East Colfax Multifamily
For Sale
$2,780,000
8400 East Colfax Avenue, Denver, CO 80220
25-unit multifamily property on East Colfax, redevelopment potential.
Property Size8,421 SF
Lot Size0.50 Acres
Price / SF$330.13
Days on Market1347
Property Features for 8400 East Colfax Avenue
General Information
Standard status
Active
Size
8,421 SF
Lot size
0.50 Acres
Property subtype
Multifamily, Redevelopment
Zoning
E-MS-3
Building Details
Building Size
8,421 SF
Listing Agency:
(720) 572-5187
Listed By:
Brandon Langiewicz, SIOR
(715) 512-0265
Source:
Hoffleigh
Added: Feb 1, 2023
Changed: Sep 13
Last Checked: Oct 9 at 4:11PM
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 Brandon Langiewicz, SIOR
Investment Insights
Based on property information with market context.
This property presents an opportunity on East Colfax. Currently operating as a 25-unit multifamily property utilized for artist housing, it sits on nearly a half acre. The location offers potential for continued use as multifamily, conversion back to a motel, or redevelopment. The property is situated on a visible corner. The current Net Operating Income (NOI) is $202,850.61, with a proforma NOI of $227,150.61. The current capitalization rate is 7.3%, and the proforma capitalization rate is 8.17%. The property size is 8,421 square feet.
Key Highlights
- High visibility corner location on E Colfax.
- Currently operating as a 25‑unit multifamily property with existing income.
- Significant income potential with a current NOI of $202,850.61 and a proforma NOI of $227,150.61.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,861
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,557,220
$2.6M
Cap Rate 7%
$1,826,586
$1.8M
Cap Rate 9%
$1,420,678
$1.4M
Market Conditions
NOI Build-Up for 8,421 SF
Gross rent
$247.6K $29.40/SF
− Vacancy
−$15.1K −$1.79/SF
EGI
$232.5K $27.61/SF
− OpEx
−$104.6K −$12.42/SF
NOI
$127.9K $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 Rate 5%
$2,557,220
Cap Rate 7%
$1,826,586
Cap Rate 9%
$1,420,678
Alternative Uses
Best Use
Apartment 5plus
$1.83M
$1.60M – $2.13M
NOI $127,861 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.35M – $3.13M
NOI $187,650 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
Explore this area
Business Placement
Demographics for 80220, CO
37,233
Population
17,675
Households
2.1
Avg Household Size
37
Median Age
66%
College-Educated
94%
High-School Grad
5.2 sq mi
ZIP Area
7,160
Density / Sq Mi
$101,961
Median Household Income
$61,568
Median Earnings
$1,621
Median Rent
$739,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 25-unit multifamily property on East Colfax, redevelopment potential.
Where is this apartment building located?
The property is located at 8400 East Colfax Avenue Denver, CO.
What is the asking price?
The asking price for this property is $2,780,000.
What are key features of this property?
This property features: High visibility corner location on E Colfax.; Currently operating as a 25‑unit multifamily property with existing income.; Significant income potential with a current NOI of $202,850.61 and a proforma NOI of $227,150.61.**
