Corner Penthouse with Rooftop
For Sale
Contact for pricing
450 E 17th Ave, Denver, CO 80203
A C-MX-8 corner penthouse with expansive windows and a rooftop terrace, flexible for live-work or boutique office use.
Property Size4,035 SF
Price / SF$345.72
Days on Market53
Property Features for 450 E 17th Ave
General Information
Standard status
Active
Size
4,035 SF
Class
A
Total Parking Spaces
20
Property subtype
Office
Zoning
C-MX-8 zoning hybrid use
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
2006
Year Renovated
2016
Buildings
1
Tenancy
Single
Listing Agency:
Heirloom Real Estate Group
(303) 358-0336
Listed By:
Monica Van Matre · License #ER40047020
Source:
Crexi
Added: Jul 1
Changed: Aug 16
Last Checked: Aug 20 at 11:47AM
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 Heirloom Real Estate Group
Investment Insights
Based on property information with market context.
This top-floor corner penthouse offers an expansive layout in a distinctive architectural setting, with large windows designed to bring in natural light from multiple angles. The space is described as an office that can be adapted to a private residence while retaining the integrity of the original design. A rooftop terrace extends the usable outdoor space for entertaining or client-facing gatherings, and the corner positioning is intended to deliver open city views.
Located at 450 E 17th Ave in Denver’s Uptown area, the property is positioned near dining, cultural attractions, and everyday amenities commonly sought by both tenants and owner-occupants. Access to the broader Uptown corridor is part of the appeal for those looking for a walkable setting where work and lifestyle needs can overlap. The seller notes that taxes are currently at a commercial rate and may be recalculated based on use.
The C-MX-8 zoning provides flexibility for a luxury residential setup, a sophisticated live-work environment, or boutique office use. Declarations reportedly allow subdivision of the unit with approval, which may support different occupancy strategies for buyers or operators. Designed by Don Ruggles, the residence-office concept also suits users who value a distinctive, light-filled interior with an outdoor terrace component.
Located at 450 E 17th Ave in Denver’s Uptown area, the property is positioned near dining, cultural attractions, and everyday amenities commonly sought by both tenants and owner-occupants. Access to the broader Uptown corridor is part of the appeal for those looking for a walkable setting where work and lifestyle needs can overlap. The seller notes that taxes are currently at a commercial rate and may be recalculated based on use.
The C-MX-8 zoning provides flexibility for a luxury residential setup, a sophisticated live-work environment, or boutique office use. Declarations reportedly allow subdivision of the unit with approval, which may support different occupancy strategies for buyers or operators. Designed by Don Ruggles, the residence-office concept also suits users who value a distinctive, light-filled interior with an outdoor terrace component.
Key Highlights
- 4,000 SF corner penthouse at 450 E 17th, built in 2006 with expansive windows and cityscape views
- C‑MX‑8 zoning offers flexibility for luxury residential, live‑work, or boutique office use
- Includes an outdoor rooftop terrace for entertaining or hosting gatherings
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
$59,121
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
4.24%
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%
$1,182,420
$1.2M
Cap Rate 7%
$844,586
$844.6K
Cap Rate 9%
$656,900
$656.9K
Market Conditions
NOI Build-Up for 4,035 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
$106.5K $26.40/SF
− Vacancy
−$27.7K −$6.86/SF
EGI
$78.8K $19.54/SF
− OpEx
−$19.7K −$4.88/SF
NOI
$59.1K $14.65/SF
Area
Denver, CO
Vacancy
26.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,182,420
Cap Rate 7%
$844,586
Cap Rate 9%
$656,900
Alternative Uses
Best Use
Office B
$844.6K
$739.0K – $985.4K
NOI $59,121 @ 7.0% cap · market cap 4.24%
Second Best
Mixed Use
$811.9K
$710.4K – $947.2K
NOI $56,833 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,914 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11,008
Businesses Nearby
Explore this area
Business Placement
Demographics for 80203, CO
22,883
Population
16,887
Households
1.4
Avg Household Size
33
Median Age
69%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
20,803
Density / Sq Mi
$74,654
Median Household Income
$59,229
Median Earnings
$1,569
Median Rent
$462,500
Median Home Value
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - A C-MX-8 corner penthouse with expansive windows and a rooftop terrace, flexible for live-work or boutique office use.
Where is this live-work space located?
The property is located at 450 E 17th Ave Denver, CO.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 4,000 SF corner penthouse at 450 E 17th, built in 2006 with expansive windows and cityscape views; C‑MX‑8 zoning offers flexibility for luxury residential, live‑work, or boutique office use; Includes an outdoor rooftop terrace for entertaining or hosting gatherings
