15-Unit Apartment
For Sale
Contact for pricing
4370 E Montana Pl, Denver, CO 80222
Three matching buildings offer townhome-style residences, garden-level apartments, shared laundry, storage, and off-street parking.
Property Size17,082 SF
Price / SF$219.53
Days on Market156
Property Features for 4370 E Montana Pl
General Information
Standard status
Active
Size
17,082 SF
Property subtype
Multifamily
Zoning
S-SU-D
Net Operating Income
$223,381
Building Details
Year Built
1954
Units
15
Listing Agency:
NORTHPEAK Commercial Advisors
Listed By:
Dan Hawthorne · License #FA 100085522
(406) 531-4246
Source:
Crexi
Added: Mar 31
Changed: Aug 31
Last Checked: Sep 1 at 9:13PM
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
Investment Insights
Based on property information with market context.
This 15-unit apartment property consists of three matching five-unit buildings constructed in 1954. The unit mix includes twelve two-story, townhome-style 2Bd/1Ba residences measuring 949 SF each and three garden-level 2Bd/1Ba units measuring 768 SF. Townhome layouts place living and kitchen areas on the main level, with two bedrooms and a full bathroom upstairs. The property totals 17,082 SF across two parcels totaling 33,600 SF.
Resident amenities include shared laundry with five washer/dryer sets in each building, private storage lockers of approximately 226 SF each, outdoor common areas with mature cherry trees, and off-street parking at a 1:1 ratio. The property is located at 4370 E Montana Pl and 4381 E Montana Place in Denver’s Virginia Village neighborhood and carries S-SU-D zoning.
Resident amenities include shared laundry with five washer/dryer sets in each building, private storage lockers of approximately 226 SF each, outdoor common areas with mature cherry trees, and off-street parking at a 1:1 ratio. The property is located at 4370 E Montana Pl and 4381 E Montana Place in Denver’s Virginia Village neighborhood and carries S-SU-D zoning.
Key Highlights
- 15‑unit apartment property across three five‑unit buildings
- Twelve 2Bd/1Ba townhome residences at 949 SF each
- Three garden‑level 2Bd/1Ba apartments at 768 SF each
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
$259,367
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
6.92%
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%
$5,187,340
$5.2M
Cap Rate 7%
$3,705,243
$3.7M
Cap Rate 9%
$2,881,856
$2.9M
Market Conditions
NOI Build-Up for 17,082 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
$502.2K $29.40/SF
− Vacancy
−$30.6K −$1.79/SF
EGI
$471.6K $27.61/SF
− OpEx
−$212.2K −$12.42/SF
NOI
$259.4K $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%
$5,187,340
Cap Rate 7%
$3,705,243
Cap Rate 9%
$2,881,856
Alternative Uses
Best Use
Apartment 5plus
$3.71M
$3.24M – $4.32M
NOI $259,367 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.44M
$4.76M – $6.34M
NOI $380,647 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,382
Businesses Nearby
Explore this area
Business Placement
Demographics for 80222, CO
22,381
Population
11,625
Households
1.9
Avg Household Size
38
Median Age
57%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
5,890
Density / Sq Mi
$85,354
Median Household Income
$57,833
Median Earnings
$1,715
Median Rent
$596,300
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 - Three matching buildings offer townhome-style residences, garden-level apartments, shared laundry, storage, and off-street parking.
Where is this apartment building located?
The property is located at 4370 E Montana Pl Denver, CO.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 15‑unit apartment property across three five‑unit buildings; Twelve 2Bd/1Ba townhome residences at 949 SF each; Three garden‑level 2Bd/1Ba apartments at 768 SF each
