Four-Plex with Separate
For Sale
$800,000
603 Elati Street, Denver, CO 80204
Four units with separate entrances, including one move-in ready unit and coin-operated laundry in a secure room.
Property Size2,787 SF
Lot Size0.14 Acres
Price / SF$287.05
Days on Market190
Property Features for 603 Elati Street
General Information
Standard status
Active
Size
2,787 SF
Lot size
0.14 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,590
Amenities
coin-operated laundry
secure laundry room
fresh landscaping
Building Details
Year Built
1892
Tenancy
Multi
Listing Agency:
Compass - Denver
(720) 470-4840
Listed By:
John Montoya · License #100036563
(720) 470-4840
Source:
Exitrealty
Added: Feb 20
Changed: Aug 25
Last Checked: Aug 29 at 7:58AM
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 Compass - Denver
Investment Insights
Based on property information with market context.
This four-plex sits on a 6,025 square foot lot and is configured with four separate entrances centrally located at 6th and Elati. The property includes three income-producing units—two on long-term leases and one on a short-term lease—along with one unit that is move-in ready. A coin-operated laundry room is located within a secure laundry area, and the property features fresh landscaping.
The building’s central positioning at 6th and Elati places it within a highly walkable and bike-friendly area, with BikeScore of 85 and WalkScore of 90, along with a TransitScore of 51.
The layout supports independent access for each unit, and the onsite laundry facility provides a shared, coin-operated amenity for residents.
The building’s central positioning at 6th and Elati places it within a highly walkable and bike-friendly area, with BikeScore of 85 and WalkScore of 90, along with a TransitScore of 51.
The layout supports independent access for each unit, and the onsite laundry facility provides a shared, coin-operated amenity for residents.
Key Highlights
- 4‑plex on a 6,025 SF lot with 4 separate entrances
- Year built 1892
- Unit mix includes one move‑in ready unit, with three other units rented (2 long‑term, 1 short‑term)
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
$46,316
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
5.79%
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%
$926,320
$926.3K
Cap Rate 7%
$661,657
$661.7K
Cap Rate 9%
$514,622
$514.6K
Market Conditions
NOI Build-Up for 2,787 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
$70.2K $25.20/SF
− Vacancy
−$4.1K −$1.46/SF
EGI
$66.2K $23.74/SF
− OpEx
−$19.8K −$7.12/SF
NOI
$46.3K $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%
$926,320
Cap Rate 7%
$661,657
Cap Rate 9%
$514,622
Alternative Uses
Best Use
Multifamily LT 5
$661.7K
$579.0K – $771.9K
NOI $46,316 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$604.5K
$529.0K – $705.3K
NOI $42,317 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$887.2K
$776.3K – $1.04M
NOI $62,104 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,894
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?
Quadplex - Four units with separate entrances, including one move-in ready unit and coin-operated laundry in a secure room.
Where is this quadplex located?
The property is located at 603 Elati Street Denver, CO.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 4‑plex on a 6,025 SF lot with 4 separate entrances; Year built 1892; Unit mix includes one move‑in ready unit, with three other units rented (2 long‑term, 1 short‑term)
