Six-Unit Apartment
For Sale
$775,000
1725 N Race Street, Denver, CO 80206
Denver, CO
Property Size4,104 SF
Lot Size0.15 Acres
Price / SF$188.84
Days on Market9
Property Features for 1725 N Race Street
General Information
Property type
Commercial Sale
Property subtype
Single Family Attached
Standard status
Active
Lot size
0.15 Acres
Amenities
central air conditioning
on-site coin operated washer/dryer
storage lockers
Building Details
Year built
1906
Listing Agency:
Engel & Volkers Denver · Engel & Völkers
(720) 692-6563
Listed By:
Crystal Martinez · License #100075607
(719) 922-7383
Added: Sep 19
Changed: Sep 22
Last Checked: Sep 27 at 1:06PM
MLS# 7873896
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 4,104 SF on a 0.15-acre lot and was built in 1906. The building is 100% leased and professionally managed, with central air conditioning, coin-operated laundry equipment, and storage lockers. Recent improvements include the roof, water heater, electrical system, and forced air furnace. Three garages and two off-street parking spaces provide additional income potential. A large 3Bd/2Ba unit may be reconfigured into separate 2Bd/1Ba and 1Bd/1Ba apartments. The current CAP rate is 6.76%.
The property is located at 1725 N Race Street in Denver’s City Park West area, approximately 2 miles from downtown. City Park and St. Luke’s Presbyterian Hospital are each two blocks away. Within a 1-mile radius, the average household income is $104k.
The property is located at 1725 N Race Street in Denver’s City Park West area, approximately 2 miles from downtown. City Park and St. Luke’s Presbyterian Hospital are each two blocks away. Within a 1-mile radius, the average household income is $104k.
Key Highlights
- Six‑unit apartment building with 4,104 SF on a 0.15‑acre lot
- 100% leased and professionally managed
- Recent roof, water heater, electrical, and forced air furnace updates
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
$62,314
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
8.04%
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%
$1,246,280
$1.2M
Cap Rate 7%
$890,200
$890.2K
Cap Rate 9%
$692,378
$692.4K
Market Conditions
NOI Build-Up for 4,104 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
$120.7K $29.40/SF
− Vacancy
−$7.4K −$1.79/SF
EGI
$113.3K $27.61/SF
− OpEx
−$51.0K −$12.42/SF
NOI
$62.3K $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%
$1,246,280
Cap Rate 7%
$890,200
Cap Rate 9%
$692,378
Alternative Uses
Best Use
Apartment 5plus
$890.2K
$778.9K – $1.04M
NOI $62,314 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,452 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,262
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Fully leased property with updated systems, garage parking, off-street spaces, central air, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 1725 N Race Street Denver, CO.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Six‑unit apartment building with 4,104 SF on a 0.15‑acre lot; 100% leased and professionally managed; Recent roof, water heater, electrical, and forced air furnace updates
