6-Unit Apartment
New
For Sale
$1,225,000
3251-3263 Olive Street, Denver, CO 80207
A 2016 renovation updated core systems and provided in-unit laundry throughout the six-unit property.
Property Size3,844 SF
Days on Market5
Property Features for 3251-3263 Olive Street
General Information
Standard status
Active
Size
3,844 SF
Total Parking Spaces
7
Property subtype
Quadruplex
Occupancy
100%
Units
Unit Mix
5 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
6
Additional Details
Cap Rate
6.8%
Taxes and HOA fees
Annual Taxes
$8,020
Amenities
in-unit laundry
fenced in back yards
Building Details
Building Size
3,844 SF
Year Built
1955
Year Renovated
2016
Buildings
1
Listing Agency:
NorthPeak Commercial Advisors, LLC
Listed By:
Jack Sherman · License #FA100085430
(720) 738-1944
Source:
Eliselosassore
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 4 at 3:13PM
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 NorthPeak Commercial Advisors, LLC
Investment Insights
Based on property information with market context.
Built in 1955, this six-unit apartment property has five two-bedroom, one-bath units and one three-bedroom, one-bath unit in a side-by-side layout. A 2016 renovation included a new roof, electrical and plumbing work, new furnaces, in-unit laundry, and remodeled apartments. Gas and electric service are separately metered for each unit. Four apartments have access to fenced back yards, and the property provides seven parking spaces.
The building is in Denver’s Park Hill neighborhood and is reported as fully occupied. Its stated current cap rate is 6.8%.
The building is in Denver’s Park Hill neighborhood and is reported as fully occupied. Its stated current cap rate is 6.8%.
Key Highlights
- Six apartments: five 2‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit
- 2016 renovation included a new roof, electrical work, plumbing, furnaces, in‑unit laundry, and remodeled units
- Gas and electric are separately metered for each apartment
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
$58,366
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
4.76%
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%
$1,167,320
$1.2M
Cap Rate 7%
$833,800
$833.8K
Cap Rate 9%
$648,511
$648.5K
Market Conditions
NOI Build-Up for 3,844 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
$113.0K $29.40/SF
− Vacancy
−$6.9K −$1.79/SF
EGI
$106.1K $27.61/SF
− OpEx
−$47.8K −$12.42/SF
NOI
$58.4K $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%
$1,167,320
Cap Rate 7%
$833,800
Cap Rate 9%
$648,511
Alternative Uses
Best Use
Apartment 5plus
$833.8K
$729.6K – $972.8K
NOI $58,366 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,658 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,446
Businesses Nearby
Explore this area
Business Placement
Demographics for 80207, CO
21,170
Population
9,291
Households
2.3
Avg Household Size
38
Median Age
61%
College-Educated
93%
High-School Grad
3.9 sq mi
ZIP Area
5,428
Density / Sq Mi
$112,325
Median Household Income
$71,163
Median Earnings
$1,819
Median Rent
$661,900
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 - A 2016 renovation updated core systems and provided in-unit laundry throughout the six-unit property.
Where is this apartment building located?
The property is located at 3251-3263 Olive Street Denver, CO.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Six apartments: five 2‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit; 2016 renovation included a new roof, electrical work, plumbing, furnaces, in‑unit laundry, and remodeled units; Gas and electric are separately metered for each apartment
