Five-Unit Apartment
New
For Sale
$2,600,000
3922 W 29th Avenue, Denver, CO 80212
Multi-level residences feature attached garages and month-to-month tenancy in Denver’s Sloan’s Lake neighborhood.
Property Size10,000 SF
Days on Market2
Property Features for 3922 W 29th Avenue
General Information
Standard status
Active
Size
10,000 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
U-RH-2.5
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$9,934
Building Details
Building Size
10,000 SF
Year Built
1923
Buildings
1
Units
5
Construction
bungalow
Listing Agency:
MODUS Real Estate
(303) 909-2900
Listed By:
Nik MacCarter
(303) 909-2900
Source:
Coloradopartners
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 9:12AM
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 MODUS Real Estate
Investment Insights
Based on property information with market context.
This 1923 apartment building contains five residences, each spanning nearly 2,000 square feet across multiple levels. Every unit includes a one-car attached garage, while the layouts are configured around three-bedroom plans; some residences also have two bathrooms. The property has a bungalow-style arrangement, with the units connected within one building. Attic space provides additional interior area beyond the primary living levels.
Located at 3922 W 29th Avenue in Denver’s Sloan’s Lake neighborhood, the property is zoned U-RH-2.5. All units are occupied by month-to-month tenants, providing a flexible existing tenancy structure.
Located at 3922 W 29th Avenue in Denver’s Sloan’s Lake neighborhood, the property is zoned U-RH-2.5. All units are occupied by month-to-month tenants, providing a flexible existing tenancy structure.
Key Highlights
- Five‑unit apartment building constructed in 1923
- Each residence measures nearly 2,000 square feet
- Every unit includes a 1 car attached garage
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
$151,836
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
5.84%
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%
$3,036,720
$3.0M
Cap Rate 7%
$2,169,086
$2.2M
Cap Rate 9%
$1,687,067
$1.7M
Market Conditions
NOI Build-Up for 10,000 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
$294.0K $29.40/SF
− Vacancy
−$17.9K −$1.79/SF
EGI
$276.1K $27.61/SF
− OpEx
−$124.2K −$12.42/SF
NOI
$151.8K $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%
$3,036,720
Cap Rate 7%
$2,169,086
Cap Rate 9%
$1,687,067
Alternative Uses
Best Use
Apartment 5plus
$2.17M
$1.90M – $2.53M
NOI $151,836 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.18M
$2.79M – $3.71M
NOI $222,835 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
893
Businesses Nearby
Explore this area
Business Placement
Demographics for 80212, CO
20,397
Population
10,870
Households
1.9
Avg Household Size
38
Median Age
64%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
5,666
Density / Sq Mi
$118,692
Median Household Income
$76,379
Median Earnings
$1,714
Median Rent
$705,300
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 - Multi-level residences feature attached garages and month-to-month tenancy in Denver’s Sloan’s Lake neighborhood.
Where is this apartment building located?
The property is located at 3922 W 29th Avenue Denver, CO.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Five‑unit apartment building constructed in 1923; Each residence measures nearly 2,000 square feet; Every unit includes a 1 car attached garage
