23-Unit Value-Add Multifamily
For Sale
Contact for pricing
2929 West Colorado Avenue, Denver, CO 80219
Acquire a 23-unit multifamily asset with immediate I-25 access and a value-add positioning in a workforce-housing corridor.
Property Size20,085 SF
Price / SF$172.27
Days on Market136
Property Features for 2929 West Colorado Avenue
General Information
Standard status
Active
Size
20,085 SF
Class
C
Total Parking Spaces
7
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$179,316
Additional Details
Highway Access
Yes
Multifamily Units
23
Building Details
Year Built
1961
Year Renovated
2013
Buildings
1
Stories
3
Units
23
Tenancy
Multi
Listing Agency:
MMG
Listed By:
Adam Riddle · License #CO 100024441
(303) 257-7627
Source:
Crexi
Added: Jun 5
Changed: Oct 10
Last Checked: Oct 16 at 6:09AM
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 MMG
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Investment Insights
Based on property information with market context.
2929 W Colorado Avenue is a 23-unit multifamily asset offered for sale. The property is presented as a value-add opportunity, providing a new owner with the ability to reset and reposition the asset.
The building is located in Denver in the Barnum neighborhood, positioned along the South Federal Corridor. The site is one block off South Federal Boulevard, with immediate access to I-25, and downtown Denver is described as approximately four miles away.
The offering centers on the demand characteristics of a densest workforce-housing submarket, with the public remarks noting 44% renter-occupied conditions and undersupply at the Class C price point. The remarks also identify major local demand drivers including the Federal Center campus, Auraria higher-education campus, and Empower Field at Mile High. The corridor is further described as supported by a funded Federal Boulevard BRT initiative and a near-term reduction in the city’s supply pipeline, creating a set of converging conditions for an owner seeking to deploy a multifamily repositioning strategy.
The building is located in Denver in the Barnum neighborhood, positioned along the South Federal Corridor. The site is one block off South Federal Boulevard, with immediate access to I-25, and downtown Denver is described as approximately four miles away.
The offering centers on the demand characteristics of a densest workforce-housing submarket, with the public remarks noting 44% renter-occupied conditions and undersupply at the Class C price point. The remarks also identify major local demand drivers including the Federal Center campus, Auraria higher-education campus, and Empower Field at Mile High. The corridor is further described as supported by a funded Federal Boulevard BRT initiative and a near-term reduction in the city’s supply pipeline, creating a set of converging conditions for an owner seeking to deploy a multifamily repositioning strategy.
Key Highlights
- 23‑unit multifamily property in Denver’s Barnum neighborhood.
- Built in 1961.
- Located one block off S Federal Blvd with immediate access to I‑25.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$270,110
Cap Rate
7.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,402,200
$5.4M
Cap Rate 7%
$3,858,714
$3.9M
Cap Rate 9%
$3,001,222
$3.0M
Market Conditions
NOI Build-Up for 20,085 SF
Gross rent
$523.0K $26.04/SF
− Vacancy
−$31.9K −$1.59/SF
EGI
$491.1K $24.45/SF
− OpEx
−$221.0K −$11.00/SF
NOI
$270.1K $13.45/SF
Area
ZIP 80219
Vacancy
6.10%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,402,200
Cap Rate 7%
$3,858,714
Cap Rate 9%
$3,001,222
Alternative Uses
Best Use
Apartment 5plus
$3.86M
$3.38M – $4.50M
NOI $270,110 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.73M
$5.01M – $6.68M
NOI $401,057 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
23
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
823
Businesses Nearby
Explore this area
Business Placement
Demographics for 80219, CO
61,585
Population
21,729
Households
2.8
Avg Household Size
33
Median Age
22%
College-Educated
72%
High-School Grad
7.4 sq mi
ZIP Area
8,322
Density / Sq Mi
$67,325
Median Household Income
$41,153
Median Earnings
$1,464
Median Rent
$426,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Acquire a 23-unit multifamily asset with immediate I-25 access and a value-add positioning in a workforce-housing corridor.
Where is this apartment building located?
The property is located at 2929 West Colorado Avenue Denver, CO.
What is the asking price?
The asking price for this property is $3,460,000.
What are key features of this property?
This property features: 23‑unit multifamily property in Denver’s Barnum neighborhood.; Built in 1961.; Located one block off S Federal Blvd with immediate access to I‑25.
