Denver Retail Infill
For Sale
$2,300,000
520 & 536 N Cherokee Street, Denver, CO 80204
Two contiguous parcels near Denver Health with redevelopment potential.
Property Size8,105 SF
Lot Size0.32 Acres
Days on Market123
Property Features for 520 & 536 N Cherokee Street
General Information
Standard status
Active
Size
8,105 SF
Class
C
Total Parking Spaces
1
Lot size
0.32 Acres
Property subtype
Commercial
Zoning
C-MX-8
Taxes and HOA fees
Annual Taxes
$43,304
Building Details
Building Size
8,105 SF
Year Built
1963
Units
5
Listing Agency:
BLVD Real Estate Group, LLC
(720) 219-1693
Listed By:
Sunitha Alli
(720) 219-1693
Source:
Coloradopartners
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 23 at 10:51AM
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 BLVD Real Estate Group, LLC
Investment Insights
Based on property information with market context.
This rare central Denver opportunity features two contiguous parcels totaling approximately 14,062 square feet. Zoned C-MX-8, the parcels are located directly adjacent to the Denver Health main campus and within the influence area of the future Burnham Yard redevelopment and proposed Denver Broncos Stadium District. The zoning allows up to 8-story mixed-use development, multifamily, medical office, hospitality, or institutional-support uses. The property offers stable retail income with immediate potential to enhance value through rent repositioning, tenant optimization, and strategic asset improvements. The location is suitable for a 55/60+ active community due to its proximity to Denver Health and the new Broncos Stadium, with a WalkScore of 93. Denver Health’s recent acquisition of neighboring Bannock Street parcels reinforces institutional confidence and sustained growth momentum. Hilton has approved a 96-room LivSmart Extended Stay concept. The property has a bikeScore of 85, indicating it is very bikeable, and a transitScore of 51, indicating good transit options. The asset currently performs at a competitive 3.25% return, with most leases ending in mid '26. The surrounding area includes the Lincoln/Golden Triangle and the transformative Burnham Yard Broncos redevelopment. The property also holds long-term land value potential, making it an attractive hold for investors seeking a combination of current performance and strategic future opportunity.
Key Highlights
- High‑density C‑MX‑8 zoning allows for 8‑story mixed‑use development.
- Strategic location adjacent to Denver Health main campus.
- Stable retail income with immediate potential to enhance value.
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
$110,948
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
4.82%
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%
$2,218,960
$2.2M
Cap Rate 7%
$1,584,971
$1.6M
Cap Rate 9%
$1,232,756
$1.2M
Market Conditions
NOI Build-Up for 8,105 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
$166.3K $20.52/SF
− Vacancy
−$7.8K −$0.96/SF
EGI
$158.5K $19.56/SF
− OpEx
−$47.5K −$5.87/SF
NOI
$110.9K $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%
$2,218,960
Cap Rate 7%
$1,584,971
Cap Rate 9%
$1,232,756
Alternative Uses
Best Use
Retail
$1.58M
$1.39M – $1.85M
NOI $110,948 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,608 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,040
Businesses Nearby
130k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 30%
Apparel 5%
Hotels & Casinos 3%
Punch Bowl Social
Dining
21,446 visits/mo
0.5 miles
Wendy's
Dining
16,634 visits/mo
0.4 miles
Sinclair
Shops & Services
10,475 visits/mo
0.4 miles
Santiago's
Dining
10,185 visits/mo
0.4 miles
Dunkin' Donuts
Dining
7,759 visits/mo
0.3 miles
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 Retail in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two contiguous parcels near Denver Health with redevelopment potential.
Where is this retail space located?
The property is located at 520 & 536 N Cherokee Street Denver, CO.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: High‑density C‑MX‑8 zoning allows for 8‑story mixed‑use development.; Strategic location adjacent to Denver Health main campus.; Stable retail income with immediate potential to enhance value.
