Two-Story Multifamily
New
For Sale
$1,275,000
2851 Eliot Circle, Westminster, CO 80030
Masonry construction with paved on-site parking and a mix of two-story apartment units.
Property Size4,800 SF
Lot Size0.17 Acres
Price / SF$265.63
Days on Market2
Property Features for 2851 Eliot Circle
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
1
Lot size
0.17 Acres
Property subtype
Commercial
Zoning
R-4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,865
Amenities
security system
Building Details
Building Size
4,800 SF
Year Built
1962
Buildings
1
Stories
2
Units
6
Construction
masonry
Listing Agency:
Kaufman Hagan
(303) 990-4361
Listed By:
Kevin Woolsey
(303) 990-4361
Source:
Coloradopartners
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 7 at 2:55AM
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 Kaufman Hagan
Investment Insights
Based on property information with market context.
This 1962 multifamily property in Westminster contains one masonry and reinforced-concrete building with two stories and 4,800 SF of gross building area. The layout includes a varied mix of apartment floorplans, including two-story units. The property has a pitched roof, boiler heating, window-unit A/C, a security system, and paved surface parking for 12 spaces.
Set at 2851 Eliot Circle along the Federal corridor, the property provides access toward Downtown Denver and Boulder. The 7,405 SF lot is zoned R-4. Water and sewer are master-metered, while gas and electric service are identified as master and individual. Exterior work includes rebuilt back porch and stairways, along with roof and gutter repairs completed in 2023.
Set at 2851 Eliot Circle along the Federal corridor, the property provides access toward Downtown Denver and Boulder. The 7,405 SF lot is zoned R-4. Water and sewer are master-metered, while gas and electric service are identified as master and individual. Exterior work includes rebuilt back porch and stairways, along with roof and gutter repairs completed in 2023.
Key Highlights
- 4,800 SF gross building area on a 7,405 SF lot
- One 1962 building with two stories and masonry construction
- Paved surface parking with 12 spaces
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
$61,709
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
4.84%
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%
$1,234,180
$1.2M
Cap Rate 7%
$881,557
$881.6K
Cap Rate 9%
$685,656
$685.7K
Market Conditions
NOI Build-Up for 4,800 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
$120.4K $25.08/SF
− Vacancy
−$8.2K −$1.71/SF
EGI
$112.2K $23.37/SF
− OpEx
−$50.5K −$10.52/SF
NOI
$61.7K $12.86/SF
Area
Westminster, CO
Vacancy
6.80%
Lease Rate
$25.08 /SF/Yr
Expense Ratio
45.00%
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%
$1,234,180
Cap Rate 7%
$881,557
Cap Rate 9%
$685,656
Alternative Uses
Best Use
Apartment 5plus
$881.6K
$771.4K – $1.03M
NOI $61,709 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,208 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
Business Placement
Demographics for 80030, CO
15,885
Population
6,823
Households
2.3
Avg Household Size
36
Median Age
30%
College-Educated
87%
High-School Grad
2.6 sq mi
ZIP Area
6,110
Density / Sq Mi
$61,964
Median Household Income
$43,004
Median Earnings
$1,296
Median Rent
$422,300
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?
Multifamily property - Masonry construction with paved on-site parking and a mix of two-story apartment units.
Where is this multifamily property located?
The property is located at 2851 Eliot Circle Westminster, CO.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 4,800 SF gross building area on a 7,405 SF lot; One 1962 building with two stories and masonry construction; Paved surface parking with 12 spaces
