Four-Unit Multifamily
For Sale
$825,000
539 Gray Ct, Denver, CO 80226
Converted residential property with all units occupied and access to nearby parks and major transit routes.
Property Size4,104 SF
Days on Market30
Property Features for 539 Gray Ct
General Information
Standard status
Active
Size
4,104 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,951
Building Details
Building Size
4,104 SF
Year Built
1963
Listing Agency:
Signature Real Estate Corp.
(720) 261-5327
Listed By:
Nam Tran
(720) 261-5327
Source:
Guidere
Added: Jul 9
Changed: Aug 5
Last Checked: Aug 7 at 12:52AM
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 Signature Real Estate Corp.
Investment Insights
Based on property information with market context.
Built in 1963, this four-unit multifamily property originated as a duplex and was subsequently reconfigured into four residences. The layout includes 11 bedrooms and 6 bathrooms across the property, providing a substantial residential configuration for an income-producing asset. All four units are currently rented.
The property is positioned near Belmar, O’Kane Park, and major transit routes. Its established residential setting and existing four-unit arrangement provide a defined operating structure for a multifamily owner.
The property is positioned near Belmar, O’Kane Park, and major transit routes. Its established residential setting and existing four-unit arrangement provide a defined operating structure for a multifamily owner.
Key Highlights
- Four‑unit multifamily property converted from a duplex
- 11 bedrooms and 6 bathrooms across the property
- All 4 units are fully rented
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
$68,203
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
8.27%
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%
$1,364,060
$1.4M
Cap Rate 7%
$974,329
$974.3K
Cap Rate 9%
$757,811
$757.8K
Market Conditions
NOI Build-Up for 4,104 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
$103.4K $25.20/SF
− Vacancy
−$6.0K −$1.46/SF
EGI
$97.4K $23.74/SF
− OpEx
−$29.2K −$7.12/SF
NOI
$68.2K $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%
$1,364,060
Cap Rate 7%
$974,329
Cap Rate 9%
$757,811
Alternative Uses
Best Use
Multifamily LT 5
$974.3K
$852.5K – $1.14M
NOI $68,203 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$890.2K
$778.9K – $1.04M
NOI $62,314 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,452 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
Explore this area
Business Placement
Demographics for 80226, CO
33,142
Population
14,742
Households
2.2
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
4,092
Density / Sq Mi
$78,466
Median Household Income
$44,640
Median Earnings
$1,738
Median Rent
$547,000
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?
Quadplex - Converted residential property with all units occupied and access to nearby parks and major transit routes.
Where is this quadplex located?
The property is located at 539 Gray Ct Denver, CO.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Four‑unit multifamily property converted from a duplex; 11 bedrooms and 6 bathrooms across the property; All 4 units are fully rented
