Multi-Tenant Mixed-Use
For Sale
$1,660,000
609 E Speer Blvd, Denver, CO 80203
Retail and office space is arranged across multiple units that can be combined for broader layouts.
Property Size5,352 SF
Price / SF$310.16
Days on Market9
Property Features for 609 E Speer Blvd
General Information
Standard status
Active
Size
5,352 SF
Class
B
Total Parking Spaces
11
Property subtype
Retail & Office
Zoning
U-MX-3
Additional Details
Office Units
8
Building Details
Building Size
5,352 SF
Year Built
1965
Buildings
1
Tenancy
Multi
Listing Agency:
Shames Makovsky
(303) 842-5767
Listed By:
Joey Gargotto · License #FA100056043
Source:
Pinnaclerea
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 7:59PM
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 Shames Makovsky
Investment Insights
Based on property information with market context.
Located at 609 E Speer Blvd, this mixed-use property combines retail and office space in an 8-unit, multi-tenant configuration. The 5,352-square-foot building allows units to be combined, providing flexibility within the existing layout. Originally built in 1965, the property has been updated continuously and includes 11 parking spaces.
The property is zoned U-MX-3, supporting its mixed retail and office profile. Its established unit arrangement and on-site parking create a practical configuration for multiple occupants within one commercial building.
The property is zoned U-MX-3, supporting its mixed retail and office profile. Its established unit arrangement and on-site parking create a practical configuration for multiple occupants within one commercial building.
Key Highlights
- 5,352 SF mixed‑use building with retail and office space
- 8 units that can be combined
- Built in 1965 and updated continuously
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
$78,418
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
4.72%
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%
$1,568,360
$1.6M
Cap Rate 7%
$1,120,257
$1.1M
Cap Rate 9%
$871,311
$871.3K
Market Conditions
NOI Build-Up for 5,352 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
$141.3K $26.40/SF
− Vacancy
−$36.7K −$6.86/SF
EGI
$104.6K $19.54/SF
− OpEx
−$26.1K −$4.88/SF
NOI
$78.4K $14.65/SF
Area
Denver, CO
Vacancy
26.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,568,360
Cap Rate 7%
$1,120,257
Cap Rate 9%
$871,311
Alternative Uses
Best Use
Office B
$1.12M
$980.2K – $1.31M
NOI $78,418 @ 7.0% cap · market cap 4.72%
Second Best
Mixed Use
$1.08M
$942.3K – $1.26M
NOI $75,383 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,261 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,383
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
Market
Vacancy Rate% for Office in Denver, CO
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail and office space is arranged across multiple units that can be combined for broader layouts.
Where is this mixed-use property located?
The property is located at 609 E Speer Blvd Denver, CO.
What is the asking price?
The asking price for this property is $1,660,000.
What are key features of this property?
This property features: 5,352 SF mixed‑use building with retail and office space; 8 units that can be combined; Built in 1965 and updated continuously
