Live/Work Condo in
For Sale
$785,000
209 Kalamath Street 17, Denver, CO 80223
Contemporary live/work condo with flexible zoning and convenient location.
Property Size2,313 SF
Days on Market131
Property Features for 209 Kalamath Street 17
General Information
Standard status
Active
Size
2,313 SF
Total Parking Spaces
3
Zoning
I-MX-3
Taxes and HOA fees
Annual Taxes
$7,569
Amenities
Signage Included
Concrete, Heated Garage, Lighted, Oversized, Storage, Attached
Urban Contemporary
Building Details
Building Size
2,313 SF
Year Built
1951
Stories
3
Listing Agency:
Pinnacle Real Estate Advisors
(720) 319-3252
Listed By:
Eric Shaw · License #FA40016996
(720) 319-3252
Source:
Evrealestate
Added: Apr 22
Changed: Aug 23
Last Checked: Aug 29 at 7:17AM
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.
This property represents an iconic adaptive reuse of an industrial space, transformed into a contemporary live/work condominium. The distinctive character is highlighted by high ceilings, contemporary finishes, abundant natural light, and polished concrete floors. Situated along Kalamath Street, the location provides excellent access to public transportation and light rail. The flexible I-MX-3 zoning accommodates a wide range of uses, including residential, office, showroom, retail, gallery, and live-work spaces. The seller is open to including the furniture in the sale. The HOA fees are approximately $976 per month. The property has a bike score of 81, indicating it is very bikeable, a walk score of 90, designating it as a walker's paradise, and a transit score of 50, reflecting good transit options. The seller requires 90 days post-closing to move out.
Key Highlights
- Walker's Paradise: With a Walk Score of 90, enjoy excellent walkability to nearby amenities.
- Flexible I‑MX‑3 Zoning: Allows for residential, office, showroom, retail, gallery, and live‑work.
- Contemporary Live/Work Condominiums: Adaptive reuse of an industrial property with distinctive character.
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
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Contemporary live/work condo with flexible zoning and convenient location.
Where is this mixed-use property located?
The property is located at 209 Kalamath Street 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: Walker's Paradise: With a Walk Score of 90, enjoy excellent walkability to nearby amenities.; Flexible I‑MX‑3 Zoning: Allows for residential, office, showroom, retail, gallery, and live‑work.; Contemporary Live/Work Condominiums: Adaptive reuse of an industrial property with distinctive character.
