Triplex with Private
For Sale
$699,000
375 S Quitman Street, Denver, CO 80219
Three-unit triplex features private garages, plus a covered patio and utility shed on a level lot.
Property Size3,017 SF
Price / SF$231.69
Days on Market53
Property Features for 375 S Quitman Street
General Information
Standard status
Active
Size
3,017 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,618
Amenities
private garages
private backyard
covered patio
utility shed
Building Details
Year Built
1940
Tenancy
Multi
Listing Agency:
RE/MAX Professionals
(303) 268-4250
Listed By:
Dustin Griffith · License #100005747
(303) 726-0410
Source:
Exitrealty
Added: Jul 25
Changed: Sep 1
Last Checked: Sep 15 at 6:31AM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
This triplex offers three separate units, each with its own private garage. The property includes a level lot with a private backyard, complemented by a covered patio and a utility shed, providing practical outdoor storage and space.
The home is positioned for convenient everyday access, described as being within minutes of neighborhood schools, public transportation, shopping, dining, and major roadways. BikeScore of 71 (very bikeable) and WalkScore of 76 (very walkable) are also noted, with a TransitScore of 41 (some transit).
The layout and site are also presented as well-suited for future improvements, including an option for additional garage space with alley access or an extended driveway, subject to plans and approvals.
The home is positioned for convenient everyday access, described as being within minutes of neighborhood schools, public transportation, shopping, dining, and major roadways. BikeScore of 71 (very bikeable) and WalkScore of 76 (very walkable) are also noted, with a TransitScore of 41 (some transit).
The layout and site are also presented as well-suited for future improvements, including an option for additional garage space with alley access or an extended driveway, subject to plans and approvals.
Key Highlights
- Triplex built in 1940 with 3 units, each with its own private garage
- Level lot with private backyard featuring a covered patio and utility shed
- Option for future garage with alley access or an extended driveway (per listing remarks)
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
$44,170
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
6.32%
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%
$883,400
$883.4K
Cap Rate 7%
$631,000
$631.0K
Cap Rate 9%
$490,778
$490.8K
Market Conditions
NOI Build-Up for 3,017 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
$67.0K $22.20/SF
− Vacancy
−$3.9K −$1.29/SF
EGI
$63.1K $20.91/SF
− OpEx
−$18.9K −$6.27/SF
NOI
$44.2K $14.64/SF
Area
ZIP 80219
Vacancy
5.79%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$883,400
Cap Rate 7%
$631,000
Cap Rate 9%
$490,778
Alternative Uses
Best Use
Multifamily LT 5
$631.0K
$552.1K – $736.2K
NOI $44,170 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$579.6K
$507.2K – $676.2K
NOI $40,574 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$860.6K
$753.0K – $1.00M
NOI $60,243 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
343
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit triplex features private garages, plus a covered patio and utility shed on a level lot.
Where is this triplex located?
The property is located at 375 S Quitman Street Denver, CO.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Triplex built in 1940 with 3 units, each with its own private garage; Level lot with private backyard featuring a covered patio and utility shed; Option for future garage with alley access or an extended driveway (per listing remarks)
