Lower-Level Retail/Office
For Sale
Contact for pricing
1801 Wynkoop St, Denver, CO 80202
Lower-level commercial condo in the Ice House building near Union Station.
Property Size11,410 SF
Price / SF$153.37
Days on Market283
Property Features for 1801 Wynkoop St
General Information
Standard status
Active
Size
11,410 SF
Property subtype
RETAIL
Building Details
Construction
brick-and-timber
Listing Agency:
Shames Makovsky
(303) 534-5005
Listed By:
Solomon Stark
(303) 888-0002
Source:
Moodyscre
Added: Dec 3, 2025
Changed: Sep 8
Last Checked: Sep 12 at 11:05AM
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 lower-level commercial condo is located within the Ice House building and offers flexible use options, with suitability identified for retail, office, showroom, wellness, or creative uses. The property’s brick-and-timber architecture provides a distinctive character that may appeal to both tenants and owner-users.
The space is situated directly off Wynkoop Street and is steps from Union Station, placing it in close proximity to light rail, commuter rail, bus lines, and the airport train for straightforward connectivity.
The listing is presented as a landmark LoDo-area building with established reputation, supported by the property’s described location within a dense mix of residential, Class A office, hotels, and entertainment venues.
The space is situated directly off Wynkoop Street and is steps from Union Station, placing it in close proximity to light rail, commuter rail, bus lines, and the airport train for straightforward connectivity.
The listing is presented as a landmark LoDo-area building with established reputation, supported by the property’s described location within a dense mix of residential, Class A office, hotels, and entertainment venues.
Key Highlights
- Lower‑level commercial condo in the Ice House building near Union Station
- Flexible use for retail, office, showroom, wellness, or creative uses
- Located directly off Wynkoop Street, within steps of Union Station
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
$156,190
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
8.93%
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%
$3,123,800
$3.1M
Cap Rate 7%
$2,231,286
$2.2M
Cap Rate 9%
$1,735,444
$1.7M
Market Conditions
NOI Build-Up for 11,410 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
$234.1K $20.52/SF
− Vacancy
−$11.0K −$0.96/SF
EGI
$223.1K $19.56/SF
− OpEx
−$66.9K −$5.87/SF
NOI
$156.2K $13.69/SF
Area
Denver, CO
Vacancy
4.70%
Lease Rate
$20.52 /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%
$3,123,800
Cap Rate 7%
$2,231,286
Cap Rate 9%
$1,735,444
Alternative Uses
Best Use
Retail
$2.23M
$1.95M – $2.60M
NOI $156,190 @ 7.0% cap · market cap 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,255 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
12,113
Businesses Nearby
119k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 54%
Dining 23%
Shops & Services 23%
Springhill Suites Denver Downtown
Hotels & Casinos
17,782 visits/mo
0.5 miles
Illegal Pete's
Dining
15,339 visits/mo
0.2 miles
Bank of America
Shops & Services
13,346 visits/mo
0.2 miles
Renaissance Denver Downtown City Center Hotel
Hotels & Casinos
12,526 visits/mo
0.5 miles
Residence Inn Denver City Center
Hotels & Casinos
10,714 visits/mo
0.4 miles
Demographics for 80202, CO
19,606
Population
14,394
Households
1.4
Avg Household Size
34
Median Age
72%
College-Educated
96%
High-School Grad
1.2 sq mi
ZIP Area
16,338
Density / Sq Mi
$110,372
Median Household Income
$80,331
Median Earnings
$2,246
Median Rent
$677,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Denver, CO
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Frequently Asked Questions
What type of property is this?
Storefront property - Lower-level commercial condo in the Ice House building near Union Station.
Where is this storefront property located?
The property is located at 1801 Wynkoop St Denver, CO.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Lower‑level commercial condo in the Ice House building near Union Station; Flexible use for retail, office, showroom, wellness, or creative uses; Located directly off Wynkoop Street, within steps of Union Station
