Remodeled Retail Space on Colfax
For Sale
Contact for pricing
4609 E Colfax Ave, Denver, CO 80220
3,803 SF retail space in Denver's Park Hill neighborhood.
Property Size3,803 SF
Price / SF$327.37
Days on Market668
Property Features for 4609 E Colfax Ave
General Information
Standard status
Active
Size
3,803 SF
Property subtype
Retail
Lease Type
NNN
Listing Agency:
Hoff & Leigh
(303) 506-2918
Listed By:
Claire Hertel · License #EC100073000
Source:
Crexi
Added: Oct 25, 2024
Changed: Aug 8
Last Checked: Aug 23 at 9:00AM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
This 3,803 SF retail space is available for sale or lease in the Park Hill neighborhood of Denver, Colorado. Located on East Colfax Avenue, the property is situated blocks from the intersection of East Colfax Avenue and Colorado Boulevard. Formerly a restaurant, the property offers an opportunity for new operators. Off-street parking is available in the back. Recent upgrades include a newly paved back lot of approximately 1,570 SF, a new storefront, a roll-up door, new electrical panels, a new HVAC system, a new 1,200-gallon grease trap, a walk-in cooler, and new interior finishes and restrooms.
Key Highlights
- Newly Remodeled 3,803 SF Retail Space
- Located on busy East Colfax Avenue in Denver's Park Hill neighborhood
- Significant recent upgrades: new storefront, electrical panels, HVAC, 1,200‑gallon grease trap, walk‑in cooler, interior finishes, and restrooms
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
$52,059
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
4.18%
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%
$1,041,180
$1.0M
Cap Rate 7%
$743,700
$743.7K
Cap Rate 9%
$578,433
$578.4K
Market Conditions
NOI Build-Up for 3,803 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
$78.0K $20.52/SF
− Vacancy
−$3.7K −$0.96/SF
EGI
$74.4K $19.56/SF
− OpEx
−$22.3K −$5.87/SF
NOI
$52.1K $13.69/SF
Area
Denver, CO
Vacancy
4.70%
Lease Rate
$20.52 /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%
$1,041,180
Cap Rate 7%
$743,700
Cap Rate 9%
$578,433
Alternative Uses
Best Use
Retail
$743.7K
$650.7K – $867.7K
NOI $52,059 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,744 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,633
Businesses Nearby
81k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 30%
Home Improvements & Furnishings 3%
Phillips 66
Shops & Services
21,236 visits/mo
0.4 miles
Taco Bell
Dining
9,281 visits/mo
0.4 miles
Circle K
Shops & Services
8,202 visits/mo
0.5 miles
Good Times Burgers & Frozen Custard
Dining
8,161 visits/mo
0.5 miles
Conoco
Shops & Services
7,550 visits/mo
0.4 miles
Demographics for 80220, CO
37,233
Population
17,675
Households
2.1
Avg Household Size
37
Median Age
66%
College-Educated
94%
High-School Grad
5.2 sq mi
ZIP Area
7,160
Density / Sq Mi
$101,961
Median Household Income
$61,568
Median Earnings
$1,621
Median Rent
$739,600
Median Home Value
Market
Vacancy Rate% for Retail in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - 3,803 SF retail space in Denver's Park Hill neighborhood.
Where is this storefront property located?
The property is located at 4609 E Colfax Ave Denver, CO.
What is the asking price?
The asking price for this property is $1,245,000.
What are key features of this property?
This property features: Newly Remodeled 3,803 SF Retail Space; Located on busy East Colfax Avenue in Denver's Park Hill neighborhood; Significant recent upgrades: new storefront, electrical panels, HVAC, 1,200‑gallon grease trap, walk‑in cooler, interior finishes, and restrooms
