,475
Median Rent
$653,900
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?
Quadplex - Four-unit income property plus adjacent vacant development lot within the Wyman Historic District, subject to landmark review.
Where is this quadplex located?
The property is located at 1646 N High Street Denver, CO.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 1897‑built 4‑unit apartment building at 1646 N High St generating current rental income; Adjacent vacant infill development lot at 1650 N High St (vacant) with potential for duplex or other residential development, subject to Landmark approval; Two‑parcel assemblage in the Wyman Historic District with review by the Denver Landmark Preservation Board
