37-Unit Apartment
For Sale
$7,950,000
2860 W 32nd Ave, Denver, CO 80211
Updated residences offer stainless steel appliances, shared outdoor areas, bike storage, and on-site parking.
Property Size24,069 SF
Days on Market25
Property Features for 2860 W 32nd Ave
General Information
Standard status
Active
Size
24,069 SF
Property subtype
Multifamily
Building Details
Building Size
24,069 SF
Year Built
1961
Listing Agency:
(719) 325-6087
Listed By:
Chris Knowlton
(719) 325-6087
Source:
Pinnaclerea
Added: Aug 8
Changed: Aug 31
Last Checked: Aug 31 at 1:00PM
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 Chris Knowlton
Investment Insights
Based on property information with market context.
This 37-unit apartment community, built in 1961, includes a mix of studio, one-bedroom, and two-bedroom residences. Updated units feature stainless steel appliances, while property improvements include upgrades to building systems. Covered and off-street parking are available for residents.
Common-area features include a gated courtyard with shared greenspace, communal patios, and bike storage. The property is located at 2860 W 32nd Ave in Denver, Colorado, within the Highlands area.
Common-area features include a gated courtyard with shared greenspace, communal patios, and bike storage. The property is located at 2860 W 32nd Ave in Denver, Colorado, within the Highlands area.
Key Highlights
- 37‑unit apartment community built in 1961
- Unit mix includes studios, one‑bedroom, and two‑bedroom residences
- Updated units with stainless steel appliances
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
$365,455
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
4.60%
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%
$7,309,100
$7.3M
Cap Rate 7%
$5,220,786
$5.2M
Cap Rate 9%
$4,060,611
$4.1M
Market Conditions
NOI Build-Up for 24,069 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
$707.6K $29.40/SF
− Vacancy
−$43.2K −$1.79/SF
EGI
$664.5K $27.61/SF
− OpEx
−$299.0K −$12.42/SF
NOI
$365.5K $15.18/SF
Area
Denver, CO
Vacancy
6.10%
Lease Rate
$29.40 /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%
$7,309,100
Cap Rate 7%
$5,220,786
Cap Rate 9%
$4,060,611
Alternative Uses
Best Use
Apartment 5plus
$5.22M
$4.57M – $6.09M
NOI $365,455 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.66M
$6.70M – $8.94M
NOI $536,342 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,427
Businesses Nearby
Explore this area
Business Placement
Demographics for 80211, CO
37,940
Population
20,973
Households
1.8
Avg Household Size
34
Median Age
71%
College-Educated
92%
High-School Grad
4.5 sq mi
ZIP Area
8,431
Density / Sq Mi
$117,685
Median Household Income
$78,573
Median Earnings
$1,931
Median Rent
$747,800
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?
Apartment building - Updated residences offer stainless steel appliances, shared outdoor areas, bike storage, and on-site parking.
Where is this apartment building located?
The property is located at 2860 W 32nd Ave Denver, CO.
What is the asking price?
The asking price for this property is $7,950,000.
What are key features of this property?
This property features: 37‑unit apartment community built in 1961; Unit mix includes studios, one‑bedroom, and two‑bedroom residences; Updated units with stainless steel appliances
