Historic Renovated Apartment
New
For Sale
$5,750,000
630 E 16th Avenue, Denver, CO 80203
Twenty-unit multifamily property with updated systems, modern interiors, and select residences offering private outdoor space.
Property Size15,105 SF
Price / SF$380.67
Days on Market6
Property Features for 630 E 16th Avenue
General Information
Standard status
Active
Size
15,105 SF
Property subtype
Commercial
Additional Details
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$29,764
Amenities
private patios/balconies
in-unit washers and dryers
Building Details
Year Built
1907
Year Renovated
2018
Listing Agency:
PINNACLE REAL ESTATE ADVISORS
(303) 962-9555
Listed By:
CHRISTOPHER KNOWLTON · License #FA100052086
Source:
Corcoran
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 9:50AM
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 PINNACLE REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
The Essex is a 20-unit apartment building at 630 E 16th Avenue in Denver. Constructed in 1907 and designated as a historic landmark, the property underwent a full interior renovation in 2018, including updated building systems and refreshed unit finishes. The 15,105-square-foot building includes a mix of large studios, one-bedroom apartments, and two-bedroom apartments. Select residences have private patios or balconies, while in-unit washers and dryers are available in select units.
Situated in Denver’s Uptown / Capitol Hill area, the property provides walkable access to parks, dining, shops, and entertainment. Its boutique configuration combines historic architectural character with modernized interiors and building improvements.
Situated in Denver’s Uptown / Capitol Hill area, the property provides walkable access to parks, dining, shops, and entertainment. Its boutique configuration combines historic architectural character with modernized interiors and building improvements.
Key Highlights
- 20‑unit apartment building with a studio, one‑bedroom, and two‑bedroom unit mix
- 15,105 square feet at 630 E 16th Avenue, Denver, CO 80203
- Constructed in 1907 and designated as a historic landmark
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
$229,349
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
3.99%
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%
$4,586,980
$4.6M
Cap Rate 7%
$3,276,414
$3.3M
Cap Rate 9%
$2,548,322
$2.5M
Market Conditions
NOI Build-Up for 15,105 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
$444.1K $29.40/SF
− Vacancy
−$27.1K −$1.79/SF
EGI
$417.0K $27.61/SF
− OpEx
−$187.6K −$12.42/SF
NOI
$229.3K $15.18/SF
Area
Denver, CO
Vacancy
6.10%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$4,586,980
Cap Rate 7%
$3,276,414
Cap Rate 9%
$2,548,322
Alternative Uses
Best Use
Apartment 5plus
$3.28M
$2.87M – $3.82M
NOI $229,349 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.81M
$4.21M – $5.61M
NOI $336,593 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
9,922
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Twenty-unit multifamily property with updated systems, modern interiors, and select residences offering private outdoor space.
Where is this apartment building located?
The property is located at 630 E 16th Avenue Denver, CO.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 20‑unit apartment building with a studio, one‑bedroom, and two‑bedroom unit mix; 15,105 square feet at 630 E 16th Avenue, Denver, CO 80203; Constructed in 1907 and designated as a historic landmark
