Retail Storefront with Basement
For Sale
$3,500,000
2219 E 21st Ave, Denver, CO 80205
Multi-tenant building with updated water-heating equipment, radiator heat, and a code-compliant water system.
Property Size13,760 SF
Price / SF$254.36
Days on Market14
Property Features for 2219 E 21st Ave
General Information
Standard status
Active
Size
13,760 SF
Additional Details
Utilities to Site
Yes
Amenities
Tankless hot water heaters
basement storage
Building Details
Year Built
1920
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Rocky Mountain, REALTORS- Castle Pines Office
(303) 688-6644
Listed By:
Don Bobeda
Source:
Teamuniteddenver
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 25 at 5:35AM
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 Berkshire Hathaway HomeServices Rocky Mountain, REALTORS- Castle Pines Office
Investment Insights
Based on property information with market context.
Built in 1920, this Denver retail storefront is configured for multiple tenants and includes substantial storage across accessible basement rooms. The exterior brick has been sealed, caulked, and painted, while the roof was sealed last year.
Three newer tankless hot water heaters serve the tenants. The original boiler remains operational for the building’s radiator hot water heat and has passed City of Denver inspections. The building’s water system has also passed all applicable codes for operation. The property is located across from Denver’s City Park.
Three newer tankless hot water heaters serve the tenants. The original boiler remains operational for the building’s radiator hot water heat and has passed City of Denver inspections. The building’s water system has also passed all applicable codes for operation. The property is located across from Denver’s City Park.
Key Highlights
- 1920 retail storefront across from Denver’s City Park
- Three newer tankless hot water heaters serve the tenants
- Original radiator hot water boiler remains operational
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
$188,359
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
5.38%
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%
$3,767,180
$3.8M
Cap Rate 7%
$2,690,843
$2.7M
Cap Rate 9%
$2,092,878
$2.1M
Market Conditions
NOI Build-Up for 13,760 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
$282.4K $20.52/SF
− Vacancy
−$13.3K −$0.96/SF
EGI
$269.1K $19.56/SF
− OpEx
−$80.7K −$5.87/SF
NOI
$188.4K $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%
$3,767,180
Cap Rate 7%
$2,690,843
Cap Rate 9%
$2,092,878
Alternative Uses
Best Use
Retail
$2.69M
$2.35M – $3.14M
NOI $188,359 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.38M
$3.83M – $5.11M
NOI $306,621 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,862
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Denver, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Multi-tenant building with updated water-heating equipment, radiator heat, and a code-compliant water system.
Where is this storefront property located?
The property is located at 2219 E 21st Ave Denver, CO.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 1920 retail storefront across from Denver’s City Park; Three newer tankless hot water heaters serve the tenants; Original radiator hot water boiler remains operational
