Historic Office Building in
For Sale
$1,800,000
2009 Market Street, Denver, CO 80205
Two-story office building in Downtown Denver's entertainment district.
Property Size6,595 SF
Lot Size0.12 Acres
Price / SF$272.93
Days on Market159
Property Features for 2009 Market Street
General Information
Standard status
Active
Size
6,595 SF
Class
B
Lot size
0.12 Acres
Property subtype
Office
Building Details
Building Size
6,595 SF
Year Built
1886
Listing Agency:
Henry Group Real Estate
(303) 625-7444
Listed By:
Patrick Henry · License #CO #ER.001319334
Source:
Henrygroupre
Added: Mar 26
Changed: Aug 31
Last Checked: Aug 31 at 2:09PM
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 Henry Group Real Estate
Investment Insights
Based on property information with market context.
Located in the heart of Downtown Denver, at 2009 Market St, this two-story, freestanding office building is situated in Denver's entertainment district, across from Coors Field. The property is a designated Historic Landmark and retains its historic charm, with renovations completed in 1994. The building offers 6,595 square feet of usable space, not including the basement, on a 0.12-acre lot. The layout includes conference rooms, private and shared offices, community spaces, and a wet bar. The property also features patio views. This location is suitable for a single tenant user seeking a central and highly trafficked location in the downtown area.
Key Highlights
- Prime Downtown Denver location in the entertainment district, across from Coors Field.
- Freestanding, two‑story office building.
- Designated Historic Landmark with elegant historic charm.
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
$96,630
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
5.37%
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%
$1,932,600
$1.9M
Cap Rate 7%
$1,380,429
$1.4M
Cap Rate 9%
$1,073,667
$1.1M
Market Conditions
NOI Build-Up for 6,595 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
$174.1K $26.40/SF
− Vacancy
−$45.3K −$6.86/SF
EGI
$128.8K $19.54/SF
− OpEx
−$32.2K −$4.88/SF
NOI
$96.6K $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%
$1,932,600
Cap Rate 7%
$1,380,429
Cap Rate 9%
$1,073,667
Alternative Uses
Best Use
Office B
$1.38M
$1.21M – $1.61M
NOI $96,630 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,960 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,614
Businesses Nearby
Explore this area
Business Placement
Demographics for 80205, CO
34,967
Population
19,040
Households
1.8
Avg Household Size
34
Median Age
61%
College-Educated
94%
High-School Grad
4.6 sq mi
ZIP Area
7,602
Density / Sq Mi
$98,770
Median Household Income
$69,760
Median Earnings
$1,816
Median Rent
$627,600
Median Home Value
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building in Downtown Denver's entertainment district.
Where is this office building located?
The property is located at 2009 Market Street Denver, CO.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Prime Downtown Denver location in the entertainment district, across from Coors Field.; Freestanding, two‑story office building.; Designated Historic Landmark with elegant historic charm.
