Denver Redevelopment Opportunity on
For Sale
$5,950,000
531 N Broadway, Denver, CO 80203
48,000+ SF building suitable for redevelopment or adaptive reuse.
Property Size48,023 SF
Price / SF$123.96
Days on Market140
Property Features for 531 N Broadway
General Information
Standard status
Active
Size
48,023 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$117,404
Building Details
Building Size
48,023 SF
Year Built
1925
Units
1
Listing Agency:
Kentwood Real Estate City Properties
Listed By:
Jay Modglin · License #ER.100012712
(303) 472-2150
Source:
Elliman
Added: Apr 24
Changed: Aug 15
Last Checked: Sep 9 at 6:53AM
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 Kentwood Real Estate City Properties
Investment Insights
Based on property information with market context.
Located on a highly visible commercial corridor in Denver, this property offers over 48,000 square feet of space, presenting opportunities for redevelopment or adaptive reuse. Currently operating as a mini-storage facility with two small street-level retail tenants, the property is suitable for modernization or a transformative vertical project, taking advantage of the 8-story zoning. The building includes four drive-in doors, two accessible from Broadway and two from the alley, along with tall ceilings and dual access points. The upper level has an entrance on Broadway, while the lower level is accessed from the alley, providing separation for multi-tenant configurations, creative office spaces, warehouse-style uses, or future mixed-use concepts. Situated at the intersection of Baker, West Wash Park, the Santa Fe Arts District, and South Broadway, the property is surrounded by amenities and offers access to Downtown, Speer Blvd, and I-25. This location is suitable for developers, investors, and owner-users seeking long-term potential in a dynamic commercial area. The property has a bike score of 85, a walk score of 90, and a transit score of 51.
Key Highlights
- Over 48,000 sq ft in a highly visible commercial corridor.
- 8‑story zoning allows for transformative vertical development.
- Prime location at the intersection of Baker, West Wash Park, Santa Fe Arts District, and South Broadway.
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
$496,014
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
8.34%
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%
$9,920,280
$9.9M
Cap Rate 7%
$7,085,914
$7.1M
Cap Rate 9%
$5,511,267
$5.5M
Market Conditions
NOI Build-Up for 48,000 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
$633.6K $13.20/SF
− Vacancy
−$50.1K −$1.04/SF
EGI
$583.5K $12.16/SF
− OpEx
−$87.5K −$1.82/SF
NOI
$496.0K $10.33/SF
Area
Denver, CO
Vacancy
7.90%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
15.00%
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%
$9,920,280
Cap Rate 7%
$7,085,914
Cap Rate 9%
$5,511,267
Alternative Uses
Best Use
Retail
$9.39M
$8.21M – $10.95M
NOI $657,067 @ 7.0% cap · market cap 11.04%
Second Best
Warehouse
$7.09M
$6.20M – $8.27M
NOI $496,014 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$15.28M
$13.37M – $17.83M
NOI $1,069,609 @ 7.0% cap · market cap 17.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,691
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Denver, CO
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Frequently Asked Questions
What type of property is this?
Self storage facility - 48,000+ SF building suitable for redevelopment or adaptive reuse.
Where is this self storage facility located?
The property is located at 531 N Broadway Denver, CO.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Over 48,000 sq ft in a highly visible commercial corridor.; 8‑story zoning allows for transformative vertical development.; Prime location at the intersection of Baker, West Wash Park, Santa Fe Arts District, and South Broadway.
