Updated 7-Unit Apartment
New
For Sale
$1,500,000
660 N Washington Street, Denver, CO 80203
Controlled access property with parking, common laundry, and a fenced courtyard for residents.
Property Size5,177 SF
Lot Size0.26 Acres
Days on Market2
Property Features for 660 N Washington Street
General Information
Standard status
Active
Size
5,177 SF
Class
C
Total Parking Spaces
2
Lot size
0.26 Acres
Property subtype
Commercial
Zoning
U-RH-2.5
Additional Details
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$8,241
Amenities
common laundry
fenced courtyard/backyard
controlled access
Building Details
Building Size
5,177 SF
Year Built
1912
Units
7
Listing Agency:
Pinnacle Real Estate Advisors
(303) 962-9555
Listed By:
Robert Lawson · License #100001038
(303) 962-9555
Source:
Coloradopartners
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 4:32AM
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.
This 7-unit apartment building occupies an 11,250-square-foot lot and includes on-site parking, a two-car garage, common laundry, mature landscaping, and a fenced courtyard/backyard. The 1912 property has controlled access, while the apartments and shared areas have been updated. Most units feature hardwood floors and abundant natural light.
Recent property improvements include a newer boiler, newer roof, newer sewer line, and refurbished windows. The two-car garage provides an additional income component, and the property is zoned U-RH-2.5. Located at 660 N Washington Street in Denver’s Capitol Hill neighborhood, the building offers a vintage multifamily setting within Central Denver.
Recent property improvements include a newer boiler, newer roof, newer sewer line, and refurbished windows. The two-car garage provides an additional income component, and the property is zoned U-RH-2.5. Located at 660 N Washington Street in Denver’s Capitol Hill neighborhood, the building offers a vintage multifamily setting within Central Denver.
Key Highlights
- 7‑unit apartment building on an 11,250 SF lot
- Controlled access with on‑site parking and a two‑car garage
- Updated units and common areas; most apartments have hardwood floors
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
$78,606
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
5.24%
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%
$1,572,120
$1.6M
Cap Rate 7%
$1,122,943
$1.1M
Cap Rate 9%
$873,400
$873.4K
Market Conditions
NOI Build-Up for 5,177 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
$152.2K $29.40/SF
− Vacancy
−$9.3K −$1.79/SF
EGI
$142.9K $27.61/SF
− OpEx
−$64.3K −$12.42/SF
NOI
$78.6K $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%
$1,572,120
Cap Rate 7%
$1,122,943
Cap Rate 9%
$873,400
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$982.6K – $1.31M
NOI $78,606 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,362 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
4,762
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 - Controlled access property with parking, common laundry, and a fenced courtyard for residents.
Where is this apartment building located?
The property is located at 660 N Washington Street Denver, CO.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7‑unit apartment building on an 11,250 SF lot; Controlled access with on‑site parking and a two‑car garage; Updated units and common areas; most apartments have hardwood floors
