Three-Unit Multifamily
New
For Sale
$600,000
5109 E 34th Ave, Denver, CO 80207
A varied apartment mix serves multiple renter profiles in North Park Hill.
Property Size2,749 SF
Days on Market5
Property Features for 5109 E 34th Ave
General Information
Standard status
Active
Size
2,749 SF
Property subtype
Multifamily
Occupancy
95%
Net Operating Income
$35,816
Financials
Asking Price
$600,000
Cap Rate
5.97%
Units
Unit Mix
1 x 1BR, 1 x 2BR, 1 x 4BR
Multifamily Units
3
Amenities
DIVERSIFIED UNIT MIX WITH ONE-, TWO-, AND FOUR-BEDROOM FLOOR PLANS
STRONG CASH FLOW WITH 13%+ NOI GROWTH IN YEAR ONE
ATTAINABLE ENTRY POINT FOR MULTIFAMILY OWNERSHIP IN NORTH PARK HILL
STABILIZED THREE-UNIT ASSET WITH MEANINGFUL YIELD EXPANSION
DESIRABLE NORTH PARK HILL LOCATION WITH PROXIMITY TO DOWNTOWN DENVER
ORGANIC NOI GROWTH THROUGH BELOW-MARKET RENTS
Building Details
Building Size
2,749 SF
Units
3
Listing Agency:
(303) 328-2064
Listed By:
Jason Hornik · License #License(s): CO: FA. 100070708
(303) 328-2064
Source:
Marcusmillichap
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 30 at 1:00PM
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 Jason Hornik
Investment Insights
Based on property information with market context.
This three-unit multifamily property includes one one-bedroom apartment, one two-bedroom apartment, and one four-bedroom apartment. The range of floor plans accommodates households with differing space requirements within a compact residential income property.
The property is located in Denver’s North Park Hill neighborhood, with proximity to Downtown Denver, City Park, major employment centers, and transportation corridors. Its established unit configuration and varied bedroom mix provide a straightforward multifamily format for ownership and management.
The property is located in Denver’s North Park Hill neighborhood, with proximity to Downtown Denver, City Park, major employment centers, and transportation corridors. Its established unit configuration and varied bedroom mix provide a straightforward multifamily format for ownership and management.
Key Highlights
- Three‑unit multifamily property
- Unit mix includes one 1‑bedroom, one 2‑bedroom, and one 4‑bedroom apartment
- Located in Denver’s North Park Hill neighborhood
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
$45,685
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
7.61%
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%
$913,700
$913.7K
Cap Rate 7%
$652,643
$652.6K
Cap Rate 9%
$507,611
$507.6K
Market Conditions
NOI Build-Up for 2,749 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
$69.3K $25.20/SF
− Vacancy
−$4.0K −$1.46/SF
EGI
$65.3K $23.74/SF
− OpEx
−$19.6K −$7.12/SF
NOI
$45.7K $16.62/SF
Area
Denver, CO
Vacancy
5.79%
Lease Rate
$25.20 /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%
$913,700
Cap Rate 7%
$652,643
Cap Rate 9%
$507,611
Alternative Uses
Best Use
Multifamily LT 5
$652.6K
$571.1K – $761.4K
NOI $45,685 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$596.3K
$521.8K – $695.7K
NOI $41,740 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$875.1K
$765.7K – $1.02M
NOI $61,257 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Explore this area
Business Placement
Demographics for 80207, CO
21,170
Population
9,291
Households
2.3
Avg Household Size
38
Median Age
61%
College-Educated
93%
High-School Grad
3.9 sq mi
ZIP Area
5,428
Density / Sq Mi
$112,325
Median Household Income
$71,163
Median Earnings
$1,819
Median Rent
$661,900
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?
Triplex - A varied apartment mix serves multiple renter profiles in North Park Hill.
Where is this triplex located?
The property is located at 5109 E 34th Ave Denver, CO.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Three‑unit multifamily property; Unit mix includes one 1‑bedroom, one 2‑bedroom, and one 4‑bedroom apartment; Located in Denver’s North Park Hill neighborhood
