6-Unit Apartment
For Sale
$1,425,000
4851 W 11th Avenue, Denver, CO 80204
Two three-unit buildings combine renovated apartments with access to Dry Gulch trails and nearby light rail.
Property Size4,273 SF
Days on Market8
Property Features for 4851 W 11th Avenue
General Information
Standard status
Active
Size
4,273 SF
Class
B
Total Parking Spaces
1
Property subtype
Commercial
Zoning
U-RH-3A
Units
Unit Mix
4 x 2BR, 2 x 1BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,571
Building Details
Building Size
4,273 SF
Year Built
1942
Buildings
2
Units
6
Listing Agency:
West Peak Properties
(720) 495-2412
Listed By:
Jay Peterson
(720) 495-2412
Source:
Coloradopartners
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 10 at 11:22AM
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 West Peak Properties
Investment Insights
Based on property information with market context.
Located at 4851 W 11th Avenue in Denver, this apartment property contains 6 units across two buildings, with 3 units in each structure. The unit mix includes four 2 BR apartments and two 1 BR apartments, with renovations completed. Built in 1942, the property is zoned U-RH-3A.
The buildings sit adjacent to Dry Gulch, providing access to a walking and biking path. The 10th & Sheridan light rail station is a 5-minute walk away, with service connecting to downtown Denver and other locations. Sloans Lake is nearby, and downtown Denver is less than a 10-minute drive from the property.
The buildings sit adjacent to Dry Gulch, providing access to a walking and biking path. The 10th & Sheridan light rail station is a 5-minute walk away, with service connecting to downtown Denver and other locations. Sloans Lake is nearby, and downtown Denver is less than a 10-minute drive from the property.
Key Highlights
- 6‑unit apartment property in Denver, CO
- Two buildings with 3 units each
- Unit mix includes four 2 BR and two 1 BR apartments
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
$64,880
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
4.55%
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%
$1,297,600
$1.3M
Cap Rate 7%
$926,857
$926.9K
Cap Rate 9%
$720,889
$720.9K
Market Conditions
NOI Build-Up for 4,273 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
$125.6K $29.40/SF
− Vacancy
−$7.7K −$1.79/SF
EGI
$118.0K $27.61/SF
− OpEx
−$53.1K −$12.42/SF
NOI
$64.9K $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%
$1,297,600
Cap Rate 7%
$926,857
Cap Rate 9%
$720,889
Alternative Uses
Best Use
Apartment 5plus
$926.9K
$811.0K – $1.08M
NOI $64,880 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,217 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
906
Businesses Nearby
Explore this area
Business Placement
Demographics for 80204, CO
35,269
Population
18,378
Households
1.9
Avg Household Size
33
Median Age
51%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$79,265
Median Household Income
$58,860
Median Earnings
$1,724
Median Rent
$579,900
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 - Two three-unit buildings combine renovated apartments with access to Dry Gulch trails and nearby light rail.
Where is this apartment building located?
The property is located at 4851 W 11th Avenue Denver, CO.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 6‑unit apartment property in Denver, CO; Two buildings with 3 units each; Unit mix includes four 2 BR and two 1 BR apartments
