14-Unit Multifamily
For Sale
Contact for pricing
636 South Quitman Street, Denver, CO 80219
Fourteen-unit income property in West Denver, offered for sale with strong in-place cash flow.
Property Size4,060 SF
Price / SF$396.55
Days on Market56
Property Features for 636 South Quitman Street
General Information
Standard status
Active
Size
4,060 SF
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$111,135
Financials
Cap Rate
6.41%
Business Included
Yes
Additional Details
Multifamily Units
14
Building Details
Year Built
1952
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Denver
Listed By:
Charles Burkhart · License #FA100103787
Source:
Crexi
Added: Jun 18
Changed: Aug 7
Last Checked: Aug 11 at 6:06PM
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 Marcus & Millichap - Denver
Investment Insights
Based on property information with market context.
Located at 636 S Quitman St in Denver, this 14-unit multifamily property is presented as a cottage-style asset. The offering is structured as a residential income opportunity for buyers seeking a multi-unit portfolio with established operations. The property is listed for $1,750,000.
The asset is positioned in West Denver, where it benefits from a neighborhood setting that supports long-term rental use typical of small multifamily communities. With 14 units, the property provides a diversified unit count within a single building, designed for straightforward ownership and management.
For investors evaluating Denver residential income, this property offers a blend of in-place performance and a continued income narrative tied to rent growth, as described in the offering materials. The seller-reported underwriting highlights a 6.41% cap rate at the asking price, with additional stated potential to reach a 6.67% Year 1 cap rate. The presentation also references cash-on-cash return and a low basis per unit compared to replacement cost, supporting the premise of value-oriented acquisition criteria. The building’s small, manageable scale can appeal to investors looking for a hands-on or local-operator approach to multifamily ownership.
The asset is positioned in West Denver, where it benefits from a neighborhood setting that supports long-term rental use typical of small multifamily communities. With 14 units, the property provides a diversified unit count within a single building, designed for straightforward ownership and management.
For investors evaluating Denver residential income, this property offers a blend of in-place performance and a continued income narrative tied to rent growth, as described in the offering materials. The seller-reported underwriting highlights a 6.41% cap rate at the asking price, with additional stated potential to reach a 6.67% Year 1 cap rate. The presentation also references cash-on-cash return and a low basis per unit compared to replacement cost, supporting the premise of value-oriented acquisition criteria. The building’s small, manageable scale can appeal to investors looking for a hands-on or local-operator approach to multifamily ownership.
Key Highlights
- 14‑unit multifamily property in West Denver at 636 S Quitman St
- Built in 1952
- Offered at $1,750,000, representing a 6.41% cap rate
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
$54,600
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
3.39%
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%
$1,092,000
$1.1M
Cap Rate 7%
$780,000
$780.0K
Cap Rate 9%
$606,667
$606.7K
Market Conditions
NOI Build-Up for 4,060 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
$105.7K $26.04/SF
− Vacancy
−$6.4K −$1.59/SF
EGI
$99.3K $24.45/SF
− OpEx
−$44.7K −$11.00/SF
NOI
$54.6K $13.45/SF
Area
ZIP 80219
Vacancy
6.10%
Lease Rate
$26.04 /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%
$1,092,000
Cap Rate 7%
$780,000
Cap Rate 9%
$606,667
Alternative Uses
Best Use
Apartment 5plus
$780.0K
$682.5K – $910.0K
NOI $54,600 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,070 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Explore this area
Business Placement
Demographics for 80219, CO
61,585
Population
21,729
Households
2.8
Avg Household Size
33
Median Age
22%
College-Educated
72%
High-School Grad
7.4 sq mi
ZIP Area
8,322
Density / Sq Mi
$67,325
Median Household Income
$41,153
Median Earnings
$1,464
Median Rent
$426,200
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 - Fourteen-unit income property in West Denver, offered for sale with strong in-place cash flow.
Where is this apartment building located?
The property is located at 636 South Quitman Street Denver, CO.
What is the asking price?
The asking price for this property is $1,610,000.
What are key features of this property?
This property features: 14‑unit multifamily property in West Denver at 636 S Quitman St; Built in 1952; Offered at $1,750,000, representing a 6.41% cap rate
