Denver Triplex in Prime
For Sale
$949,000
2337 E 12th Avenue, Denver, CO 80206
Three-unit apartment building in Denver's Congress Park/Cheesman Park neighborhood.
Property Size2,985 SF
Price / SF$317.92
Days on Market153
Property Features for 2337 E 12th Avenue
General Information
Standard status
Active
Size
2,985 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$4,876
Building Details
Building Size
2,985 SF
Year Built
1906
Listing Agency:
MMGREA LLC
(303) 990-4361
Listed By:
Jason Koch · License #100079114
Source:
Zencasarealty
Added: Mar 27
Changed: Aug 23
Last Checked: Aug 25 at 12:04PM
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 MMGREA LLC
Investment Insights
Based on property information with market context.
This is a three-unit apartment building located in Denver’s Congress Park / Cheesman Park neighborhood. The property features classic historic architecture, including leaded glass windows and an original staircase. It is positioned in the heart of central Denver, just blocks from Cheesman Park, Congress Park, and the Denver Botanic Gardens. The building size is 2985 square feet.
Key Highlights
- Prime location in the highly sought‑after Congress Park / Cheesman Park neighborhood of Denver.
- Walking distance to Cheesman Park, Congress Park, and the Denver Botanic Gardens.
- Character‑rich asset with classic historic architecture.
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
$49,607
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
5.23%
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%
$992,140
$992.1K
Cap Rate 7%
$708,671
$708.7K
Cap Rate 9%
$551,189
$551.2K
Market Conditions
NOI Build-Up for 2,985 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
$75.2K $25.20/SF
− Vacancy
−$4.4K −$1.46/SF
EGI
$70.9K $23.74/SF
− OpEx
−$21.3K −$7.12/SF
NOI
$49.6K $16.62/SF
Area
Denver, CO
Vacancy
5.79%
Lease Rate
$25.20 /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%
$992,140
Cap Rate 7%
$708,671
Cap Rate 9%
$551,189
Alternative Uses
Best Use
Multifamily LT 5
$708.7K
$620.1K – $826.8K
NOI $49,607 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$647.5K
$566.5K – $755.4K
NOI $45,323 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$950.2K
$831.5K – $1.11M
NOI $66,516 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,376
Businesses Nearby
Explore this area
Business Placement
Demographics for 80206, CO
26,108
Population
15,580
Households
1.7
Avg Household Size
38
Median Age
78%
College-Educated
97%
High-School Grad
2.5 sq mi
ZIP Area
10,443
Density / Sq Mi
$102,248
Median Household Income
$69,908
Median Earnings
$1,694
Median Rent
$892,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit apartment building in Denver's Congress Park/Cheesman Park neighborhood.
Where is this triplex located?
The property is located at 2337 E 12th Avenue Denver, CO.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Prime location in the highly sought‑after Congress Park / Cheesman Park neighborhood of Denver.; Walking distance to Cheesman Park, Congress Park, and the Denver Botanic Gardens.; Character‑rich asset with classic historic architecture.
