29-Unit Apartment
New
For Sale
$6,850,000
2926 Zuni Street, Denver, CO 80211
Three-story brick property combines residential units with a ground-floor retail space.
Property Size29,959 SF
Days on Market7
Property Features for 2926 Zuni Street
General Information
Standard status
Active
Size
29,959 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
G-MS-3
Taxes and HOA fees
Annual Taxes
$40,617
Building Details
Building Size
29,959 SF
Year Built
1891
Units
29
Listing Agency:
Guide Real Estate
(720) 445-5847
Listed By:
Luis Hernandez
(720) 445-5847
Source:
Coloradopartners
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 23 at 12:57PM
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 Guide Real Estate
Investment Insights
Based on property information with market context.
Located at 2926 Zuni Street in Denver’s Lower Highlands neighborhood, this 29-unit apartment building dates to 1891 and presents a three-story brick design with a prominent corner presence. The property includes 28 residential units along with one ground-floor retail space, creating a mixed residential and commercial configuration within a single building.
The property is zoned G-MS-3. Affordable housing program restrictions that previously governed the residential units have expired, providing a different regulatory position than the prior operating structure. The building’s historic construction, unit count, retail component, and Lower Highlands location define the asset’s primary physical and land-use characteristics.
The property is zoned G-MS-3. Affordable housing program restrictions that previously governed the residential units have expired, providing a different regulatory position than the prior operating structure. The building’s historic construction, unit count, retail component, and Lower Highlands location define the asset’s primary physical and land-use characteristics.
Key Highlights
- 29‑unit property with 28 residential units and one ground‑floor retail space
- Three‑story brick building constructed in 1891
- Located at 2926 Zuni Street in Denver’s Lower Highlands neighborhood
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
$454,886
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
6.64%
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%
$9,097,720
$9.1M
Cap Rate 7%
$6,498,371
$6.5M
Cap Rate 9%
$5,054,289
$5.1M
Market Conditions
NOI Build-Up for 29,959 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
$880.8K $29.40/SF
− Vacancy
−$53.7K −$1.79/SF
EGI
$827.1K $27.61/SF
− OpEx
−$372.2K −$12.42/SF
NOI
$454.9K $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%
$9,097,720
Cap Rate 7%
$6,498,371
Cap Rate 9%
$5,054,289
Alternative Uses
Best Use
Apartment 5plus
$6.50M
$5.69M – $7.58M
NOI $454,886 @ 7.0% cap · market cap 6.64%
Second Best
Retail
$5.86M
$5.13M – $6.84M
NOI $410,106 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$9.54M
$8.34M – $11.13M
NOI $667,592 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,216
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 - Three-story brick property combines residential units with a ground-floor retail space.
Where is this apartment building located?
The property is located at 2926 Zuni Street Denver, CO.
What is the asking price?
The asking price for this property is $6,850,000.
What are key features of this property?
This property features: 29‑unit property with 28 residential units and one ground‑floor retail space; Three‑story brick building constructed in 1891; Located at 2926 Zuni Street in Denver’s Lower Highlands neighborhood
