Live-Work Condominium with High
For Sale
$785,000
209 Kalamath St Unit 17, Denver, CO 80223
I-MX-3 zoning supports residential, office, showroom, retail, gallery, and live-work uses.
Property Size2,313 SF
Price / SF$339.39
Days on Market15
Property Features for 209 Kalamath St Unit 17
General Information
Standard status
Active
Size
2,313 SF
Zoning
I-MX-3
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
HOA Fee
$976
Amenities
public transportation and light-rail access
Building Details
Year Built
1951
Owner Occupied
Yes
Listing Agency:
Pinnacle Real Estate Advisors
(303) 962-9551
Listed By:
Eric Shaw · License #FA40016996
Source:
Pathhometeam
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 28 at 8:56AM
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 Pinnacle Real Estate Advisors
Investment Insights
Based on property information with market context.
Unit 17 is a 2,313-square-foot live-work condominium created through the adaptive reuse of an industrial property built in 1951. The interior combines elevated ceilings, polished concrete flooring, substantial daylight, and contemporary finishes. Its condominium format supports a blend of living and working functions within one property.
The property is located at 209 Kalamath St in Denver and offers access to public transportation and light rail. I-MX-3 zoning permits a broad range of stated uses, including residential, office, showroom, retail, gallery, and live-work applications. The seller would consider including the furniture and requires 90 days after closing to complete the move-out.
The property is located at 209 Kalamath St in Denver and offers access to public transportation and light rail. I-MX-3 zoning permits a broad range of stated uses, including residential, office, showroom, retail, gallery, and live-work applications. The seller would consider including the furniture and requires 90 days after closing to complete the move-out.
Key Highlights
- 2,313 SF live‑work condominium at 209 Kalamath St Unit 17
- I‑MX‑3 zoning allows residential, office, showroom, retail, gallery, and live‑work uses
- Adaptive reuse of an industrial property built in 1951
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
$33,890
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
4.32%
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%
$677,800
$677.8K
Cap Rate 7%
$484,143
$484.1K
Cap Rate 9%
$376,556
$376.6K
Market Conditions
NOI Build-Up for 2,313 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
$61.1K $26.40/SF
− Vacancy
−$15.9K −$6.86/SF
EGI
$45.2K $19.54/SF
− OpEx
−$11.3K −$4.88/SF
NOI
$33.9K $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%
$677,800
Cap Rate 7%
$484,143
Cap Rate 9%
$376,556
Alternative Uses
Best Use
Office B
$484.1K
$423.6K – $564.8K
NOI $33,890 @ 7.0% cap · market cap 4.32%
Second Best
Mixed Use
$465.4K
$407.2K – $543.0K
NOI $32,579 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$736.3K
$644.3K – $859.0K
NOI $51,542 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,134
Businesses Nearby
Explore this area
Business Placement
Demographics for 80223, CO
19,862
Population
9,532
Households
2.1
Avg Household Size
34
Median Age
46%
College-Educated
87%
High-School Grad
5.3 sq mi
ZIP Area
3,748
Density / Sq Mi
$80,461
Median Household Income
$50,567
Median Earnings
$1,650
Median Rent
$497,900
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?
Live-work space - I-MX-3 zoning supports residential, office, showroom, retail, gallery, and live-work uses.
Where is this live-work space located?
The property is located at 209 Kalamath St Unit 17 Denver, CO.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: 2,313 SF live‑work condominium at 209 Kalamath St Unit 17; I‑MX‑3 zoning allows residential, office, showroom, retail, gallery, and live‑work uses; Adaptive reuse of an industrial property built in 1951
