Multifamily High-Rise with Development
For Sale
Contact for pricing
960 N Grant St, Denver, CO 80203
69-unit high-rise with shovel-ready 48-unit development site.
Property Size33,948 SF
Lot Size0.29 Acres
Price / SF$353.48
Days on Market173
Property Features for 960 N Grant St
General Information
Standard status
Active
Size
33,948 SF
Total Parking Spaces
50
Lot size
0.29 Acres
Property subtype
Multifamily
Zoning
C-MX-8, G-MU-5
Net Operating Income
$457,440
Building Details
Year Built
1937
Units
69
Listing Agency:
Pinnacle Real Estate Advisors
(303) 962-9555
Listed By:
Jim Knowlton · License #CO FA100032419
Source:
Crexi
Added: Mar 11
Changed: Aug 16
Last Checked: Aug 29 at 4:31AM
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 offering includes a 69-unit multifamily high-rise located at 960 Grant Street and a shovel-ready development site at 951 Logan Street. The Novelist, originally constructed in 1937, is a modernized Art Deco landmark. The property has undergone over $2.3M in capital improvements within the last decade, including renovations to every unit with new flooring and full kitchen modernizations. System upgrades include work completed on the lobby, boiler system, elevator, fire panel, swamp cooler, windows, and landscaping. The sale also includes a 12,550 square foot infill site currently utilized as a 37-space surface parking lot. The site has an approved Site Development Plan (SDP) for a 48-unit multifamily project with underground parking, valid through September 19, 2027. The zoning is G-MU-5, which allows for high-density residential development up to 5 stories. The high-rise property has 33,948 square feet.
Key Highlights
- Opportunity to assume an Interest‑Only loan of $9,310,000 at a fixed 3.59% rate through January 1st, 2030, boosting cash‑on‑cash yields to over 9.5% in year 1.
- Includes a shovel‑ready development site at 951 Logan Street with an approved Site Development Plan (SDP) for a 48‑unit multifamily project, valid through September 19, 2027.
- The Novelist is a stabilized, 69‑unit high‑rise with over $2.3M in capital improvements in the last decade, ensuring minimal near‑term CapEx.
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
$515,454
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
4.30%
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%
$10,309,080
$10.3M
Cap Rate 7%
$7,363,629
$7.4M
Cap Rate 9%
$5,727,267
$5.7M
Market Conditions
NOI Build-Up for 33,948 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
$998.1K $29.40/SF
− Vacancy
−$60.9K −$1.79/SF
EGI
$937.2K $27.61/SF
− OpEx
−$421.7K −$12.42/SF
NOI
$515.5K $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%
$10,309,080
Cap Rate 7%
$7,363,629
Cap Rate 9%
$5,727,267
Alternative Uses
Best Use
Apartment 5plus
$7.36M
$6.44M – $8.59M
NOI $515,454 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.81M
$9.46M – $12.61M
NOI $756,481 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,251
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 - 69-unit high-rise with shovel-ready 48-unit development site.
Where is this apartment building located?
The property is located at 960 N Grant St Denver, CO.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: Opportunity to assume an Interest‑Only loan of $9,310,000 at a fixed 3.59% rate through January 1st, 2030, boosting cash‑on‑cash yields to over 9.5% in year 1.; Includes a shovel‑ready development site at 951 Logan Street with an approved Site Development Plan (SDP) for a 48‑unit multifamily project, valid through September 19, 2027.; The Novelist is a stabilized, 69‑unit high‑rise with over $2.3M in capital improvements in the last decade, ensuring minimal near‑term CapEx.
